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The motorsport market size is forecast to increase by USD 9,925.34 million. The market is estimated to grow at a CAGR of 4.27% between 2023 and 2027. The growth of the market depends on several factors such as significant investments by sponsors, fewer regulations to help in fostering innovation, and social media driving enthusiasm. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Fewer regulations help in fostering innovation is the key factor driving the growth of the market. Fewer regulations and significant investments allow focus on new technologies that increase vehicle performance. These characteristics are then used in production cars after they are stable on the track. The races provide a platform for motor oil and tire suppliers. Racing cars are the best platform to test the quality of engine oils when they are exposed to extreme conditions.
Furthermore, the engine is the heart of the vehicle, and racing gives manufacturers enough room to experiment with both pure performance and later tweak it for a longer-lasting performance. They can summarize it by saying that it provides an ideal test ground for vehicular innovation. These factors will boost the growth of the global motorsport market during the forecast period.
The growing popularity of truck racing is the primary trend in the market. Truck racing seems expensive in terms of cost, i.e. the average good team spends around USD 2 million a year on vehicles, engines, and support staff but they have attracted many viewers and sponsors due to the thrill, high speed, shrill noises and skill required to control a giant vehicle. Engine manufacturers are often the main sponsors. This is because it helps them test their engines in extreme conditions.
Moreover, truck racing has helped manufacturers build more efficient production trucks. Each team receives two engines for the season. Engines are opened and defective parts are replaced with new and improved parts between seasons. This makes it easy to identify weak parts and make improvements quickly to maximize engine performance. Hence, the growing popularity of truck racing is expected to drive the growth of the global motorsport market during the forecast period.
Intense competition from other forms of sports is the challenge that affects the growth of the market. Owing to the monotony and predictability of motorsport, viewers have turned to other forms of sports, such as the AFL, rugby league, different forms of cricket, tennis, soccer, and AFL women's soccer. Most middle-income people turn to these sports for fun. These games also attract audiences due to their rough and unpredictable game format.
Moreover, the decision of the Malaysian government to stop F1 in Malaysia is a huge success for the sport. This decision was made due to the overwhelming dominance of Mercedes-Benz. According to the authorities, this has taken away all the excitement of the sport. Organizing events is more expensive because profits are low. The crowd diminishing significantly compared to Singapore, which only hosts night races. Hence, these factors will impede the growth of the global motorsport market during the forecast period.
This market forecast report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Motorsport Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A J Foyt Jr Enterprises Inc.: The company offers motorsport such as street of St. Petersburg, streets of Detroit, and Road America.
The market analysis and report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The F1 segment is estimated to witness significant growth during the forecast period. F1 legacy is unmatched by any other motorsport event. It started in the 1920s and 1930s in the form of the European Grand Prix Championship. It matured in F1 after standardizing the rules of the Federation Internationale de l Automobile (FIA). Initially, championship series and non-championship series were held, but the series was later discontinued in 1983 due to high competition costs.
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The F1 segment was the largest segment and valued at USD 14,851.66 million in 2017. Liberty Media's takeover of F1 will attract more viewers by providing more engaging content. Social media platforms are expected to significantly increase viewing levels. In addition, F1 races scheduled to take place in 2023, such as the Bahrain Grand Prix, taking place in March 2023, and the Las Vegas Grand Prix, scheduled for November 2023, include a total plus 23 races, will make a significant contribution to the motorsport industry. These factors will boost the growth of the market during the forecast period.
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Europe is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The change in F1 management could help the market growth as Liberty Media has the ability to deliver compelling content. The history of motorsport in Europe is the backbone of the sport. Fans have supported the sport even in times of recession and economic crisis. The engaging and exclusive content on offer has already begun to capture the attention of viewers, and viewing levels are expected to increase in the future. Europe has some of the most popular racetracks in the world, which is driving the growth of the motorsport market in the region. Famous racetracks in Europe such as Ascari (Spain), Knockhill (Scotland), Anglesey (UK), Monza (Italy), Silverstone (UK), and Zandvoort (Netherlands) organize many events. Hence, these factors will drive the growth of the market.
The Motorsport Products Market thrives on the passion for motorsports, from live events to motor racing games. With market drivers like the thrill of speed and motorsport entertainment, enthusiasts flock to racing tournaments and invest their disposable income in a range of products. Merchandisers and fashion brands capitalize on this, offering apparel and gear for both motorsport organizers and fans alike. Technological advancements have revolutionized the global market, enhancing the viewing experience and motivating broadcasters with lucrative broadcasting rights. Revenue streams from participation fees, ticket sales, and sponsorship fuel the industry, while marketing and promotion efforts attract a diverse audience. From rallying to production car racing, major manufacturers like Ferrari, Porsche, and Mercedes-Benz contribute to the racing landscape, innovating with electric racing vehicles to meet demands for an eco-friendly option.
This report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Motorsport Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.27% |
Market growth 2023-2027 |
USD 9,925.34 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.75 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 47% |
Key countries |
US, Japan, UK, Germany, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A J Foyt Jr Enterprises Inc., ABT Sportsline GmbH, AF Corse Srl, Andretti Autosport Holding Co. Inc., Avitas Motorsport Design, Bryan Herta Autosport, Dale Coyne Racing, EXOR N.V., Hendrick Motorsports LLC, Honda Motor Co. Ltd., JA Motor Sport, Liberty Media Corp., McLaren Group Ltd., Mercedes Benz Group AG, Red Bull GmbH, Renault SAS, Speedway Motorsports LLC, Stellantis NV, Toyota Motor Corp., and Yamaha Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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