According to a new market research report “Motorsports Market by Channels(Broadcasting Revenue, Nascar & Indycar Broadcasting Revenue, Ticketing Revenue, Nascar & Indycar Ticketing Revenue, Merchandising Revenue, Nascar and Indycar Merchandising Revenue) & Geography – Global Forecast to 2018”, New Racing Formats to Drive the Motorsports Market at a 9.6% CAGR till 2020.
Browse Market Data Tables and Figures spread through 110 pages and in-depth TOC on “Motorsports Market - Global Forecast to 2020".
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Motorsports are competitive events held across the globe that involves racing of motorized vehicles. Auto racing or car racing is a prominent racing sport of motor vehicles which involves various formats such as Formula racing, touring-car racing, sports car racing and many more. The global motorsports report provides global, regional and country-level market analysis of F1 racing and its feeder series by type of revenue channel.
According to a recent study from IndustryARC, the increase in the number of races and racing formats coupled with growing popularity in the APAC region has set the market to grow at a healthy CAGR of 9.6% during 2015-2019. U.K., U.S., France and China are the dominant regions which held 35% share in the 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 the total motorsports revenue in 2014. With the increasing popularity of F1 racing in APAC, merchandizing will be the fastest growing segment in this market with a growth rate of 13.35% between 2015 and 2019.
Increase in the number of racing formats has a great impact on the revenue 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 forecast period which will lead to increased sponsorship and viewership.
The craze for motorsports in America and the huge fan-following is the potential market driver for IndyCar racing market in the U.S. Also, substantial support from corporate sponsorship from companies and organizations can be considered as a key strength. There are 13 sponsors who support IndyCar racing league to promote these racing events. These sponsors are indirect moneymakers, who invest sponsorship to increase their products revenue by advertising their products during the racing events. The broadcasting, advertising and promotion of these events increase with high sponsorship. Eventually, this racing attracts more number of spectators and viewers to increase the overall revenues.
Though European region is the dominant market for motorsports, revenue 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 have become increasingly difficult for the Formula 1 Teams. Global motorsports market is highly competitive with growing investments into 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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