Racing Vehicles Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Racing Vehicles market size was estimated at USD 5.8 billion in 2022 and is projected to reach USD 10.4 billion in 2030 at a CAGR of 8.7% during the forecast period 2023-2030.

The popularity of motorsport has been on the rise globally, which has led to an increase in the number of racing vehicle enthusiasts. Racing vehicles are high-performance engineered vehicles that are specifically designed for use in racing events. Racing sport is practiced in various forms across the world, including on roads, tracks, and closed circuits. Racing vehicles differ from those driven on the road in many ways, including their adaptability to different racing conditions. The engines of racing vehicles are designed to operate every part just under its limit, which means that even small errors can have disastrous consequences.

The racing vehicles market is being driven primarily by the rise in popularity of racing events across the globe. This means that as more people become interested in watching and participating in racing events, the demand for racing vehicles increases. Another factor driving the market growth is the increasing number of racing vehicle enthusiasts. These are people who are passionate about racing vehicles and are willing to invest in them, either for personal use or for racing competitions. Technological advancements in racing vehicles are also fueling the market growth. As new technologies are developed, racing vehicles become faster, more efficient, and more powerful, which makes them more appealing to both enthusiasts and professional racers the high cost of racing vehicles is hampering the market growth. Racing vehicles are often expensive to produce and maintain, which means that they are not accessible to everyone. This limits the potential market size and can make it difficult for new players to enter the market.

Due to Covid-19 the outbreak has heavily impacted OEMs (Original Equipment Manufacturers) and parts suppliers, leading to a stoppage in production capacity. This means that the companies that manufacture racing vehicles and their parts are unable to produce them due to the pandemic. The economic uncertainties caused by the pandemic are expected to rise, which is likely to further impact the racing vehicles market. This is because people may not have the financial resources to invest in racing vehicles or attend racing events. As a result of the pandemic, companies have started to cut salaries and lay off employees. This is because the pandemic has led to a decrease in revenue generation, and companies are trying to reduce their expenses to stay afloat.

Delvens Industry Expert's Standpoint

The market for racing vehicles is growing rapidly due to the increasing obsession for these vehicles among people. The development of racing vehicles is a heavily invested area, which is contributing to the growth of the market. One of the latest developments in racing vehicles is the electric racing vehicles, which is gaining popularity due to its eco-friendly nature. In 2013, an electric-powered car developed by ETH Zurich University won against all cars with internal combustion (IC) engines, which is a significant achievement for electric racing vehicles. The Formula E event was started in 2014, which is a racing event exclusively for electric racing vehicles, further promoting the growth of this segment. Manufacturers like Nissan are heavily investing in electric car racing, which indicates the potential of this segment in the future.

Market Portfolio

Key Findings

• On the basis of Technology, The Racing Vehicles industry is known for being at the forefront of technological advancements, which means that it is often the first to adopt new technologies and push the boundaries of engineering. The National Transport Agency's latest report shows that research and development (R&D) investment in the Racing Vehicles sector has been steadily increasing since 2020, with a growth rate of 8.5% per year. This indicates that the industry is actively investing in new technologies and innovations. Governments around the world have recognized the importance of Racing Vehicles as a testing ground for cutting-edge technologies. This means that the industry is seen as a valuable resource for developing and testing new technologies that can subsequently be implemented in the automotive industry.
   
• On the basis of fuel type, Fossil fuels are known to be harmful to the environment due to their carbon emissions and other pollutants. The example of the Canadian Grand Prix held at Montreal's Circuit de Gilles Villeneuve is given to illustrate the negative impact of Racing Vehicles on air quality. The Montreal Gazette reported that the event generates a 'poor air day,' which is a condition where pollution is trapped between hot and cold air, leading to dangerous levels of pollution. The Société pour vaincre la Pollution (SVP), a Montreal-based environmental organization, has warned that such poor air days can cause a range of health problems, from asthma to heart attacks. The negative impact of fossil fuel-powered Racing Vehicles on the environment and public health has led to concerns about the industry's sustainability and social responsibility.

• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America US is a key market for racing vehicles and the trend in this region is towards the use of more advanced technologies.

Regional Analysis

North America to Dominate the Market

• North America is estimated to account for the largest market share during the forecast period. In key market for racing vehicles and the trend in this region is towards the use of more advanced technologies, such as electric and hybrid powertrains, in racing vehicles.
   
• This is reflected in the increasing popularity of electric and hybrid racing series, such as Formula E.

Competitive Landscape

• Ford
• Volkswagen
• Toyota
• General Motors
• Honda
• Nissan
• Mercedes-Benz
• BMW
• Renault
• KTM
• Tata Motors
• Ferrari
• MAZDA
• McLaren Automotive
• Freightliner Trucks
• Volvo
• Jaguar

Recent Developments

• 26 Jul, 2023, The automaker will electrify its compact SUV Macan, followed by the 718 sports car and then the best-selling Cayenne, Porsche e-fuels

• 04 MAR, 2023, Honda Motor Co. Chief Executive Officer Toshihiro Mibe is betting on new battery technology to drive down costs and develop electric versions of its smaller, affordable cars — but before that happens, the Japanese carmaker will sell larger and more expensive EVs.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Racing Vehicles Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope