Tuesday, 07 May 2024
According to our latest market study on "Motorsport Transmission Market Forecast to 2030 –Global Analysis – by Racing Type and Transmission Type," the market is expected to grow from 329.44 million in 2022 to US$ 470.38 million by 2030; it is anticipated to grow at a CAGR of 4.6% from 2022 to 2030.
According to the survey report published by IndyCar in 2022, live streaming of races is popular among younger fans, particularly in Europe and Asia. INDYCAR's burgeoning international fan base strongly desires to attend a race in the future, with 77% of South & Central American respondents, 57% of Europeans, and 72% of Asia Pacific fans planning to attend the race. As per the data published by Red Bull, the company has witnessed increased popularity for the F1 from India in recent years. India is among the top five countries, considering the total number of fans. Thus, to cater to the rising demand, F1 TV Pro debuted in India in February 2023. The broadcasting channel provided coverage of all 23 race weekends, including practice, qualifying, races, and F1 Sprint events. Apart from the fanbase, motorsport infrastructure is also witnessing massive developments. The Indian government will build five new racetracks in the coming years. Nanoli Speedway, The Valley Speedway, and Pista Motor Raceway are among the new tracks. The racetrack for Nanoli Speedway, which will be built on the fringes of Mumbai–Pune, has been developed by UK-based Driven International and former F1 racer Karun Chandhok. The Nanoli Speedway will be 2.9 kilometers long and will have 12 turns. The Valley Speedway is a new 2.4 km race circuit near Chitradurga, around 3 hours from Bengaluru's city center. The Valley Speedway, led by Hermann Tilke, the designer behind circuits such as Yas Marina, Circuit of the Americas, and even the BIC, strives for FIA Grade 4 classification. The Pista Motor Raceway will be located in Telangana and will have a total length of 3.708 km with 16 turns. Thus, the growing popularity of motorsport events is leading to the development of motorsport infrastructure, directly leading to increasing motorsport events in Asia Pacific. Increased motorsports events are expected to create an ecosystem not only for fans but also for race car owners and part manufacturers in the coming year, which will directly lead to increased growth of motorsport transmission market in Asia Pacific.
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Source: The Insight Partners Analysis
Europe is dominating the global motorsport transmission market share as the region is home to one of the top motorsports, Le Mans. Further, Formula One has gained the highest popularity since its initial seasons. The region has become the development hub for the Formula One vehicles. With seven of the ten Formula One (F1) teams based in the UK, British technology and expertise have dominated worldwide motorsport for the past seven decades. Motorsport Valley in the UK is a global leader in motorsport, with over 4,300 enterprises employing over 40,000 people and a US$ 11 billion annual sales turnover. France is another country with the second highest market share owing to deep roots in the motorsport transmission market. In addition, many top motorsport teams emerge from France. Further, Switzerland has lifted its 65-year-old ban on motorsport, which is further expected to generate lucrative demand for the motorsport industry, ultimately driving the motorsport transmission market growth.
Marelli Holdings Co Ltd, Ricardo Plc, Drenth Gearboxes Holland BV, EMCO Gears Inc, Samsonas Motorsport UAB, Hewland Engineering Ltd, ZF Friedrichshafen AG, SADEV SAS, Holinger Engineering Co Pty Ltd, and Xtrac Ltd are among the key motorsport transmission market players profiled during this study on the market. In addition, several other important motorsport transmission market players were studied and analyzed during this study to get a holistic view of the market and its ecosystem.
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