Latest News- Motorsport Market: F1 is expected to lead the Type segment during 2025-2029

The Motorsport Market is being driven by Significant investments by sponsors

The Motorsport Market is expected to grow at a CAGR of 4.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 10792.6 million. Formula E racing, an innovative motorsport initiative, emerged in response to increasing environmental concerns and the quest for sustainability. This competition features battery-powered vehicles, making it gender neutral, allowing both male and female racers to participate. While attracting a fan base, Formula E faces challenges, primarily the absence of the traditional engine noise. This silence, however, addresses sound pollution concerns. Looking ahead, Formula E's electric motors are anticipated to surpass the power and torque capabilities of standard Formula 1 cars, offering potential advantages that may sway fans from traditional racing. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • F1
  • MotoGP
  • NASCAR
  • Others
• Application
  • Venue racing
  • Non-venue racing
• Wheel Type
  • 4-Wheelers
  • 2-Wheelers
• Channel
  • Broadcasting
  • Ticketing
  • Advertiser/Sponsorship
  • Race Host Fees
  • Merchandizing
  • Others
• Geography
  • Europe
    • Germany
    • UK
    • Italy
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Significant investments by sponsors
• Fewer regulations help in fostering innovation
• Social media driving enthusiasm

However, the market also witnesses some limitations, which are as follows:

• Increase in cost of insurance with inclusion of advanced electronics and safety systems in racing vehicles
• Declining viewership
• Intense competition from other forms of sports

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Market Scope in Motorsport Market Research Report

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Research Analysis Overview

The Motorsports Market encompasses various forms of motor racing, including Formula One, rally championships, motorcycle racing, off-road races, and more. With the rise of electric vehicles, this industry now focuses on eco-friendly practices such as Electrification, battery technology, and sustainable energy recovery systems. Millennials are increasingly drawn to motorsports for its competitive racing and broadcasting, with social networking playing a significant role in fan engagement. Sponsorships and broadcasting rights remain crucial, with a growing emphasis on sustainability initiatives like carbon emissions reduction and hybrid power units. Safety features are paramount, making motorized vehicles a thrilling yet safe experience for fans. Motorcycle racing, rally championships, and auto racing continue to captivate audiences worldwide, with regional and international competition providing a diverse range of events.

Market Research Overview

The Motorsports Market encompasses businesses involved in the production of components and equipment for various automotive sectors, including electric vehicles (EVs), Formula One, and other types of auto racing. According to Technavio, the global automotive components and equipment market size is determined by the consolidated revenue of manufacturers. Key growth drivers include the rising demand for electric vehicles and the subsequent surge in electronic components such as electric control units (ECUs) and other electrical components. Furthermore, the millennial demographic's preference for eco-friendly practices, broadcasting and social networking opportunities, and the increasing importance of safety features are also significant factors fueling market expansion. The market covers manufacturers of parts and accessories for passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/