Motorsport Products Market Trends

Motorsport Products Market Overview:

Motorsport Products Market size was valued at USD 21.35 billion in 2021. The motorsport products industry is projected to grow from USD 22.73 Billion in 2022 to USD 35.20 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.45% during the forecast period (2024 - 2030). The growing popularity of motorsports and increasing motor racing games are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Motorsport Products Market Trends

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The increasing popularity of motorsports activities is due to factors such as the audience is more willing to pay money to witness motorsport entertainment and the rising disposable income of people across the globe. The investment made by merchandisers or fashion brands are playing a key role in the revenue generation of the motorsport organizers. This makes the motorsport products, a critical aspect in ensuring successful sports car and racing tournaments, which is expected to result in the growth of the motorsport products market during the forecast period.

Further, an artificial intelligence (AI) algorithm can be used as a normal function in motorsport cars that overtakes the tasks of the driver. AI can be used as a conventional ADAS function, which supports the driver while driving manually. AI functions for predicting both the behavior of the own vehicle and other vehicles and objects during racing events. This means AI helps with the detection of the environment (objects, road course, etc.) and also for the detection of road conditions during motorsport events. Furthermore, the increase in awareness and adoption of advanced electronics in motorsport vehicles drives the use of motorsport products in the global market. Thus, technological advancements are expected to create opportunities for the motorsport products market during the forecast period.

Additionally, the rising popularity of the sport motivates broadcasters around the world to make massive investments to earn the broadcasting rights of motorsport events, therefore, becoming a major source of revenue for people and entities associated with the respective events. Furthermore, participation fee, which includes vehicle testing on tracks, and ticket sales also contribute a huge chunk of revenue for the market. Similarly, sponsorship and merchandising deals add on to the revenue pool as well as leverage the promotion of respective events and the marketing of the participating brands and drivers has positively enhanced the motorsport products market CAGR across the globe in the recent years.

However, Innovation is a key driver for the motorsport market. Automotive manufacturers are heavily invested in R&D to upgrade their vehicles and gain an advantage in the competition. Such investments create positive economies of scale contributing to the growth of players within the motorsport industry and also other industries like tyre, consumer and commercial vehicles, oil and electric, technology, insurance and others are major factor driving the growth of the motorsport products market revenue.

Motorsport Products Market Segment Insights:

Motorsport Products Racing Type Insights

The motorsport products market data has been bifurcated by racing type into rallying, formula racing, sport car racing, touring car racing, production car racing, stock car racing, and others. The sport car racing segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. 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. Hence, rising innovations by major players for motorsport products positively impacts the market growth. However, production car racing is the fastest-growing category over the forecast period due to rise in obsession for racing vehicles, the market is growing rapidly. Moreover, heavy investments are made in development of the vehicles. Electric racing vehicles is one of the developments in racing vehicles. Electric racing vehicles offers eco-friendly option in racing landscape.

Figure 1: Motorsport products market, by Racing Type, 2021 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Motorsport Products Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America motorsport products market accounted for USD 9.22 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed 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. Further, the US motorsport products market held the largest market share, and Canada motorsport products market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Motorsport Products Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe motorsport products market accounts for the second-largest market share 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. Further, the Germany motorsport products market held the largest market share, and the UK motorsport products market was the fastest growing market in the European region

The Asia-Pacific motorsport products Market is expected to grow at the fastest CAGR from 2024 to 2030. This is due to the rapid development of the automobile, tire and motorsport component industry in the region. Australia is the leader in hosting off-road, water, air and dirt bike racing events. Moreover, China motorsport products market held the largest market share, and the India motorsport products market was the fastest growing market in the Asia-Pacific region

Motorsport Products Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the motorsport products market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the motorsport products industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global motorsport products industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, motorsport products industry has provided EV sports car with some of the most significant benefits. The motorsport products market major player such as Volkswagen AG (Germany), Toyota Motor Corporation (Japan), Daimler AG (Germany) and others are working to expand the market demand by investing in research and development activities.

Ferrari NV designs and manufactures sports cars. The Company offers new and used vehicles, warranty programs, financial supports, and maintenance, as well as watches, apparels, earphones, caps, and other accessories. Ferrari markets its products worldwide. In April 2021, Ferrari N.V. launched the first 488 GT Modificata, which made its first public appearance during the Finali Mondiali at Misano. The Ferrari 488 GT Modificata is a limited edition car that incorporates the technologies and skills developed for the 488 GT3 and 488 GTE racing cars, but transcends the limits imposed by any sporting or technical regulations to maximize the car’s full potential.

Also, Red Bull Racing, also simply known as Red Bull or RBR and currently competing as Oracle Red Bull Racing, is a Formula One racing team, racing under an Austrian licence and based in the United Kingdom. It is one of two Formula One teams owned by conglomerate company Red Bull GmbH, the other being Scuderia AlphaTauri. The Red Bull Racing team has been managed by Christian Horner since its formation in 2005. In February 2021, Red Bull introduced the RB16B, which is based on last year’s RB16 was revealed in an online launch. They were powered by Honda's RA620H (2020) and RA621H (2021) power units, being the second and third Red Bull to use the Japanese manufacturer's engines.

Key Companies in the Motorsport Products market includes

• Volkswagen AG (Germany)


• Toyota Motor Corporation (Japan)


• Daimler AG (Germany)


• Ferrari N.V. (Italy)


• Porsche (Germany)


• Jaguar Land Rover Automotive Plc (UK)


• ABT Sportsline GmbH (Germany)


• Citroën (France)


• Red Bull GmbH (Austria)


• McLaren Group (UK)


• Groupe PSA (France)


• Subaru Corporation (Japan)


• JA Motorsport (India)


• Toyota Gazoo Racing (Japan)


• Subaru World Rally Team (UK), among others

Motorsport Products Industry Developments

April 2021: Vauxhall, a subsidiary of Groupe PSA, is going to launch a car, Mokka. It will be available in three categories: petrol, diesel and electric model.

March 2021: TeamViewer announced plans to enter a landmark partnership with Mercedes-AMG Petronas F1 Team and Mercedes-EQ Formula E Team to provide remote connectivity solutions and cutting-edge technology to drive greater performance.

March 2021: BMW Motorrad India has launched the all-new BMW M 1000 RR - the first M model from BMW Motorrad in India. Available as completely built-up units (CBU), the motorcycles can be booked at all BMW Motorrad India dealerships from today onwards.

Motorsport Products Market Segmentation

Motorsport Products Racing Type Outlook

• Rallying


• Formula racing


• Sport car racing


• Touring car racing


• Production car racing


• Stock car racing


• Others

Motorsport Products Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America