Global Motorsports Market Size (2024 to 2029)
The global motorsports market size is estimated to be worth USD 5.95 billion in 2024 and is anticipated to reach USD 8.7 billion by 2029 with a CAGR of 7.9% during the forecast period.
Market Drivers
The increasing popularity of motorsports across the worldwide population is the primary factor contributing to the global market expansion. The rise in connectivity and accessibility to live broadcasts enhances the fan base for motorsports events, positively influencing market growth. The growing investments by the sponsors and advertisers of significant global brands fuel the market revenue globally. The escalating advancements in technology are enhancing the launch of innovations in automotive technology, which augments the market growth opportunities during the forecast period. The emerging markets and the introduction of electric and hybrid motorsports are estimated to increase the market growth in the coming years.
Market Restraints
The high costs associated with motorsports participation and hosting events are significant barriers to the expansion of the global market. The maintenance of the racing teams and organizing more significant events require a high level of investment, which is hindering market growth. The presence of higher risk factors for the drivers and team due to high speed is increasing safety concerns among the people, which is expected to hamper the global market revenue. The stringent regulations the authorities implement vary according to the country and category, leading to higher complexity and challenges for market growth.
Market Segmentation
Global Motorsports Market Analysis – By Racing Series
The Formula One segment dominated the global motorsports market revenue with a notable share of around 36% in 2023. The significant growth is due to the high profile of Formula One, which is gaining traction globally and increasing the segment growth. Formula One involves substantial sponsorships, official races, and extensive coverage of media, which augments the segment revenue expansion.
The MotoGP held the second-largest share and is expected to have a prominent growth rate in the coming years, owing to its thrilling motorcycle races, which are gaining a considerable fan base.
Global Motorsports Market Analysis – By Revenue Channel
The sponsorship segment held the most prominent share of around 32% in the global market in 2023. The increasing investments from most notable global brands due to wide visibility and increased fan base for motorsports are significant factors driving the segment growth.
The broadcasting segment is projected to proliferate during the forecast period due to the sales of media rights for television networks and streaming platforms.
Regional Analysis
The European region held the most significant share of the motorsports market owing to the presence of prestigious racing events such as Formula One, MotoGP, and Le Mans. The growing investments in motorsports, robust media coverage, and advancements in technology across the region are boosting the regional market growth.
The North American region held the second-largest share in the global market and is expected to register considerable growth during the forecast period. The North American region held the most popular events, such as IndyCar, Nascar, and other series, boosting the regional market revenue. The United States and Canada are considered the major market shareholders in the region owing to their increased investments.
Recent Market Developments
- In March 2024, Aston Martin Red Bull Racing announced the new Formula 1 car launch with advanced aerodynamics and a hybrid powertrain. This new car had increased the lap speed by 5 percent.
