Global Motorsports Market Forecast, Trend Analysis And Competition Tracking - Market insights 2017 to 2033

Motorsports Market Introduction

"The Global Motorsports Market size is expected to be worth around US$ 5.2 Bn by 2023 from US$ 10.7 Bn in 2033, growing at a CAGR of 7.42% during the forecast period 2023 to 2033."

Motorsports is a type of sporting event where an automobile or motorcycle competes in a race. These contests are often run on racetracks that are specifically designed for racing.

The most popular form of motorsports is Formula One, but other types, such as NASCAR, are also popular in the United States. Motorsports can be broken into five categories such as road racing, drag racing, off-road racing, dirt track racing, and more.

Motorsport is more than just a sport involving racing, it is a complex and far-reaching industry that generates billions of dollars in global turnover every year.

Motorsport involves an extensive international network of manufacturers, associated parts suppliers, research and development activities, associated paying fans, and sponsors.

Motorsport, by default, requires an extremely dynamic, ever-changing environment with a consistent focus on efficiency (related to finance, technology, infrastructure, organization, and highly skilled human resource management), while at the same time, a significant and relentless focus on racing Taoism and commercial performance.

COVID has changed the world of motorsports sponsorship, in part due to the lack of a physical audience. As a result, the pandemic has placed rights holders more responsible for the business success of their partners.

Having stickers or banners is no longer enough. Therefore, partners need to play a role in improving the bottom line, helping to increase revenue, or growing the business.

Increasing demand for motorsports in several countries

Motorsports are increasingly popular, largely because the excitement of the sport is appealing to many people. Besides this, motorsports also offer another form of entertainment for those interested in it.

The popularity of motorsports can be attributed to several factors, including public interest, media coverage, and sponsorships. The high popularity of racing series such as Formula 3 Americas, NASCAR, and U.S. Pro Kart Series is the most popular series in the United States (North America).

Other key factors that help generate revenue for racing events include advertising and show sponsorship brands, commoditization, etc. This new media age has also increased exposure to other forms of motorsports, that can be easily streamed on the internet or through several digital channels.

The size and attractiveness of the global esports fan base have been widely discussed, and in the long run, established sports may see esports teams and tournaments as competitors, attracting fans and sponsors.

Overall Impact of COVID-19 Pandemic

The global COVID-19 pandemic has postponed or canceled public events, including auto shows, racing events, and other gatherings. All the areas of motorsport have been affected by covid-19 over the past year, from rally drivers to motocross racers.  Formula 1 was one of the first major racing events to feel the impact of COVID-19, as the event was scheduled in March.

Key challenges for the motorsports industry

The motorsports industry faces several challenges. The most significant challenge in the motorsport industry is that it is a niche market which means it is small and has relatively low demand. This means fewer manufacturers and service providers impact the availability and quality of products and services.

Opportunities for the motorsports industry

Automotive OEMs and leading racing teams focus on the development of modern road and race cars, and Motorsport Valley® is appealing to companies trying to gain a competitive advantage.

In addition, companies operating in the defense, aerospace, marine, and medical instrumentation are seeing the benefits of turning to the motorsport industry and finding solutions to their engineering problems.

Motorsport also provides a laboratory for future technologies. Leading automakers can leverage huge investments in advanced technology as they speed up the production of a new generation of vehicles. Many racing engineering companies (53%) believe energy-efficient, low-carbon technologies will be central to future growth.

They demonstrate the growing opportunities to leverage motorsport engineering capabilities in the automotive, defense, and aerospace industries, effectively bridging the gap between rapid response, professional prototyping, and mainstream commercialization of low-carbon technologies.

Regional Analysis

Europe leads the motorsports industry market by providing multiple motorsports events throughout the year, which cater to both consumers and corporations. This includes the world-famous Formula One, NASCAR, MotoGP, Australian V8 Supercar Championship, World Rally Championship, Dakar Rally, and more.

Top five countries in racing

Italy

• The world's highest-performance cars are designed and built in Italy, like Lamborghinis, Ferraris, and even fast-moving Fiats. In addition to incredible vehicles, Italy has a deep pedigree of professional racers who have set the standard worldwide. Mario Andretti and Enzo Ferrari are both from Italy and many other famous racers.

Japan

• Japan is another country well known to racing enthusiasts around the world. Japan also has an aesthetic flair, with many of these cars customized and painted in exotic colors and patterns, which is truly the heart and soul of the Japanese automotive scene.

Spain

• Spain is also considered one of the best destinations for racing fanatics worldwide. Barcelona is one of Europe's trendiest destinations and home to major esports and tech fairs, but it also loves car and motorcycle events.

United States

• The US has long been one of the biggest countries regarding racing and car culture. This country has several other types of racing, from motorcycles to dirt bikes, quads, and more.

Germany

• Germany is one of the largest manufacturing centers in the whole of Europe. Some of the best and most respected cars in the world are made in Germany, such as Audi, Mercedes, BMW, and many more.

Competitive Landscape

The Global Motorsports Market landscape appears highly consolidated, with a major chunk of it being dominated by below players.

• Aston Martin Red Bull Racing
• Citroen Australia
• Ferrari S.p.A.
• Hendrick Motorsports, LLC
• Joe Gibbs Racing
• McLaren Group
• Mercedes-Benz
• Roush Fenway Racing
• Team Penske
• Toyota Motor Corporation
• Other Key Industry Players

Report Scope

• Forecast Period: 2023-2033
• Actual Year: 2022
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Segments Covered

Global Motorsports Market, By Revenue Channel

• Broadcasting
• Ticketing
• Merchandising
• Advertising/Sponsorship
• Others

Global Motorsports Market, By Application

• Venue Racing
• Non-Venue Racing