Racing Vehicles Market Outlook - 2027
Rise in popularity of motorsport across the globe has increased the number of racing vehicles enthusiast. Racing vehicles are high-performance engineered vehicle used in racing events. Racing sportis practiced throughout the world in variety of forms of roads, tracks, or closed circuits. Racing vehicles differ from those driven on the road in many ways and one of them is adaptability. Besides, racing vehicle engines achieve their outstanding performance by operating every part just under its limit, so small errors are disastrous. Moreover, racing vehicles engines are designed to perfection in order to achieve optimum performance, handling, reliability, and others.
Market scope and structure analysis:
Market size available for years
Base year considered
North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa
Toyota, Freightliner Trucks, General Motors, Ford, BMW, Honda, Jaguar, Volvo, Tata Motors, Mercedes-Benz.
COVID-19 scenario analysis:
- The coronavirus outbreak has heavily impacted OEMs and parts suppliers with stoppage in production capacity.
- Additionally, economic uncertainties are expected to rise due to the novel coronavirus pandemic. As a result of this, the companies have started salary-cutting and job-layoffs.
- Besides, production stoppage due to lockdown imposed is creating an obstacle for revenue generation.
- Moreover, the uncertainty over major vehicle racing events possess a threat to racing vehicles market.
- In 2020, the Jaguar i-pace racing series will end owing to economic fallout of the COVID-19 pandemic.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Rise in popularity of racing event across the globe is primarily driving the market of racing vehicles. Besides, increasing number of racing vehicles enthusiast is driving the market growth. Additionally, the technological advancements in racing vehicles are fueling the market growth. However, high cost of racing vehicles is hampering the market growth. Furthermore, increasing number of sponsors associated with racing vehicle sports is driving the attention of youths, thereby proliferating racing vehicles market growth.
The racing vehiclesmarket trends are as follows:
Electric racing vehicles to fuel the market growth
With rise in obsession for racing vehicles, the market is growing rapidly. Moreover, heavy investments are made in development of the vehicles. Electric racing vehicles is one of the developments in racing vehicles. Electric racing vehicles offers eco-friendly option in racing landscape. In 2013, electric powered car of ETH Zurich university won against all cars with IC engines. Moreover, Formula E event was started for electric racing vehicles since 2014. Manufacturers like Nissan, is therefore, heavily investing in electric car racing.
Investment in racing events to foster market growth
Owing to the popularity gained by racing vehicles, the racing events have increased in past decade. Events like F1, NASCAR, FIA European truck racing and other have proliferated. With increase in racing events, the investment to host the events have also accelerated. In 2011, Jaypee company invested $400 million in hosting F1 race. Besides, Vietnam signed 10 year multi-million-dollar deal with F1 to host 2020 F1 race. The deal is anticipated to cost US$60 million per year.
Key segments covered:
Key benefits of the report:
- This study presents the analytical depiction of the Racing Vehiclesindustry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Racing Vehiclesmarket analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the racing vehicles market research report:
- Which are the leading market players active in the racing vehicles market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Racing Vehicles Market Report Highlights
Key Market Players
Freightliner Trucks, Jaguar, Toyota, Honda, Ford, BMW, Mercedes-Benz., Volvo, General Motors, Tata Motors