Technology advancement in Sports Vehicle to Drive Global Motorsports Market

Published On : 09 Jan 2019

The global motorsports market is poised to grow robust during the course of forecast period from 2018 to 2026. The increasing popularity of truck racing are some of the prominent trends influencing growth of the global motorsports market in the coming years. The rising demand for high powered motorsports vehicles in motor sports events such as off road racing, drag racing, motor rally and motorcycle racing is one of the key factors stimulating demand for the global motorsports market in upcoming years. The growth of the global motorsports market also depends on the growth of the global high performance electric vehicle and growth of the global super-sport market. The motorsports offers ideal platform for OEM to test their technology and demand for such events likely to increase in the foreseeable future. The motorsports market is witnessing continuous increase in entry on new players due to attractiveness of the sports events. These are few trends augmenting growth of this market in near future. 

On the other hand, the majority of revenue come from the hosts or promoters who generally pay to host the race in various countries. This is further followed by the broadcasting revenue is paid through the TV channels for telecasting the championship, series sponsors and revenue collected from ticketing and official formula one merchandise sale. However, the global motorsports market is facing various challenges due to decline in ticket sales of indycar racing league and low television rating due to decline in viewership. These are some of the factors negatively impacting growth of the global motorsports market in coming years.

Intense Competition among Players to Boost Growth of Global Motorsports Market

The motorsport market is likely to witness continuous entry of new market participants owing to increasing attractiveness of the sports. The other players are entering into this market to showcase their advanced technology, whereas some other vendors are entering for the thrill of the racing. Due to decreasing viewership, the market players are choosing other platforms such as Facebook, YouTube, Twitter and pay-per-view in order to increase more new audience. Some of the key players operating in the global motorsports market are Toyota, Joe Gibbs Racing, Roush Fenway Racing, Citroën, and Hendrick Motorsports. Additionally, the global motorsports market also includes players such as McLaren, Red Bull, Ferrari and WilliamsF1 in its list.In addition, the manufacturers are largely focused towards advancement in technology, competitors product portfolio in order to strengthen growth of the global motorsports market in the upcoming years. 

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From a geographical point of view, Europe is likely to dominate the global motorsports market due to subtle presence of formula racing in the region. The European region also accounts for maximum share in the global market in terms of revenue share and the Europe was the first region to host such events. The motorsports event major support from the high end manufacturers of the sports car and most of them are manufactured in the Europe. Moreover, the region account for significant share in the global motorsports market during the course of forecast period from 2018 to 2026. Following which Asia Pacific is the second largest emerging economies in the global motorsports market due to largest fan base in the countries mainly in China, Japan, Australia and South Korea. The Asia Pacific motorsports market is projected to account for maximum share followed by U.S. over the forecast period. 

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