Motorsports Market Size, Share, Growth, and Industry Analysis, By Type (Broadcasting Revenue, Ticketing Revenue, Merchandising Revenue, Advertising/Sponsorship Revenue, Race Hosting Fees Revenue and Others), By Application (International Competition, Regional Competition, National Competition and Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

motorsports market REPORT OVERVIEW

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The global motorsports market size was USD 5929.01 million in 2021 and the market is projected to touch USD 17037.90 million by 2032 at a CAGR of 10.07% during the forecast period.

Motorsport or motor racing is a global term used to cover the group of competitive sporting events which mainly involve the use of motorized vehicles, whether for competition or non-competition. Terminology can also be used to describe forms of the game for two-wheel motor vehicles under the name of motorcycle racing and includes off-road races like motocross. Motorsports are competitive events that take place worldwide and use highly optimized and customized motor vehicles for racing competition. There are different types of motor vehicles used in these competitions, such as cars, bikes, go-karts, boats, trucks, and snowmobiles, etc. The most popular are cars and are generally called car racing. Motor racing is currently promoted through different race series like Formula One, Formula V6 Asia, Formula Nippon, GP2, Formula Three, Formula Palmer Audi, f2, Formula Atlantic, etc., collectively classified in Formula Racing and others.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The global COVID-19 pandemic has been unprecedented and staggering with the Motorsports Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 problem has had an impact on the global economy, causing a strict lockdown and a halt to day-to-day activities in every industry. With the limits imposed by the government, the panic scenario has had a negative influence on the industries. This has resulted in a market drop as well; there was a direct and indirect impact from numerous sectors organizing Motorsports. With the revival of the market following COVID-19, we are seeing a recovery of the market where the blanks are restructured with product innovation and investments into R&D activities to develop advanced technologies to meet advanced requirements, which will project a proposed increase in the Motorsports market share in the forecasted period.

LATEST TRENDS

"Electrification of Motorsports Reshaping the Motorsports Market "

The motorsports industry is experiencing a significant trend towards electrification, primarily driven by the global push towards sustainability and the automotive industry's broader shift toward electric vehicles. Governments worldwide are imposing stricter emissions regulations, and automakers are increasingly investing in electric vehicle (EV) technologies. In response to this broader automotive trend, motorsports entities are incorporating electric powertrains and hybrid technologies into their race cars. Leading automakers, including those in Formula 1 and other racing series, are developing electric and hybrid race cars to align with the evolving landscape of the automotive industry. The electrification trend in motorsports, driven by global sustainability initiatives and the automotive industry's shift toward electric vehicles, has transformative effects. This shift prompts substantial technological innovation, leading to advancements in battery technology, energy recovery systems, and electric drivetrains.

Beyond the race track, the trend aligns motorsports with environmental sustainability goals, portraying the industry as a showcase for clean and green technologies. This transition attracts a broader audience, including environmentally conscious consumers, enhancing market appeal and fan engagement. As automakers showcase the performance of electric vehicles in competitive racing, the industry gains relevance, contributing to a broader shift toward sustainable practices in both motorsports and the wider automotive sector.

motorsports market SEGMENTATION

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• By Type

Based on Type Motorsports Market is classified as Broadcasting Revenue, Ticketing Revenue, Merchandising Revenue, Advertising/Sponsorship Revenue, Race Hosting Fees Revenue and Others.

•  By application

Based on application Motorsports Market is classified as International Competition, Regional Competition, National Competition and Others.

DRIVING FACTOR

"Global Expansion of Motorsports Events Acts as a Catalyst for Market Growth"

The globalization of motorsports events serves as a major driving factor for the market. The expanding reach of motorsports beyond traditional strongholds is propelled by increasing international interest, television broadcasting, and efforts by motorsports organizations to tap into new markets. The cause lies in the strategic initiatives of motorsports entities to extend their footprint globally, seeking to capture diverse audiences and leverage the popularity of the sport on a worldwide scale. This global expansion results in several impactful outcomes. Firstly, it broadens the fan base, attracting enthusiasts from diverse cultures and regions. The increased viewership contributes to higher revenue streams through broadcasting rights, sponsorships, and merchandise sales. Secondly, the heightened global presence attracts more manufacturers and sponsors, fostering competition and innovation within the industry. Additionally, new venues and races in different countries stimulate economic growth, creating opportunities for local businesses and tourism. Overall, the global expansion of motorsports events acts as a catalyst for market growth, fostering a more diverse and dynamic landscape for the industry.

