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The motorsport industry is gaining more and more popularity, and there are exciting opportunities for making money through ticket sales and broadcasting. This growth is expected to continue in the coming years. The global market for motorsport products is divided into different types of racing and regions.
When we look at the types of racing, there are several categories like rallying, formula racing, touring car racing, sport car racing, production car racing, stock car racing, and others. Among these, rallying was the most popular in 2020, making up 22.44% of the market and having a value of USD 3.36 billion.
Let's dive a bit deeper into the types of racing. Rallying, which involves racing on public or private roads with modified production or specially built road-legal cars, was the top contender in 2020. This type of racing appeals to a wide audience, contributing to its significant market share. As the love for rallying continues to grow, the market is expected to expand at a steady rate of 5.23% in the coming years.
When we shift our focus to regions, North America emerges as a key player in the motorsport products market. In 2020, it held a substantial market share of 42.17%, indicating a strong presence in the industry. The market value in North America was USD 6.31 billion. Looking ahead, the forecast is optimistic, projecting a robust CAGR of 7.73% over the anticipated period. This suggests that North America is not only a current leader but is also poised for continued growth in the motorsport industry.
In conclusion, the motorsport products market is witnessing a surge in popularity, driven by the thrill of racing and the opportunities for revenue generation through ticket sales and broadcasting. Rallying takes the lead among various racing types, capturing a significant market share. Meanwhile, North America stands out as the dominant region, holding the largest market share and showing promising growth prospects. As motorsport enthusiasts around the world continue to embrace the excitement of racing events, the market is set to evolve, presenting new avenues for growth and development.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 22.73 Billion |
| Growth Rate | 6.45% (2022-2030) |
Motorsport Products Market Highlights:
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