Motorsport Market Size to grow by USD 0.99 billion from 2019 to 2024|Driven by Significant Investments by Sponsors


NEW YORK, April 26, 2022 /PRNewswire/ — The motorsport market size is set to grow by USD 0.99 billion from 2019 to 2024 progressing at a CAGR of 1% according to the latest market report by Technavio. The motorsport market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. ABT Sportsline GmbH, Daimler AG, Ferrari NV, Groupe PSA, Hendrick Motorsports LLC, McLaren Group Ltd., Red Bull GmbH, Speedway Motorsports LLC, SUBARU Corp., and Toyota Motor Corp. are some of the major market participants.

Technavio has announced its latest market research report titled Motorsport Market by Type and Geography - Forecast and Analysis 2020-2024

Technavio has announced its latest market research report titled Motorsport Market by Type and Geography – Forecast and Analysis 2020-2024

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Motorsport Market 2020-2024: Scope

Our motorsport market report covers the following areas:

Motorsport Market 2020-2024: Drivers & Challenges

The key factor driving growth in the motorsport market is the significant investments by sponsors. Motorsports has attracted many sponsors that invest significantly in teams. The investment is used for the operations of the team and for paying the fees of the rights associated with naming the events organized by the track operators. Sponsors take care of the media and advertising for the event. They also take care of the allocation of proprietary logos and trademarks of the event to the track operators, which are used for promoting the event. Some companies that actively sponsor F1 are Red Bull, Philip Morris, Pirelli, Fiat, Daimler, Honda, Diageo, Petronas, Grupo Santander, and Emirates. The most active categories involved in sponsoring F1 are auto, non-alcoholic beverages, fuel, and motor oil, luxury auto import, tires, financial, alcoholic beverages, travel airline, and automotive aftermarket. Global motorsport sponsorship spending is on the rise.

However, the increase in the cost of insurance with the inclusion of advanced electronics and safety systems in racing vehicles will be a major challenge for the motorsport market during the forecast period. The cost of race car insurance is steadily increasing because of the use of more technically advanced hardware in the vehicle. The hardware used in a race car generally comprises an anti-lock braking system (ABS), electronic stability control (ESC) or traction control (TC), turbo and superchargers, radial tires, kinetic energy recovery systems (KERS), dual-clutch gearbox, steering wheel-mounted controls, and advanced fuel injection. The parts are becoming highly complex and advanced. Therefore, their cost increases every year. There has been a steady flow of sponsorship money each year; it has been seen that year-over-year growth of sponsorship money ranges between 2.7% and 3.5%. This enables a team to spend more on R&D, which results in more technically advanced machines. The increasing prices of new components and the high risk involved in this sport indirectly pose difficulties for the insurance companies.

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Motorsport Market 2020-2024: Segmentation Analysis

Motorsport Market 2020-2024: Revenue Generating Segment & Regional Analysis

  • The motorsport market share growth by the F1 segment will be significant for revenue generation. The taking over of F1 by Liberty Media is expected to attract more viewers by offering more engaging content. Social media platforms are expected to increase viewership levels significantly. However, the figures regarding positive viewership can only be obtained after a few years, which will drive the market to focus on the F1 segment during the forecast period.

  • 57% of the market’s growth will originate from Europe during the forecast period. UK, Germany, and Italy are the key markets for motorsports in Europe. Market growth in this region will be faster than the growth of the market in South American, MEA, and North American regions. The slow growth of the market is attributed to the economic slowdown and Brexit. F1 is the dominant event in this region, which is witnessing a steady growth. The number of sponsors has been growing; however, the year-over-year viewership is declining.

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Motorsport Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist motorsport market growth during the next five years

  • Estimation of the motorsport market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the motorsport market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of motorsport market vendors

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Motorsport Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 1%

Market growth 2020-2024

USD 0.99 billion

Market structure

Fragmented

YoY growth (%)

-26.26

Performing market contribution

Europe at 57%

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABT Sportsline GmbH, Daimler AG, Ferrari NV, Groupe PSA, Hendrick Motorsports LLC , McLaren Group Ltd., Red Bull GmbH, Speedway Motorsports LLC, SUBARU Corp., and Toyota Motor Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents :

Executive Summary

Market Landscape

  • Market ecosystem

  • Value chain analysis

Market Sizing

Five Forces Analysis

Market Segmentation by Type

  • Market segments

  • Comparison by Type

  • F1 – Market size and forecast 2019-2024

  • NASCAR – Market size and forecast 2019-2024

  • Others – Market size and forecast 2019-2024

  • Market opportunity by Type

Customer landscape

Geographic Landscape

  • Geographic segmentation

  • Geographic comparison

  • Europe – Market size and forecast 2019-2024

  • North America – Market size and forecast 2019-2024

  • APAC – Market size and forecast 2019-2024

  • South America – Market size and forecast 2019-2024

  • MEA – Market size and forecast 2019-2024

  • Key leading countries

  • Market opportunity by geography

  • Market drivers

  • Market challenges

  • Market trends

Vendor Landscape

  • Overview

  • Vendor landscape

  • Landscape disruption

Vendor Analysis

Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
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Email: [email protected]
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)

Technavio (PRNewsfoto/Technavio)

Cision

Cision

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