"Technological Advancements in Motorsports Engineering Fueling Market Growth"

A pivotal driving factor for the motorsports market is the continuous push for technological advancements in motorsports engineering. Motorsports teams and manufacturers invest significantly in research and development to enhance the performance, efficiency, and safety of race cars. The cause lies in the competitive nature of the sport, where the pursuit of innovation becomes a strategic imperative. Furthermore, the close relationship between motorsports and the automotive industry drives a constant quest for cutting-edge technologies that can eventually trickle down to commercial vehicles.

The effects of this driving factor are profound. Firstly, it leads to a constant evolution of race car technologies, resulting in faster, more efficient, and safer vehicles. Secondly, the transfer of technology from motorsports to mainstream automotive applications contributes to advancements in road car safety, fuel efficiency, and performance. Thirdly, the pursuit of technological excellence attracts sponsors and manufacturers, fostering a competitive environment that benefits both the sport and the automotive industry. Overall, the relentless pursuit of technological advancements in motorsports engineering acts as a catalyst for innovation, competitiveness, and the overall motorsports market growth.

RESTRAINNG FACTORS

"Environmental and Sustainability Concerns in Motorsports Market "

A significant restraining factor for the motorsports market is the growing concern over environmental and sustainability issues. Increased awareness of climate change and the carbon footprint associated with motorsports events raises ethical and regulatory challenges. The cause lies in the environmental impact of racing activities, including the use of fossil fuels, emissions, and the disposal of waste materials. As societal and regulatory pressures intensify to address climate change, motorsports organizations face scrutiny and calls for more sustainable practices. The effects of environmental and sustainability concerns are multifaceted. Firstly, there's a heightened demand for the motorsports industry to adopt greener technologies, such as electric or hybrid powertrains, to mitigate its environmental impact. Secondly, sponsors and stakeholders increasingly emphasize sustainable practices, affecting the financial and sponsorship landscape. Thirdly, regulatory bodies may impose stricter environmental standards, leading to additional compliance costs for motorsports organizations. Overall, the environmental and sustainability concerns act as a restraining factor, necessitating the industry's adaptation to more eco-friendly practices amid a changing global mindset.

motorsports market REGIONAL INSIGHT

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"Europe Expected to Hold Major Share of Motorsports Market"

Europe is dominating the global market and is expected to dominate during the forecast period owing to its extensive heritage in the industry, the region is home to some of the world's most renowned circuits and events. Europe's cordial embrace of the motorsport industry makes it a desirable destination for fans, drivers, and teams alike. Europe hosts more than 700 competitions annually, more than any other region in the globe. The region is home to some of the world's most renowned racetracks, including Monza, Nürburgring, Le Mans, Brands Hatch, and Monaco, to name a few. However, racetracks are not the only factor contributing to Europe's position as the largest market for motorsports. Additionally, the region is home to a tremendous supporter base that is always eager to embrace new talent.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The Motorsports Market is extremely competitive and consists of various global and regional players. Global market is majorly driven by the top manufacturers, which holds higher share of the market. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is an  extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of market players Profiled:

• Mercedes-Benz (Germany)
• BMW Motorsport (Germany)
• Force India (U.K.)
• Joe Gibbs Racing (U.S.)
• Ferrari (Italy)
• Renault (France)
• Sauber (Switzerland)
• Stewart-Haas Racing (U.S.)
• Roush Fenway Racing (U.S.)
• Hendrick Motorsports (U.S.)
• Williams (U.K.)
• McLaren (U.K.)
• Richard Childress Racing (U.S.)
• Team Penske (U.S.)
• Red Bull Gmbh (U.K.)

REPORT COVERAGE:

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.