The global motorsports market was valued at $4.2 billion in 2017 with revenues accrued from various channels such as sponsorship, advertising, ticketing, and merchandising, hosting fees and broadcasting. The market is expected to grow at a healthy CAGR of around 8.43% during 2018 – 2023 to cross $6.87 billion by 2023.
Europe continues to lead the market share during 2018-2023
Europe is undoubtedly the world leader in the global motorsports market due to the subtle presence of Formula Racing in the region, facilitated by being the first region to host such events followed by the growing support from the high-end car manufacturers, most of which have originated from the European countries. Asia Pacific is the region following Europe in the global motorsports market, facilitated by the large fan base in countries particularly China, Japan, South Korea and Australia.
The total market for Europe Motorsports was estimated to be $1.9 billion in 2017 which is projected to reach $2.96 billion by 2023 with a CAGR of 7.65%. The key reason for such an impressive growth can be attributed to the strong economic recovery signs expected in the region for the coming years. Such a growth creates robust growth avenues for motorsports market. Asia-pacific is projected to register highest growth rate of 10.95% CAGR.
Selected / Sample Analysis done in the full Report:
Total market value of NASCAR and IndyCar was $3.1 billion in 2017; it is estimated to grow at a CAGR of 2.8% to reach $3.8 billion by 2023 in the U.S. The NASCAR racing is forecast to grow at CAGR of 1.90% and reach $3.3 billion by 2023, whereas IndyCar racing is estimated to grow at a CAGR of 6.41% to reach $276 billion by 2023. The ticketing revenue of IndyCar racing series is projected to grow rapidly as compared to NASCAR racing due to the changes in the ticketing and merchandising revenue segments.
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Excerpts on Market Growth Factors Mentioned in the Full Report:
1. The market is driven by the increase in the number of races, advertisements and sponsorships, the revenue in the racing business will likely to surge.
2. In the recent times, the concept of Electric Vehicles (EV) has caught up rapidly with manufacturers aiming at providing cars running on batteries employing electric motors to propel them. This factor is also driving significant growth for the Motorsports market.
3. Growing interest of fans in collecting the sports memorabilia has also propelled the market’s growth.
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Key Players of the Motorsports Market:
The major innovations are from the key players in the industry such as Ferrari, Mercedes, McLaren and Red Bull owing to availability of significant amount of funds for R&D activities and a dedicated infrastructure for these operations. Major product launches included Ferrari’s F14T for 2014 F1 racing championship; Mercedes-Benz’s Mercedes AMGF1, its newest addition to its Formula One cars; Red Bull’s RB10 Formula 1 car for its fifth consecutive Formula 1 championship double, etc.
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