Motorsport Products Market is Expected to Reach USD 35.39 Billion, Registering a 6.45% CAGR by 2030 - Report by Market Research Future (MRFR)
Rising Car Racing Events Drive the global Motorsport Products Market Demand
New York, US, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Motorsport Products Market Research Report Information By Racing Type -Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 35.39 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.45% during the assessment timeframe.
Motorsport Products Market Overview:
The motorsport products market is estimated to grow exponentially, witnessing increasing production globally. Besides, the growing popularity of motorsports and increasing motor racing games drive market growth. The increased consumption of the best-performing line of professional motorsport products, such as human-machine interface, NVH, steering systems, and tires, boosts the market size.
Players leading the motorsport products market include-
- Toyota Motor Corporation (Japan)
- Volkswagen AG (Germany)
- Daimler AG (Germany)
- Porsche (Germany)
- Ferrari N.V. (Italy)
- Jaguar Land Rover Automotive Plc (UK)
- Citroën (France)
- ABT Sportsline GmbH (Germany)
- Red Bull GmbH (Austria)
- Groupe PSA (France)
- McLaren Group (UK)
- Subaru Corporation (Japan)
- Toyota Gazoo Racing (Japan)
- JA Motorsport (India)
- Subaru World Rally Team (UK)
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Growing technological advances and developments in lightweight automotive/industrial products providing increased comfort and safety substantiate the size of the market. With their high density, toughness, and durability, these motorsport products suit racing cars and motorsport events. Motorsport products manufacturers focus on product developments with heavy-duty yet lightweight materials. Leading suppliers of motorsport products use advanced manufacturing technologies to gain comprehensive expertise in development, assembly, and logistics for complete product structures.
The motorsport products industry has shown positive trends in recent years, significantly influencing the market value. Despite the complex situation that emerged since the COVID-19 outbreak, the motorsport products market maintained its position in several countries across the globe.
Motorsport Products Market Report Scope:
|Revenue forecast in 2030||USD 35.39 Billion|
|Growth Rate||CAGR of 6.45% from 2022 to 2030|
|Key Market Opportunities||Technology Advancements|
|Key Market Drivers||Increasing popularity of motorsport Scope of revenue generation through ticketing and broadcasting|
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The motorsport product world is experiencing significant change. Motorsport product manufacturers strive to build a racing ecosystem where each product drives the excitement of each event. Manufacturers use offline/online marketing means such as press releases, public conferences, webcasts & social media blogs to post material info rmation to communicate with users.
They use these channels to update their investors and the public about the company and its products. Industry players form partnerships with well-established, successful businesses with outstanding reputations for driving solutions complementing their product range. Also, product manufacturing companies use advanced technologies to design their products, such as ADAS, chassis, powertrain, human factors, NVH, human-machine interface, steering systems, and tires.
With the cutting edge of innovation in industries including motorsport, automotive, and connectivity, industry players create cost-effective solutions that drive efficiency. They want to contribute to reducing the carbon footprint and becoming more sustainable using green technologies, such as electrification, telemetry, control, and analytics. Industry players strive to deliver to auto manufacturers motorsport solutions that make sustainable & efficient vehicles with a lightweight electric powertrain and vehicle development.
Motorsport businesses continually work on developing a profitable international portfolio of products and services. The motorsport sector is expected to grow exponentially over the next 5 years. Motorsport is a critical core market for motorsport product manufacturers with experience in motorsport electrification, telemetry, control & analytics, and high-performance electro-mechanical components.
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Among several factors responsible for the increased production of motorsport products include the significant durability & sturdiness and rising technology involved in car racing & motorsport events. The economic development that increases the number of motorsports and racing competitions pushes the market sales growth, increasing the use of motorsport products.
The well-established motorsport products market is growing pervasively. The increasing popularity of motorsports boosts the market size. Increasing numbers of power sports enthusiasts, alongside increasing numbers of adventure sports associations and technological development worldwide, pushes the motorsport products market shares to further heights.
Motorsport Products Market Segments
The motorsport products market is segmented into racing types and regions. The racing type segment is sub-segmented into rallying, formula racing, sportscar racing, touring car racing, production car racing, stock car racing, and others. The region segment is bifurcated into the Asia-Pacific, MEA, Americas, Europe, and rest-of-the-world.
Motorsport Products Market Regional Analysis
North America exhibits robust growth in the global motorsport products market. The rising number of bike racing events and biking festivals across the region drives the market growth. Bikes racing organizations in North America, such as Sturgis Motorcycle Rally, Daytona Bike Week, Bama Bike Fest, Motorcycle Grand Prix (MotoGP), and many more, periodically arrange events for bike racing enthusiasts.
Furthermore, increasing recreational activities needing sports bikes and growing trends of superbike adoption among the millennials boost the market size. Sales of racing bikes across the US and Canada substantiate the region’s market share, creating vast demand for racing motorbike motorsport products in North America. The rise in new product launches with novel high performance would further support the motorsport products market growth.
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Motorsport Products Market Competitive Analysis
The highly competitive motorsport products market appears fragmented, with several well-established players forming a competitive landscape. Players focus on product development and initiate strategic approaches, such as collaboration, mergers & acquisitions, product launches, and expansion to gain a larger competitive share.
They make substantial investments to drive R&D to develop required technologies and expand. Leading manufacturers emphasize introducing seating solutions suitable for novel sports and racing games with innovative features to capitalize on the trend of growing motor racing activities.
For instance, on Sept. 23, 2022, AB Dynamics, a leading supplier of state-of-the-art simulation technologies and services to the automotive industry & motorsport sector, announced the acquisition of Ansible Motion, an advanced simulator business for US$34.4m to meet performance criteria.
Following the acquisition from shareholders, such as Kia Cammaerts, Robert Stevens, and Jonathan Walker, Ansible Motion’s newly acquired simulator business will join AB Dynamics’ portfolio, sitting alongside the newly formed AB Simulation division of AB Dynamics, responsible for the Advanced Vehicle Driving Simulator product range, and the simulation software - rFpro.
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