1 / 6

Racing Simulator Market worth $1.1 billion by 2030 - Exclusive Report by MarketsandMarkets™

Racing Simulator Market worth $1.1 billion by 2030 - Exclusive Report by MarketsandMarketsu2122

Shubham121
Download Presentation

Racing Simulator Market worth $1.1 billion by 2030 - Exclusive Report by MarketsandMarkets™

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Racing Simulator Market worth $1.1 billion by 2030 - Exclusive Report by MarketsandMarkets™ NEWS PROVIDED BY MarketsandMarkets Feb 26, 2024, 06:30 ET  CHICAGO, Feb. 26, 2024 /PRNewswire/ -- Racing Simulator Market is projected to grow from USD 0.5 billion in 2024 to USD 1.1 billion by 2030 at a CAGR of 15.6%, according to a new report by MarketsandMarkets™. The growth of the racing simulator market is mainly driven by the rising e-sports tournaments and leagues, inclination towards professional motor racing events, constant advancement in simulation technology, rising a?ordability, and easy accessibility. Further, the inclusion of virtual reality & AI technology in racing simulators and a growing focus on professional training and recreational gaming would prompt the development of the racing simulator market globally. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp? id=247895850 Browse in-depth TOC on "Racing Simulator Market". 181 - Tables 39 - Figures         222 - Pages Racing Simulator Market Scope: 

  2. Report Coverage Details Market Size USD 1.1 billion by 2030 Growth Rate CAGR of 15.6% Largest Market North America Market Dynamics Drivers, Restraints, Opportunities & Challenges Forecast Period 2024-2030 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Type (Compact, Mid- & Full-Scale), Application (Personal & Commercial), Offering (Hardware & Software), Vehicle Type Segments Covered (Passenger Cars & Commercial Vehicle), Sales Channel (Online & Offline), Component & Region Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World Report Highlights Updated financial information / product portfolio of players Key Market Opportunities Integration of artificial intelligence (AI), virtual reality, and next-generation motion platforms. Key Market Drivers The Growing Number of eSport competitions with significant prize money Compact/Entry-level racing simulator holds the largest market share during the forecast period. Compact simulators lead the global market and are majorly preferred by casual and enter- level/beginner racing enthusiasts for home and entertainment applications owing to their advantages such as space e?ciency, a?ordability, easy setup, and mass appeal. These simulators are usually priced below USD 2,000 and are installed with basic hardware such as steering wheels, pedal sets, metal frames, monitor stands, and seats that can easily ?t in the limited space. They also ?nd applications in commercial entertainment venues such as arcades, gaming lounges, and family entertainment centres. A variety of products ranges from several players to enable convenient and easy buying options. The rise of the e-sports ecosystem and competitive virtual racing tournaments is expected to drive the adoption of compact racing simulators. The developed countries of North America and Europe have strong console gaming cultures and the prominent presence of several players such as D-BOX Technologies Inc., Trak Racer, Simxperience, Simworx Pty Ltd, and Vi-Grade GmbH o?er various cost- e?ective simulators. The compact segment is easy to crack with high pro?t margins and cost bene?ts, which leads to many new players entering this industry. For instance, Sabelt, a manufacturer of racing car Seats, belts, and other motorsport products has launched the Sabelt S Series compact simulators, which include four cockpit ranges at a price range of €699-€1,497. Many other small to medium-scale manufacturers are entering into this segment to gain business growth opportunities and these factors collectively contribute to the widespread adoption and increasing market share of compact racing simulators worldwide. "Steering Wheel will account for the largest and fastest-growing component racing simulators market by 2030." 

