New York, United States, April 16, 2024 (GLOBE NEWSWIRE) -- The Global Racing Simulator Market Size is to Grow from USD 0.45 Billion in 2023 to USD 1.9 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 15.49% during the projected period.
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Motion rigs, high-fidelity operating wheels, and virtual reality (VR) headsets are among the cutting-edge technologies used in racing simulators. The market has grown considerably due to increased interest in sim racing, electronic sports, and competitive video games. The advertisement captivated fans with Gran Turismo 7's distinct gaming experience, hence increasing the industry. The growing popularity of esports is fuelling growth in the racing simulator industry, with a larger demand for high-performance simulator setups geared for competitive gaming. Professional esports tournaments centred on racing games are drawing a growing number of fans and viewers. Developments in devices such as steering wheels, pedals, and VR headsets enhance the overall experience, providing users with greater precision and immersion. These technological developments appeal to both new and experienced gamers, broadening the market's reach and opportunities. However, ongoing expenses for maintenance, renovations, and repairs raise the long-term financial load. These high entrance fees may restrict access to a specific sector, hampering market expansion and product adoption rates among larger consumer demographics.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global Racing Simulator Market Size, Share, and COVID-19 Impact Analysis, By Type (Entry-Level, Mid-Level, High-End), By Offering (Hardware, Software), By End Users (Individuals, Training Institutes, Commercial Entertainment, Automotive Manufacturers, Professional Racers), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The entry-level segment is expected to hold the largest share of the global racing simulator market during the projected period.
Based on the type, the global racing simulator market is categorized into entry-level, mid-level, and high-end. Among these, the entry-level segment is expected to hold the largest share of the global racing simulator market during the projected period. These low-cost circumstances are great for newcomers who want to get involved in sim racing without making a significant financial investment. The availability of entry-level simulators democratizes the market, attracting new users and driving industry growth.
The hardware segment is expected to grow at the fastest CAGR during the projected period.
Based on the offering, the global racing simulator market is categorized into hardware, and software. Among these, the hardware segment is expected to grow at the fastest CAGR during the projected period. Innovations in components like pedals, driving wheels, and motion systems enhance the immersion and realistic feel of simulator sessions, drawing in those seeking more genuine racing experiences. Continuous advancements in hardware capabilities drive market expansion and customer interest.
The commercial entertainment segment is expected to hold a significant share of the global racing simulator market during the projected period.
Based on the end user, the global racing simulator market is categorized into individuals, training institutes, commercial entertainment, automotive manufacturers, and professional racers. Among these, the commercial entertainment segment is expected to hold a significant share of the global racing simulator market during the projected period. Gaming hubs will play an important role in expanding the market for gaming simulations. Although gaming competitions in many parts of the world are expected to increase demand and advance the commercial entertainment industry. Many sports organizations have created relationships with gaming simulator manufacturers to provide gamers with realistic virtual training and competition experiences.
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North America dominates the market with the largest market share over the projected period.
North America dominates the market with the largest market share over the projected period. For instance, Turtle Beach, a gaming company based in the United States, launched the VelocityOne Race, a new racing simulation hardware developed for PC and Xbox platforms, in February 2024. This direct drive wheel and pedal system features adjustable aluminum pedals, a modular steering wheel control box with several buttons and switches, and a race management display that monitors telemetry data in real time in approved racing games. This one-of-a-kind racing simulation hardware attracts to enthusiasts seeking high-quality devices for realistic racing experiences, contributing to regional market growth.
Europe is expected to grow the fastest during the projected period. The sim racing culture's strong sense of community and social connection, together with the expansion of eSports events in the region, has contributed significantly to the growing popularity of racing simulators across Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Players in the Global Racing Simulator Market Includes CXC Simulations, SimCraft, GTR Simulator, Logitech, Thrustmaster, Vesaro, Endor AG, Playsets, and Others Key Vendors.
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Key Market Developments
- On March 2024, in partnership with Memento Exclusives, the Aston Martin Aramco Formula One Team unveiled state-of-the-art F1 race simulators, such as the AMR24 Show Car Simulators, which are modeled around the team's 2023 competitor, the AMR23. They provide a fully immersive experience for enthusiasts and fans to interact with the racing technology of the team. These simulators, which are based on the team's most recent rival, provide racing enthusiasts with an immersive experience while demonstrating cutting-edge technology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global racing simulator market based on the below-mentioned segments:
Global Racing Simulator Market, By Type
- Entry-Level
- Mid-Level
- High-End
Global Racing Simulator Market, By Offering
- Hardware
- Software
Global Racing Simulator Market, By End User
- Individuals
- Training Institute
- Commercial Entertainment
- Automotive Manufacturers
- Professional Racers
Global Racing Simulator Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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