Motorsports Market Set to Expand More due to Adoption of Electric Vehicles in Competitive Events
involves in developing the highly optimized and customized motor vehicles for competitive events. Motorsports are competitive sporting events which primarily involve the group of motorized vehicles, whether for racing or non-racing events. Most popularly these involved cars are called auto racing or automobile racing cars.
Different types of vehicles are used in motosport events like cars, boats, trucks, go-karts, snowmobiles and so on. Currently auto racing is promoted through different series such as Formula One, Indycar, GP2, Formula V6 Asia, Formula Nippon, Formula Three, F2, Formula Palmer Audi, Formula Atlantic and so on which are collectively categorized under Formula Racing and others. The popularity of the sports car racing is driving high growth for the Motorsports Market.
Motor racing sports is the one of the significant sports across the globe. The broadcasting of these competitions in television helps the organization to gain the attention of viewers, which in turn maximizes the revenues. Increasing popularity in social networking sites also helps to drive the growth for the Motorsports Market. Auto racing currently is witnessed in different series such as Formula One, Indycar, NASCAR Race and others.
The revenues are accrued from different channels like sponsorship, advertising, ticketing, merchandising, hosting fees and broadcasting. Majority of the revenues come from promoters or hosts who pay to host the races in their respective countries. The motorsports market is facing challenges due to the decline in the ticket sales of Indycar racing league and poor television ratings due to the decline in the viewers.
Europe is dominating the Motorsports Market in terms of broadcasting the motor sport events on television. It holds the largest market share and is expected to grow in the future. The presence of management heads and the largest global viewer-ship along with high end market for Formula Racing Championships drives the market growth. By the adoption of electric vehicles in the competitive events, the motorsports market is expected to expand. Americas leading the next position followed by Asia-Pacific.
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