  3. The steering wheel is estimated to be the leading and fastest-growing component in the racing simulator industry over the forecast period. An usual steering wheel commonly includes buttons, paddle shifters, rotary knobs, and digital displays and closely copy the ones seen in real race cars. The advanced steering system incorporates force feedback technology to imitate the resistance and vibrations felt while driving on various surfaces or making maneuvers. Steering wheels featuring on- board displays o?er customization options, allowing users to tailor the displayed information through provided software. There are di?erent types of styles, choices, and customization options available in steering wheels including licensed steering wheels from BMW, McLaren, and Porsche. However, owing to the higher cost, these steering wheels with advanced control mechanisms are installed in the mid- & full-scale racing simulators. Companies like Logitech, Thrustmaster, and Fanatec are at the forefront, o?ering steering wheels with features such as magnetic sensors for precise control, direct drive systems for unparalleled force feedback, and compatibility with virtual reality setups for an even more immersive experience. Hence, to make the virtual racing experience more engaging and connected to reality, several advancements are on broad leads to in?uence consumer preferences and drive the extended demand for advanced steering wheels in mid- to full-scale racing simulators. North America will be the leading racing simulator market over the forecast period. The growth of the North American racing simulator market can be primarily attributed to upcoming advancements in racing simulators and expansions made by racing simulators to cope with the increasing demand for racing simulators. The dominance of this region can be attributed to robust and well-established gaming and esports culture, strong presence in motorsports activities, high level of disposable income, and higher acceptance of technologically advanced products. A signi?cant portion of the population actively engaged in virtual gaming events such as NASCAR and the Indycar Series in the region. These sim racing events with attractive prize pools attract a vast audience. Furthermore, the region is forefront of technological innovation that leads to the development of cutting-edge racing simulator technologies such as advanced motion platforms, HD graphics, and virtual reality integration among others. The market demand is supported by key simulator providers such as CXC Simulation (US), Trak Racer (Australia), Next Level Racing (Australia), D-Box Technologies, Inc. (Canada), and Vi- Grade GmbH (Germany).  The strong sense of community and social interaction embedded in the sim racing culture, coupled with the growth of eSports events in the region, has played a pivotal role in fuelling the rising popularity of racing simulators in North America. Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp? id=247895850 

  4. Key Market Players: The major players in Racing Simulator Companies include CXC Simulation (US), D-Box Technologies, Inc. (Canada), Trak Racer (Australia), Next Level Racing (Australia), SIMXPERIENCE (US), Vi-Grade GmbH (Germany), Cruden B.V. (Netherlands), and Simworx Pty Ltd (Australia). Recent Developments In November 2023, Next Level Racing introduced the all-new Next Level Racing GTRacer. This simulator cockpit is meticulously crafted to provide a captivating GT-style racing encounter, catering to the preferences of racing enthusiasts, all within a budget-friendly package. In November 2023, VI-grade GmbH unveiled the DiM300 Driving Simulator, an enhanced edition of its widely praised DiM DYNAMIC Driving Simulator Technology. This state-of-the-art simulator signi?es the most recent progression in VI-grade's line of extensive simulators, expanding upon the achievements of the award-winning DiM150 and DiM250 models. In November 2023, D-Box Technologies, Inc. and Playseat B.V., design, and manufacturer of gaming gear for racing & ?ight simulation cockpits as well as game seats, formed a partnership to bring D-BOX's haptic technology to Playseat's sim racing chassis and ?ying simulation cockpits. In November 2023, D-Box Technologies, Inc. and Advanced SimRacing design and simulation racing chassis manufacturer formed a strategic partnership to build a racing simulator with D- BOX's FIA-licensed haptic technology. In September 2023, Next Level Racing unveiled the Next Level Racing Go Kart Plus racing simulator cockpit. Tailored for racers of all ages, the Next Level Racing Go Kart Plus provides an authentic go-kart racing experience while incorporating various innovative features and customization options. In August 2022, D-Box Technologies, inc. launched its latest generation patented G5 haptic actuator system. The updated actuators have incorporated the controller box, resulting in signi?cant space savings, and facilitating the e?ortless integration of D-BOX haptic technology into various devices for generating motion, texture, and vibrations. In April 2022, CXC Simulations introduced the Tactical Driving Simulator, speci?cally designed for tactical driving and pursuit training purposes for federal law enforcement. The Tactical Driving Simulator utilizes the features of the Motion Pro II, such as an exclusive, full-motion, lightweight motion control system, Force-feedback steering wheel, Hydraulic braking system, Electric actuators, and Next-generation physics and graphics engines. The Tactical Driving Simulator employs software created by CXC Simulations speci?cally for tactical driving training. To ensure optimal e?ectiveness as a training tool, the simulator incorporates customized driving models with intricate physics for tires, weight balance, and precise crash and damage physics. 

  5. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=247895850 Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting Related Reports: Driving Simulator Market - Global Forecast to 2025 Automotive Simulation Market - Global Forecast to 2025 Autonomous / Self-Driving Cars Market - Global Forecast to 2030 Connected Car Market - Global Forecast to 2026 About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's best management consulting ?rms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine o?ering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us pro?cient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting ?rms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to- Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

  6. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To ?nd out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com Research Insight: https://www.marketsandmarkets.com/ResearchInsight/racing-simulator-market.asp Visit Our Website: https://www.marketsandmarkets.com/ Content Source: https://www.marketsandmarkets.com/PressReleases/racing-simulator.asp Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg SOURCE MarketsandMarkets 

More Related