LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global motorsport transmission market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
Increasing electric car racing is one of the major trends being witnessed in the global motorsport transmission market 2018-2022. The increasing necessity for emission control has compelled many auto manufacturers to shift their focus toward electric vehicles. As a result, electric cars have penetrated motorsport events. In 2014, the Formula E Championship was started, and it has gained a major fan base due to high-tech nature and superfast speeds of Formula E cars. The electric cars race against each other for 50 minutes, and every team must have two electric cars.
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According to Technavio analysts, one of the key factors contributing to the growth of the global motorsport transmission market is the increased telecast and viewership for off-road racing events:
Global motorsport transmission market: Increased telecast and viewership for off-road racing events
Off-road racing cars use a manual synchromesh transmission with a hydraulic torque converter. Until 2012, such off-road races were not aired for a substantial period of time on TV, but this scenario has improved in terms of increased broadcasting of such events.
According to a senior analyst at Technavio for research on automotive components, “The television ratings for telecasting these events are improving every year, and sponsors are getting better value for money and TV networks are willing to devote more than 100 hours of broadcasting time to the world’s best short course off-road competition. The increase in viewership and the telecast for off-road motorcycle events is expected to have a major impact in raising the awareness for the events, which will drive the global motorsport transmission market.”
Global motorsport transmission market: Segmentation analysis
The global motorsport transmission market research report provides market segmentation by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
EMEA led the market in 2017 with a market share of over 46%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share over the forecast period.
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Five Forces Analysis
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