Motorsport Market Size to grow by USD 10538.3 million between 2024-2028
The Motorsport Market is segmented by Type (F1, MotoGP, NASCAR, and Others), Application (Venue racing and Non-venue racing), and Geography (Europe, North America, APAC, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 10538.3 million, at a CAGR of 4.36% during the forecast period. There are several companies that are contributing to the market as per this report. Evolution of Formula E .
By Type, the F1 segment is projected to dominate the market size in 2024
The Formula One (F1) motorsport market boasts an unparalleled legacy, tracing its roots back to the European Grand Prix championship in the 1920s and 1930s. The sport evolved into its current form following the standardization of rules by the Federation Internationale de l'Automobile (FIA) in the late 1940s. Initially, both championship series and non-championship events were organized, but the latter were discontinued in 1983 due to escalating competition costs. F1 has consistently attracted a significant roster of sponsors, including cigarette manufacturers. However, the 2001 FIA ban on tobacco sponsorship adversely impacted the market. Post-2006, car manufacturers have emerged as prominent sponsors, and the value of F1 sponsorship continues to escalate annually.
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By Application, Venue racing segment is expected to hold the largest market size for the year 2024
In the dynamic and lucrative motorsports industry, various types of venues cater to diverse racing disciplines. These include autocross, auto test, circuit racing, cross country, drag racing, drifting, and esports, among others, collectively referred to as circuits. Notable circuits, such as Albert Park Circuit in Australia, Circuit of the Americas in the United States, and Autodromo Jose Carlos Pace in Brazil, host prestigious events like the Grand Prix and F1 races. These premier circuits generate substantial revenue, with the Australian Grand Prix 2023 at Albert Park Circuit attracting approximately 44,000 spectators and generating revenue between USD100 million and USD140 million from a single race.
Why is Europe forecasted to hold the largest regional market size in 2024?
In the dynamic and competitive motorsport market, businesses must stay informed to capitalize on emerging trends and opportunities. Racing teams and manufacturers invest significantly in research and development, leveraging advanced technologies to enhance vehicle performance and fan engagement. Sponsorships, merchandising, and media rights are crucial revenue streams, requiring strategic partnerships and effective marketing strategies. Adherence to stringent safety regulations and adapting to evolving consumer preferences are also essential for market success.
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Research Analysis Overview
The Motorsports Market encompasses regional and international competition in various forms of motorized vehicle racing, including motorcycle racing and car races like Formula One. With a growing focus on environmental sustainability, the industry is embracing electrification through electric drivetrains and advanced battery technology. Sustainability initiatives are at the forefront, with eco-friendly practices such as energy recovery systems and hybrid power units becoming increasingly common in both off-road races and competitive racing series. Broadcasting rights and sponsorship deals are major revenue streams for the Motorsports Market. Brands seek association with the thrill and excitement of motor racing, reaching millions of viewers, particularly millennials, through broadcasting and social networking platforms. Safety features are also a priority, ensuring both the well-being of racers and the reduction of carbon emissions. Motorcycles and race cars continue to evolve, with a shift towards electric vehicles expected to further transform the landscape of this dynamic and evolving market.
Market Research Overview
The global automotive parts and equipment market encompasses businesses producing components and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in the automotive components and equipment market include the rising demand for electronic control units (ECUs) and other electrical components due to the increasing sales of ECVs, motorcycles, and PCs over the past decade. - The Motorsport Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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