Motorsports Market led by the growth of formula racing format across countries will exceed the $6.5 Billion Mark By 2022
HYDERABAD, TELANGANA, INDIA – November 30, 2016 – (Motor Sports Newswire) – The report “Motorsports Market: By Channel (Broadcasting Revenue, Ticketing Revenue, Merchandising Revenue, Advertising/Sponsorship Revenue, Race Hosting Fees Revenue) -Forecast (2016-2022)”, published by IndustryARC, estimates the market to reach $6.5 Billion by 2022.
Browse 52 Market Tables, 21 Figures spread through 138 Pages and an in-depth TOC on “Motorsports Market”
Motorsports are competitive events held globally in which highly optimized and customized motor vehicles for racing competition are used. Various types of motor vehicles are used in these competitions such as cars, bikes, go-karts, boats, trucks and snowmobiles and so on. The most popular of these are cars and are generally involved in races popularly known as auto racing or automobile racing. Auto racing currently is witnessed in different series such as Formula One, Indycar, NASCAR and others. National Association for Stock Car Auto Racing (NASCAR) has gained significant popularity and is one of the top level Sprint Cup Series held twice in a year. For NASCAR, standard conventional cars are used for racing, and races are held on oval tracks. Whereas, IndyCar is an open-wheel, circuit racing game, and has similar tracks like NASCAR, but it has more even splits between oval and split courses. IndyCar race cars have open cockpit and wings on the front and rear side. Both the races are held at Indianapolis Motor Speedways and are alike in nature.
According to a recent study from IndustryARC, the global market value of motorsports was $3.3 billion in 2015. The revenues are accrued from different channels like sponsorship, advertising, ticketing, merchandising, hosting fees and broadcasting. The profits each year are distributed based on the shareholder structure with around 50% of the profits going to the constructors based on their championship points. Majority of the revenues come from promoters or hosts who pay to host the races in their respective countries. This is followed by the broadcasting revenue paid by TV channels for telecasting the championship, sponsors for trackside sponsorship and series sponsors, ticketing revenues and official formula one merchandise sales. The global motorsports market is facing challenges owing to the decline in the ticket sales of Indycar racing league and poor television ratings owing to the decline in the viewers.
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Europe has the largest share in the global motorsports market in terms of revenue owing to the subtle presence of Formula Racing in the region. European region was the first region to host such events. These events received significant support from the high end car manufacturers, most of which have originated from the European countries. The region occupied 46% share in the year 2015 in global motorsports market totaling to be about $1.5bn. Asia Pacific is the region following Europe in the global motorsports market that contributed about 23% share facilitated by the large fan base in countries particularly China, Japan, South Korea and Australia. Asia Pacific region is estimated to grow fastest at a CAGR of 10.9% followed by Americas during the forecast period of 2016-2022.
Motorsports Market is Driven by Rising Formula Racing Format and induction of Advanced Technologies in Racing Cars
Electric Vehicles (EV) has caught up rapidly with manufacturers aiming at providing cars running on batteries employing electric motors to propel them. The Formula One world is trying to promote the deployment of electric vehicles in the Formula Racing events through a distinct format of Formula E. Formula E is the new FIA racing championship that began in September, 2014 consisted of single-seater cars exclusively powered by electricity. The governments across the world are facilitating the use of sustainable products that are set to create a niche market for Formula E and a whole new dimension for market revenue. The use of electric vehicles is expected to have an increased participation between companies, experts and policy makers, suitable indicators towards encouraging the Formula viewership in coming years. The Formula E Holdings, parent company for Formula E racing is targeting the U.S. and Asian markets that are open to change on wide perspectives.
The Major Players in Motorsport Market Include
- Ferrari S.p.A (Italy)
- Mercedes-Benz GmbH (Germany)
- Red Bull GmbH (Austria)
- McLaren Automotive Limited (U.K.)
A. J. Foyt Enterprises, Abu Dhabi-Proton Racing, AF Corse, Amlin Aguri, Andretti Autosport, Aston Martin Racing, Audi, Audi Sport ABT, Audi Sport Team Joest, BK Racing, Bryan Herta Autosport, Caterham, CFH Racing, Chevrolet, Chip Ganassi Racing, Dale Coyne Racing, Dempsey-Proton Racing, Dragon Racing, e.dams-Renault, Extreme Speed Motorsports, Ferrari, Force India, Ford, Front Row Motorsports, Furniture Row Racing, G-Drive Racing, Germain Racing, Go FAS Racing, Hendrick Motorsports, HScott Motorsports, JTG Daugherty Racing & many more.
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The motorsports market is highly competitive, with a large number of players operating at regional level. The market revenue tends to grow in the coming years with increased participation of the U.S. and Asian countries. The competition is expected to become very stiff with several key corporate clients and broadcasters set to launch themselves into the world of motorsports as the margins for profitability continue to be high.
Why buy motorsport market report?
- The overall market has been consolidated from the perspective of different geographic locations and key economies for this market
- Identifies growth sectors and factors driving or constraining the market
- The market is analyzed based on the key attributes such as the power in the hands of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants
- The study includes the demand of this particular market on a global and regional scale for a six year period of 2016 – 2012, to assess how the market will develop
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Source: FURION ANALYTICS RESEARCH & CONSULTING LLP