Growth of Motorsports Market Attributed to Increase in Racing Competitions
Motorsports Market: By Broadcasting (FOX sports, ABC, TNT, ESPN, NBC and others) By Type (Auto Racing, Sports car racing, Stock car racing, Rallying, Drag racing, Kart racing and others ) and By Geography – Forecast (2018-2023).”
The rise in investments by sponsors is also a key factor that is driving the growth of the motorsports market. The stretch in popularity of motorsports is attracting a large number of sponsors to make investments in different types of racing. Based on the type, the motor sports market is segmented into auto racing, stock car racing, touring car racing, sports car racing, and drag racing. Auto racing has different series including Formula One, IndyCar, GP2 series, Formula v6 Asia, and Formula Three. Stock car racing is further segmented into NASCAR, British Rally Championship and Monte Carlo Rally. Toyota, Coco-Cola, Ford, and Mars are the companies which sponsor NASCAR racing.
Motorsports Market (2018 - 2023)”
Motorsports Market: Disruptive Trends and Drivers
- The evolution of Formula E event, which relies on producing more torque and power than the motors used in the Formula One event. The popularity of Formula E event is increasing, because of its zero emission of gases and low sound pollution. On the back of growing ecofriendly concerns, this new event is expected to attract newer audiences and thereby stroke the demand in the motorsports market.
- Growing technological developments of motor sports such as space probes, incubators, telemetry, non-slip shoes, and team management. Winning a race requires some management skills to make sure that everyone is operating at peak efficiency, which is done by the team management.
- Use of big data analytics for the high volume of velocity in motorsports. A Formula One car has more than 200 on-board sensors that can generate 400GB of data and can be accessed from any track in the race.
- Introduction of Supercars eSports programme, in which race will be held between fans and professional drivers using existing platforms and software.
- Increasing use of eco-friendly cleaners such as SC-14, and Simple Green, applied for removing oil, grease, and soot from all the equipment and surface in motorsport race cars.
Motorsports is the group of competitive sporting events which primarily involves motorized vehicles for the racing competition. The growing investments from sponsors are driving the growth of the motorsports market. Moreover, the evolution of the Formula E event is creating new revenue avenues for the motorsport market players.