Motorsport Component Market - Forecast (2023 - 2028)

Motorsport Component Market Overview

Motorsport Component Market Size is forecast to reach?$6.9 billion by 2027, at a?CAGR of 4.6%?during forecast period 2022-2027. Revenue generated by NASCAR through ticketing channel witnessed down fall from last two years, since, many of the people stopped attending the races due to increased cost of hotel rooms and transportation to events, rise of cord-cutting, comforts of home-viewing among others. Besides, the decrease in the television viewers of NASCAR shows as mentioned in the below chart is likely to impact the revenue generated through broadcasting channels. The racing suits which are designed to cover the body while racing, should cover entire body which should have the properties such as fire-retardant properties. The suits must stay longer if any accidents happen during the time of racing, it will protect and reduce the risk of mortality due to the higher risk of fire. Driving simulation will improve the engines, this improvement will make the racing vehicle more accurate and reduce the risk of disaster. One of the most overlooked consideration in?motorsport?is efficient wiring system, which is an essential part of the race car. Some high-end manufacturers are still not perfect with the powerful wheels, Cam Shafts, Brakes and steering related to racing cars, this perfection can come through adopting the force feedback in the products. Racing slick a type of tire which is mostly use in the racing vehicle, which will maximize the traction, and make largest possible contact to the road for any of the given tyre dimension. this type of advanced tyre can reduce the risk of accident. Alongisde this, changing technical regulations can potentially drive changes to the supply chain for Chassis, Powertrains and Internal Combustion engines which will drive new market growth.

Report Coverage

The report:?“Motorsport Component Market Report– Forecast (2022-2027)”,?by IndustryARC covers an in-depth analysis of the following segments of the?Motorsport Component Market

By Race Series:?Formula Racing (Formula 1, Formula E, Formula 2, Formula 3, Formula 4, Indycar, Formula Renault, Formula Ford, Formula BMW), Speedway/Sprint Car (Lucas Oil ASCS Sprint Car Series, World of Outlaws, All Star Circuit of Champions, World Series Sprintcars, USCS Sprint Car, UMSS Sprint Car Series), Hill climb (FIA European Hill Climb Championship, FIA International Hill Climb Cup, Championnat de France de la Montagne, FIA Hill Climb Masters, British Hill Climb Championship), Touring Car Racing (World Touring Car Cup, Deutsche Tourenwagen Masters (DTM), British Touring Car Championship (BTCC), Supercars Championship, Asian Touring Car Championship), Off Road Racing (Lucas Oil Off Road Racing Series, TORC: The Off-Road Championship, SCORE International, Best in the Desert, Formula Off-Road), Rally Racing (World Rally Championship, Junior World Rally Championship, Asia-Pacific Rally Championship, European Rally Championship, Intercontinental Rally Challenge, American Rally Association (ARA) National Championship Series, Dakar Rally Series, FIA Cross Country Rally World Cup), Rallycross (FIA World Rallycross Championship, FIA European Rallycross Championship, TitansRX International Europe Series, British Rallycross Championship), Stock Car Racing (NASCAR, IMCA Modified Championship, Arena Racing USA, ARCA Menards Series, CRA Super Series), Drag Racing (NHRA Full Throttle series, International Hot Rod Association Drag Series, FIA European Drag Racing Championships), Kart Racing (FIA Karting World Championship, FIA Karting European Championship, International Kart Federation Championship), Sports Car Racing (World Endurance Championship, WeatherTech SportsCar Championship, European Le Mans Series, Blancpain Endurance Series, Blancpain Sprint Series, Intercontinental GT Challenge, 24H Series, Trans AM Series)

By Component:?Wheels, Racing Suit (Drivers, Crew), Racing Gloves, HANS, Helmet, Tires, Harnesses/Seat Belts, Spark Plugs, Seats, Wheel Guns, Brakes, Engine/Power Unit, Cameras/Camera Mounts, Fuel Tanks and Others

By Geography:?North America (U.S, Canada, Mexico), South America (Brazil, Argentina, Chile, Colombia and Others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, Australia and Others), and RoW (Middle East and Africa)

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Key Takeaways

• Motorsports authorities constantly change regulations year on year to generate interest amongst the growing fan base through increased broadcasting and social networking. These changes in regulations are driving the need for better and competent components in the vehicles.?
• Additionally, the adoption of new technologies in the motorsports industry is opening up opportunities for a new set of components; and thereby driving the costs up. For example, the adoption of biometric gloves in the Formula 1 championship in the 2019 involves integration of sensors with the gloves and this throws up opportunities for those sensors which were nonexistent in the previous season.
• The adoption of 18-inch wheels in the Formula One championship in 2021 is also expected to increase the market for wheels and tyres owing to jump in prices with development and material addition costs. Additionally, this change in wheel size is expected to bring about changes in the other components such as suspensions, brakes, and so on.

Motorsport Component Market?Drivers

Growing Focus on Electric Motorsport

Federation Internationale de l’Automobile along with the major players in the automotive industry are putting in efforts to improve the adoption of electronic vehicles in the motorsports industry. Accordingly, FIA has introduced a new platform for racing using electric vehicles under the name Formula E. Major car manufacturers including the likes of Renault, Audi, and Jaguar Land Rover have already started competing in the Formula E event, while German giants Porsche and Mercedes have revealed plans to join the Formula E grid in the coming years. There is increasing government support towards electric motorsports as well considering that it would increase the adoption of electric vehicles. There are also increasing instances of the electric vehicles competing with the conventional fuel vehicles. There are also cases where electric vehicles outraced the fuel powered vehicles. For example, The Pikes Peak International Hill Climb is a hill climb racing event that happens in Colorado every year. The event in 2018 witnessed a major breakthrough when an electric powered vehicle outraced the conventional vehicles. Instances such as this are drawing attention towards electric motor sports.?Therefore, the growth of the electric motorsports market is set to open up opportunities for the motorsports components market by supplementing the existing demand for the components of conventional motorsports..??