LONDON--(BUSINESS WIRE)--The motorsport market research report examines the key questions around the implications of COVID-19 and recovery analysis for the global economic and markets outlook. Although the market has witnessed a negative impact due to the COVID-19 situation, research analysts at Technavio expect the market to recover and grow by USD 0.99 billion during the forecast period, accelerating at a CAGR of almost 1%.
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Motorsport Market Segmentation Analysis by Type
The motorsport market share growth by the F1 segment is expected to be significant during the forecast period as F1 will continue to attract many sponsors. In addition, the taking over of F1 by Liberty Media is expected to attract more viewers by offering more engaging content. Social media platforms are also expected to increase viewership levels significantly, which will contribute to the market share. This report provides an accurate prediction of the contribution of all the segments to the growth of the motorsport market size.
Motorsport Market Regional analysis
- The report covers regional analysis for APAC (India, China, Japan, and South Korea), Europe (Germany, France, UK, Italy), North America (US, Canada, Mexico), South America (Brazil, Argentina, Columbia), and MEA (UAE, Saudi Arabia, Iran).
- 57% of the growth will originate from the European region.
- Factors such as the growing number of sponsors and the presence of the world's most popular racing tracks will significantly drive the leather goods market growth in this region over the forecast period.
- The UK, Germany, and Italy are the key markets for motorsport in APAC.
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Motorsport Market: Key Market Drivers
The motorsport market is expected to be driven by the increasing spend on personal goods due to significant investments by sponsors. Motorsports has attracted many sponsors that invest significantly in teams. The investment is used for 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.
Social Media Driving Enthusiasm will be a Key Market Trend
Currently, individuals have more knowledge about automobiles and are attracted to premium sports brands, such as Ferrari and Mercedes-Benz. Younger individuals are found to be more brand conscious. Even in niche markets, such as India, it has been seen that individuals are quite enthusiastic about attending auto expos. An increasing number of social media followers of established motorsport brands validates the ever-expanding fan base. In 2019, Mercedes-AMG Petronas had more than 11 million followers while Scuderia Ferrari had more than 4 million followers on Facebook. The constant updates and news regarding the vehicles and racing events on social media and networking platforms increase the brand reach and number of individuals willing to witness such events.
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Motorsports Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist motorsports market growth during the next five years
- Estimation of the leather goods market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the motorsports market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of motorsports market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
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
- 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
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- ABT Sportsline GmbH
- Daimler AG
- Ferrari NV
- Groupe PSA
- Hendrick Motorsports LLC
- McLaren Group Ltd.
- Red Bull GmbH
- Speedway Motorsports LLC
- SUBARU Corp.
- Toyota Motor Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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