Increasing popularity of motorsports events fuels the growth of the global motorsports market at a CAGR of 8.7 % during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Motorsports Market” that contains the information from 2019 to 2032.

The motorsports market is estimated to register a CAGR of 8.7 % during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global motorsports market— Hendrick Motorsports, Speedway Motorsports, LLC, Dale Coyne Racing, Ferrari, and Aston Martin Lagonda

Market Highlights

The global motorsports market is accounted for to register a CAGR of 8.7 % during the forecast period and is estimated to reach USD 30,268.2 million by 2032.

The global motorsports market is expected to witness significant growth in the coming years, which can be attributed to multiple factors. Esports competitions are streamed live on websites like Twitch, YouTube Gaming, and Facebook Gaming, which attract millions of viewers globally. By bringing a new generation of fans to Motorsport events, these digital forms enhance traditional Motorsport coverage. Movies too have been one of the major contributors to growing the popularity of motorsport events. Some of the movies, such as Ford vs. Ferrari, Le Mans, Senna, Rush, Ferrari, and Race for Glory: Audi vs. Lancia, among others, have attracted a new set of audiences to motorsports events. Movies set around iconic racing events have drawn attention to these competitions and their historical significance. These movies have not only brought historical motorsports events to life but also introduced them to a broader audience, thus making the motorsports events popular, thereby contributing to the growth of the motorsportsorts market. With developments related to engine performance, sustainable engine oil developments are also expected to influence the motorsport market. On December 9, 2024, Japan unveiled plant-based racing engine oil as a step towards sustainable targets. The adoption of plant-based oil is engineered to be 194% stronger than traditional petroleum-based oils, providing superior engine protection under extreme racing conditions. Racing sponsors are businesses that provide funding for racing teams or drivers in return for the ability to use their name, logo, and merchandise. Placing the race sponsor's emblem on the vehicle, team uniforms, and transit cars is an example of advertising."

Access full report @ https://www.marketresearchfuture.com/reports/motorsports-market-43811

Segment Analysis

The global Motorsports market has been segmented based on Channel, Operational Entities, Racing Types, and Participant Types.

Based on channel, the global Motorsports market has been segmented into Broadcasting/Media Rights, Ticketing, Race Host Fees, Advertiser/Sponsorship, Merchandising and Others. The Broadcasting/Media Rights segment accounted for the largest market share in 2023.

Based on Operational Entities, the global Motorsports market has been segmented into Series Owner, Race Teams, Racetrack Owners & Local Race Organizers. In 2023, series owners segment accounted for the largest market share.

Based on racing types, the global Motorsports Market has been segmented into Formula Racing, Stock Car Racing, Rally Racing, Motorcycle Racing, Drag Racing, Off-Road Racing, Touring Car Racing, Kart Racing, and Sports Car Racing. Formula racing accounted for the largest share in Motorsports Market in 2023.

Based on Participant Type the global Motorsports Market has been segmented into Professional Drivers, and Amateur Racers. Professional drivers segment accounted for the largest share in Motorsports Market in 2023.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. 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, which drive the development of the motorsport products market in this region.

North America holds a significant share of the market due to the rising racing events within the region and the preference of customers toward modification of cars for enhanced performance. Sports car racing is very famous in North America, and also, stock racing is mainly found in the US, Canada, Mexico. 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 market growth

Key Findings of the Study

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  The global Motorsports market is expected to reach USD 30,268.2 million by 2032, at a CAGR of 8.7% during the forecast period.

  
  


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  The Europe region accounted for the largest share of the global market.

  
  


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  Based on channel, the Broadcasting/Media Rights channel was attributed to holding the largest market in 2023.

  
  


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  Speedway Motorsports, LLC, Ferrari, Toyota Motor Sales, U.S.A., Inc., McLaren Racing, Platinium Group S.A.M., and others among others are some of the players in the market.