Introduction of New Racing Formats Sets the Global Motorsports Market to Grow at 9.6% CAGR
Browse 52 Market Tables, 21 Figures spread through 138 Pages and an in-depth TOC on “Motorsports Market (2015 - 2020)”
Motorsports are competitive events held across the globe which involves racing of motorized vehicles. Auto racing or car racing is the prominent racing sport of motor vehicles which include various formats such as Formula racing, touring-car racing, sports-car racing and so on. The global motorsports report provides global, regional and country-level market analysis of F1 racing and its feeder series by type of revenue channel.
Increase in number of races and racing formats coupled with growing popularity in APAC region set the market to grow at a healthy rate of 9.6% CAGR in 2015-2019.U.K., U.S., France and China are the dominant regions which held 35% share of global motor sports market in 2014.Ticketing for the race events is the most revenue generating channel which held a share of 37.5% of total motorsports revenue in 2014.With the increasing popularity of F1 racing in APAC,merchanidizing will be the fastest growing segment in this market with a growth rate of 13.35% in 2015-2019.
Increase in number of racing formats has a great impact on the revenues of the market. Along with increase in number of races, new racing formats have been introduced such as Formula E which involves racing of electric cars. First season of Formula E was started in September 2014 with nine host cities. With positive response from the motorsports fans, organizers are planning to expand the scope of second seasons to 12 cities. The market is expected to witness few more new racing formats in the forecasted period which leads to increased sponsorship and viewership.
Though European region is the dominant market for motorsports, revenues from T.V. broadcasters have seen fluctuations in the recent years due to decline in viewership. Organizers of the events have been shifting the burden of high costs on to the customers by raising the ticket prices which is hindering the market to reach out audience in few countries. With changes in engines and testing methods coupled with increasing team costs, managing costs and getting maximum profits has become increasingly difficult for the Formula 1 Teams. Global motorsports market is highly competitive with growing investments in R&D, partnerships, marketing and sponsorships.
Key players of the market include:
- Ferrari S.p.A (Italy),
- Mercedes Benz GmbH (Italy),
- McLaren automotive ltd (U.K.)
- Red bull GmbH (Austria).
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