Motorsport Products Market is predicted to reach USD 35.20 billion at a CAGR of 6.45% during the forecast period

Pune, India, Sep 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Motorsport Products Market.Motorsports refer to a sporting event, which involves the use of motor vehicles, either for racing or non-racing. The most popular of these involve cars and are generally called auto racing or automobile racing. Auto racing currently is promoted through different series such as Formula One (F1), GP2, Formula V6 Asia, Formula Nippon, Formula Three, F2, Formula Palmer Audi, and Formula Atlantic, to name a few.

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Motorsport Products Market Synopsis

According to the MRFR analysis, the global motorsport products market size is projected to reach USD 35.20 billion by 2032 at a CAGR of 6.45%.

The motorsport products market is driven by factors such as the increasing popularity of motorsport and the scope of revenue generation through ticketing & broadcasting. However, higher maintenance cost is expected to restrain the market growth. Technological advancements are expected to create opportunities for the market players. With the continuous spread of the novel coronavirus across the world, automakers are taking extreme measures in the form of plant closures to halt the spread of COVID-19 widely impacting the global motorsport products market. Additionally, as the pandemic is tearing apart the automotive sector, day by day, the global players in the automotive industry are focusing on the development of preventive measures and new business strategies to address the current as well as the future situation in the global market.

Motorsport Products Market Competitive Landscape

The global motorsport products market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth.

The growth of Motorsport Products Market the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Volkswagen AG, Toyota Motor Corporation, Daimler AG, Ferrari N.V., Porsche, and McLaren Group are some of the key players operating in the global motorsport products market.

Segmentation:

Motorsport Products Market Based on racing type:

• Rallying: A rally is a form of motorsports that takes place on public or private roads with modified production or specifically developed road-legal cars. It is a type of motorsport run on a closed and specified route where a driver and navigator attempt to adhere to a predetermined schedule between checkpoints. Rallying also takes place throughout the entire year, so drivers have to race in the snow and rain, which results in some exciting racing.


• Formula racing: Formula racing is a form of open-wheeled single-seater motorsport road racing and one of the most popular professional forms of car racing. The vehicles used in formula racing are custom designed. The races are held in circuit tracks that are made especially for formula racing. Some of the famous formula racing categories are Formula One, Formula Two, Formula Three, and Formula Four.


• Touring car racing: Touring car racing is an auto racing competition between advanced and heavily modified road-going cars. It is mainly popular in Argentina, Britain, Germany, Brazil, Sweden, Norway, Australia, and Scandinavia. Rules vary from country to country; most series require that the competitors start with a standard body shell. Still, virtually every other component can be heavily modified for racing, including engines, suspension, brakes, wheels, and tires.


• Sport car racing: Sports car racing is a type of auto racing, in which, as evident from its name, “sports cars,” which have two seats and enclosed wheels are used. They may be purpose-built or related to road-going sports cars. Various major car manufacturers such as Ferrari, Porsche, Jaguar, Mercedes-Benz, and BMW produce cars that compete in races. The prestige of all these major players derives in part from success in sports car racing and the World Sportscar Championship.


• Production car racing: Production car racing, also known as showroom stock racing, street stock, pure stock, and U-car racing, is a type of auto racing where unmodified or very lightly modified production cars are used. The cars used for this race usually have protective roll cages, and they run race tires. Production car racing is an economical and rules-restricted version of touring car racing because all engine modifications are not allowed. Production-based Road cars in this series have stringent restrictions to what kind of wheels, aerodynamics, suspension, tires, brakes, and performance vehicles can be fitted with. This is done to ensure that vehicles are as similarly equipped as possible for racing to remain competitive.


• Stock car racing: Stock car racing is car racing in which production-based cars, called stock cars, are used, and the cars conform externally to standard commercial types in the US are raced, usually on the oval, paved tracks. The cars that were originally production models ("stock") are now highly modified. Basically, the stock is an automobile that had not been altered or re-configured from its original factory build.


• Others: Apart from the above different racing segments, there are several other types of racing, such as Endurance Racing, Sprint Car Racing, Drag Racing, etc. Endurance racing is a sport that falls under the motorsport category, where drivers in teams of two or four race for long distances, which tests their endurance and the durability of their vehicle.

Motorsport Products Market Based on region:

• North America: North America holds a significant share of the motorsport products market due to the rising racing events within the region and the preference of customers toward modification of cars for enhanced performance. For instance, the high popularity of racing series such as Formula 3 Americas, NASCAR, and the US Pro Kart Series are some of the most popular series in the US. Activities such as off-roading and rally racing are quite popular in this region. Furthermore, the high per capita disposable income and spending power of people of this region are the key factors driving the motorsport products market growth.


• Europe: Europe is expected to provide several growth opportunities for the market players during the forecast period due to the increasing number of backers and the presence of the world’s most mainstream racetracks driving the development of the motorsport products market in this region. Furthermore, some famous racing championships, such as European Rally Championship (ERC) and GT World Challenge Europe, are acting as growth factors for the region. These events receive significant support from high-end car manufacturers, most of which have originated from European countries.


• Asia-Pacific: The regional motorsport products market is projected to expand significantly during the forecast period due to changing consumer behavior and the region being the prominent automotive market. Extensive innovations and prototypes from major automakers and OEMs and the consumer preference for high-performance and fuel-efficient automobiles are some of the key factors that are primarily propelling the market growth. The per capita disposable income in the region and other developing economies is rising. Asia-Pacific is likely to grow at the fastest rate due to the large car racing fan base in its countries, particularly in China, Japan, South Korea, and Australia.


• Rest of the World: The Middle East & Africa comprises the UAE, Saudi Arabia, Israel, South Africa, and other countries. The continuous growth in the sale of vehicles can be attributed to the high GDP and increasing per capita disposable income. This is expected to enhance the demand for motorsport products in both the OEM sales channels and the aftermarket in the region. Developments in vehicle engineering, such as customization options, various paints and coatings, robust components, and engines, which are due to rapid advances in technology, are likely to fuel the regional motorsport products market during the projection period. South America comprises Brazil, Argentina, Chile, Peru, Venezuela, and other countries. Stock car racing and touring car racing are pretty much famous in Brazil and Argentina. Various international events were held in South America region. For instance, South America Super Touring Car Championship was an international touring car racing series in South America.