Racing Games Market Size, Share, Growth, And Industry Analysis By Type (F2P and P2P) By Application (PC, Mobile, and Console) Regional Forecast By 2031

Racing Games Market Report Overview

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The global racing games market size was USD 1557.2 million in 2021 & the market is expected to reach USD 4,244.84 million in 2031, exhibiting a CAGR of 10.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the racing games market growth, and demand returning to pre-pandemic levels once the pandemic is over. 

In video games of the racing genre, the player takes control of a machine typically a car, motorcycle, or boat and competes against other players or opponents with artificial intelligence. They may be wholly fictitious or based on actual racing leagues or tracks. The Formula One World Championship served as the inspiration for the first racing game ever made, which was titled "Grand Prix" and released in 1976. Since then, numerous racing games have been developed for platforms like personal computers, video game consoles, and mobile devices.

Racing games, which can be single-player or multiplayer, frequently place a strong emphasis on competition and speed. A lot of games also provide players the chance to customize their vehicles, altering the way they look and function. The racing game series Forza Motorsport, Gran Turismo, Need for Speed, and Mario Kart is some of the most well-known ones.

COVID-19 Impact: Lockdown Regulations Hampered the Market Growth

The market for racing video games has been significantly impacted by Covid-19. The epidemic has led several racing game creators to postpone or cancel their events, which has cost the industry money. To survive the crisis, some businesses have modified their business models. For instance, Codemasters recently unveiled the F1 Esports Pro Series, a new online racing venue that enables professional gamers to compete against one another for cash prizes. The company has also teamed up with Amazon to make its racing games market available on Twitch.

Additionally, the epidemic has allowed new enterprises to enter the market. Publishers of racing games like Ubisoft and

Electronic Arts have noticed an uptick in demand as more people stay home and hunt for entertainment. These businesses have been able to invest more thanks to the rising demand, which has enabled them to create new racing games and broaden their market reach. The Covid-19 epidemic has significantly impacted the market for racing games. As firms adjust to the new normal and continue to innovate, the industry is anticipated to rebound in the upcoming years.

Latest Trends

"More Realistic and Detailed Simulations Boost the Market Expansion"

Although racing games have long been well-liked, the most recent trend is toward more accurate and thorough simulations. Players want a realistic driving experience, and developers are meeting this need. As a result, a brand-new generation of racing games emerged with outstanding graphics and playability. Forza Horizon 4, Project CARS 2, and Assetto Corsa are top racing video games. These games provide detailed gameplay that allows players to immerse themselves in the race, realistic locations, and vehicles. You need to check out these games if you want an exciting gaming experience.

Racing Games Market Segmentation

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• By Type Analysis

The racing games market can be segmented into F2P and P2P. Among these, the F2P is projected to experience rapid growth through 2031.

• By Application Analysis

The market can be divided based on application into PC, mobile, and console. The PC is expected to hold the most significant racing games market share in the upcoming years.

Driving Factors

"Extremely Competitive, Easy to Pick up and Play Features to Propel the Market Expansion"

One of the most widely played game genres is racing games. They are exhilarating and fast-paced and frequently call for split-second decisions. But why do individuals continue to play these games? Racing games' high level of addiction can be attributed to a few main elements. They are, first and foremost, simple to learn and play. You can quickly get in and start racing; you don't need to spend hours learning complicated controls or strategies. They are also fiercely competitive. A challenge is always involved while playing against the clock or other players, which keeps you coming back for more.

"Beautiful aesthetics Fuels the Market Growth"

They have beautiful aesthetics. It takes you to a different universe where you may indulge your craving for speed thanks to cutting-edge graphics and engaging tunes. So be sure to check out some of the top racing games on the market if you're seeking your next gaming fix. There is something for everyone, from timeless games like Mario Kart to fresh releases like Forza Horizon 4. Who knows, you might end up being addicted to the rush of the race!

Restraining Factors

"Easy to Play, Repetitive Features, and High-Cost Hinder the Market Growth"

One of the most well-liked game genres is racing games. They move quickly, are thrilling, and have lots of action. However, a few limitations prevent them from reaching their full potential. First off, too many racing games are simple. Even the most experienced players can rapidly master them because there isn't much of a challenge. Second, they could get monotonous. After a few rounds of racing on the same tracks, boredom sets in.

Furthermore, they may be rather pricey. You should expect to pay a sizable sum if you want to get every piece of DLC for a game. They have drawbacks, even though they are undoubtedly entertaining.

Racing Games Market Regional Insights

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"North America to Dominate Market Due to Extremely Competitive, Easy to Pick up and Play Features"

Between 2022 and 2031, the racing games market will be dominated by North America Factors driving the market growth in this region include extremely competitive, easy-to-pick-up-and-play features.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). Beautiful aesthetics fuels market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP RACING GAMES COMPANIES

• Turn 10 Studios (Microsoft) (U.S.)
• Codemasters (U.K.)
• Electronic Arts Inc. (U.S.)
• Ubisoft (France)
• THQ Nordic (Austria)
• Gameloft (France)
• Milestone (Denmark)
• Criterion (U.S.)
• NaturalMotion (U.K.)
• Slightly Mad Studios (U.K.)
• iRacing (U.S.)
• Creative Mobile (Estonia)
• Bongfish (Austria)
• Fingersoft (Finland)
• Aquiris Game Studio (Brazil)
• Vector Unit U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.