PUBLISHER: The Business Research Company | PRODUCT CODE: 1532056
PUBLISHER: The Business Research Company | PRODUCT CODE: 1532056
A racing simulator is a virtual reality system designed to replicate the sensation of driving a race car, offering realistic controls and immersive visuals. It is utilized across entertainment, training, and professional simulation contexts, providing users with an authentic racing experience from the convenience of a stationary setup. These simulators are also invaluable for enhancing driving skills, experimenting with vehicle configurations, and strategizing race tactics in a safe and controlled environment.
Racing simulators are primarily categorized into hardware and software types. Hardware encompasses the physical components such as steering wheels, pedals, and seats that users interact with during gameplay. These components include cockpits, steering wheels, monitor stands, seats, pedal sets, gearbox shifters, and others. The simulators are classified into full-scale, medium-level, and entry-level configurations, catering to various vehicle types such as passenger cars and commercial vehicles. They are available for purchase through both online and offline retail channels.
The racing simulator market research report is one of a series of new reports from The Business Research Company that provides racing simulator market statistics, including racing simulator industry global market size, regional shares, competitors with a racing simulator market share, detailed racing simulator market segments, market trends and opportunities, and any further data you may need to thrive in the racing simulator industry. This racing simulator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The racing simulator market size has grown strongly in recent years. It will grow from $0.81 billion in 2023 to $0.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. Historical growth can be credited to advancements in racing hardware, the expansion of gaming consoles, the impact of professional drivers, the integration of real-world tracks, and the rise of esports popularity.
The racing simulator market size is expected to see strong growth in the next few years. It will grow to $1.17 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. Forecasted growth is expected due to the emergence of subscription-based services, ongoing enhancements in virtual reality (VR) technology, increased demand for realistic racing experiences, integration with cloud gaming platforms, and a preference for environmentally friendly gaming solutions. Key trends in the forecast period include advancements in computing technology, utilization of real-world data and analytics, improvements in motion simulation technology, innovations in force feedback systems, and advancements in graphics rendering.
The surge in esports' popularity is set to drive the expansion of the racing simulator market in the coming years. Esports, which stands for electronic sports, are competitive video gaming events where professional gamers compete either individually or in teams, often broadcast live to global audiences. The increasing appeal of esports is attributed to greater accessibility and viewership facilitated by digital platforms and global connectivity. Racing simulators in the esports realm offer lifelike driving experiences, enabling players to partake in virtual motorsport competitions with precise physics and meticulously designed tracks. These simulators serve as a bridge between real and virtual racing, enriching player skills and boosting engagement. For example, in 2022, as per the Department of Foreign Affairs and Trade in Australia, the digital gaming sector generated $226.5 million in revenue, showing a 22% rise from 2020, with 83% of this revenue stemming from international markets. Thus, the escalating popularity of esports is propelling the growth trajectory of the racing simulator market.
Leading companies in the racing simulator market are concentrating on developing innovative products such as Sim Racing (simulated racing) to gain a competitive advantage. Sim racing technology incorporates sophisticated software and hardware systems that replicate real-world driving conditions in virtual settings. It integrates high-quality graphics, authentic physics engines, and precise input devices to offer an immersive racing experience for both enthusiasts and professional racers. For instance, Owatch, a China-based VR equipment manufacturer, introduced Sim Racing in October 2021, designed to deliver an incredibly realistic racing experience. Sim Racing allows users to mount the steering wheel and pedals in an authentic racing position, offering a true race car driving experience from the comfort of their homes. The streamlined design of Sim Racing ensures a rigid and lifelike racing experience without requiring a large space.
In May 2021, Motorsport Games Inc., a US-based video game developer, acquired Studio397 BV for an undisclosed sum. This acquisition aimed to leverage Studio397's expertise in vehicle physics, tire modeling, and artificial intelligence to enhance the simulation components in Motorsport Games' upcoming titles. Studio397 BV is a Netherlands-based provider of racing simulators.
Major companies operating in the racing simulator market are Logitech G, Endor AG, Thrustmaster, OMP Racing, SIMUCUBE, Fanatec, Playseat, Next Level Racing, Trak Racer AU, NRG Innovations, ImSim, Extreme Simracing, ButtKicker, Clark Synthesis, Arozzi, Vesaro, CXC Simulations, Max Papis Innovations, Ricmotech LLC., Pro-Sim, SIMAGIC, Renovatio Development, MOZA Sim Racing, MOMO Motorsport
North America was the largest region in the racing simulator market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the racing simulator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the racing simulator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The racing simulator market consists of revenues earned by entities by providing services such as installation assistance, customization of hardware and software, and technical support for events and competitions. The market value includes the value of related goods sold by the service provider or included within the service offering. The racing simulator market also includes sales of racing seats, virtual reality (VR) headsets, shifters, and handbrakes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Racing Simulator Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on racing simulator market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for racing simulator ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The racing simulator market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.