Global Motorsport Market 2017-2021
Motorsports involve organizing competitive race events of motorized vehicles. These events generally involve custom cars, trucks, motorbikes, go-carts, boats, and snow mobiles. F1, NASCAR (National Association of Stock Car Auto Racing), IndyCar, and the World Rally Championship (WRC) are some of the popular motorsport events. F1 is the most popular among them, closely followed by IndyCar Series and NASCAR.
Technavio’s analysts forecast the global motorsport market to grow at a CAGR of 0.08% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global motorsport market for 2017-2021. To calculate the market size, the report considers the revenue generated by sponsors, TV, merchandise sales and ticketing sales.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Motorsport Market 2017-2021
Technavio recognizes the following companies as the key players in the global motorsport market: Ferrari, McLaren, Mercedes-Benz, and Red Bull Racing.
Other Prominent Vendors in the market are: Citroën, Hendrick Motorsports, Joe Gibbs Racing, Lancia Delta, Roush Fenway Racing, Team Penske, and Toyota.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is evolution of Formula E. Growing concerns regarding environment and sustainability gave birth to Formula E racing. This race uses battery-powered cars. Formula E is gender neutral, i.e., it allows both men and women to compete in the same race. The racing has managed to attract fans but it is still in its growth phase.”
According to the report, one driver in the market is 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.
Further, the report states that one challenge in the market is intense competition from other forms of sports. Due to monotony and predictability of motorsports, viewers have shifted to other forms of sports, such as AFL, rugby league, various forms of cricket, tennis, soccer, and women AFL. The majority of the population with mid to average pay turn to these sports for their entertainment. These games also attract audience due to the rough and unpredictable game format. The Malaysian government's decision to stop F1 in Malaysia (Sepang circuit) was a big hit to the sport. This decision was taken due to overdominance by Mercedes-Benz.
Ferrari, McLaren, Mercedes-Benz, Red Bull Racing, Citroën, Hendrick Motorsports, Joe Gibbs Racing, Lancia Delta, Roush Fenway Racing, Team Penske, and Toyota.