DUBLIN, Feb. 20, 2024 /PRNewswire/ — The “Motorsports – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Motorsports Market to Reach $9.9 Billion by 2030
The global market for Motorsports estimated at US$5.9 Billion in the year 2022, is projected to reach a revised size of US$9.9 Billion by 2030, growing at a CAGR of 6.7% over the analysis period 2022-2030. Broadcasting, one of the segments analyzed in the report, is projected to record a 7.2% CAGR and reach US$3.9 Billion by the end of the analysis period. Growth in the Ticketing segment is estimated at 5.8% CAGR for the next 8-year period.
The report explores the post-COVID-19 migration of competitive sports towards virtual events, particularly focusing on motorsports. It provides insights into the competitive scenario, including the market share of key competitors in 2023 and their presence categorized by strength and activity levels worldwide.
Amidst the global economic landscape, the report outlines the prospects and outlook for the motorsports market, emphasizing the increased use of internet technology and social media platforms for broadcasting racing events. It also highlights the role of artificial intelligence and digital technologies in driving demand within the market.
The impact of the pandemic on Formula One racing is discussed, shedding light on how the industry has adapted to changing circumstances. The report introduces motorsports, detailing the most prestigious motorsport series worldwide and key revenue channels within the industry. Recent market activity and influencer insights provide a comprehensive understanding of the evolving dynamics and trends shaping the motorsports market in the post-pandemic era.
The U.S. Market is Estimated at $1.8 Billion, While China is Forecast to Grow at 9.7% CAGR
The Motorsports market in the U.S. is estimated at US$1.8 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$624 Million by the year 2030 trailing a CAGR of 9.7% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 6.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2030.
MARKET TRENDS & DRIVERS
- Motorsport Industry: The Future amidst Generation Change
- Profound Change in the New Era
- The Age of AI Has Arrived & Here’s How it Promises to Revolutionize Automobiles and Motorsports
- Evolution & Growth of AI as Measured by the Robust Spending on AI Enablement, Primes the Technology for Use in Automobiles
- How & Where is AI Used in the Automobile Industry?
- Focus on Driver Behavior Intelligence Expands the Role of AI in Driver Monitoring
- AI in Motorsports
- Racing Industry: The Bunch of Evolutionary Tidings with Data & Avenues for AI
- Motorsports Sprints toward Thrilling Future Turbocharged by Symphony of AI Brilliance & Pulsating Trends
- Motorsports on Fast Track to High-Speed Glory with Artificial Intelligence
- Artificial Intelligence Greasing Wheels of Racing Industry for Massive Momentum
- Artificial Intelligence Entails the Pristine Opportunity to Engineer the Fastest Race Car
- Bright Future of ML-Powered Design Optimization
- Aerodynamics is at the Heart of Vehicle Performance Engineering. Here’s Why
- Ever-Present Focus on Speed Bodes Well for Automotive Aerodynamics Technologies
- Rising Industry Focus on Engineering of Light Weight Vehicles Pushes Demand for Advanced Engineering Capabilities
- Engineering Services Gain as Motorsport OEMs Strengthen R&D Spending
- Advancements in Semiconductor Technology Rev Up Market Opportunities
- Technology Collaborations Catalyzing Power Drive for Formula One
- Motorsport Technology Innovations Seeping into Products Used in Daily Lives of People
- Z-Shaped Floors for Formula One Racing
- Women’s Progress in Motorsport: Gender Performance Gap in the Way
- Motorsport Industry Challenges
- The FIA Foundation Commits to Enhance Safety of Race Car Drivers and also Marshals and Spectators
FOCUS ON SELECT PLAYERS (Total 107 Featured)
- Aston Martin
- Red Bull Racing
- Citroen Australia
- Ferrari SpA
- Hendrick Motorsports, LLC
- Joe Gibbs Racing
- McLaren Group
- Mercedes-Benz
- Roush Fenway Racing
- Team Penske
- Toyota Motor Corporation
For more information about this report visit https://www.researchandmarkets.com/r/1l04yn
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