Motorsport Components Market

Global Motorsport Components Market Size (2024 to 2032)

The global motorsport components market was expected to be valued at USD 25 billion in 2023 and is anticipated to reach USD 26.36 billion in 2024 from USD 40.31 billion by 2032, growing at a CAGR of 5.45% during the forecast period from 2024 to 2032.

A motorsports vehicle such as a motorcycle, a car, or a truck is used in a competitive sporting event. Mechanical failures and technological problems such as failures in the brake system, powertrain, electronics, and other components must be replaced, increasing the market demand for motorsport components. The increasing number of motorsport vehicles is increasing the call for the motorsport components market.

 The increase in new motorsport vehicles would increase the demand for motorsport components. The market is established with a lot of players, increasing the need for the motorsport vehicle. Moreover, a motorsport vehicle used for high-speed racing also has to replace its components for wear and tear and breakdowns. These factors are also driving the market need for motorsport components. Increased investment and sponsorship in motorsports due to the modification activity being performed by the end-user, which also increases the market demand for motorsport components.

MARKET DRIVERS

In all forms of motorsports, and especially in sports cars, safety is the highest priority. With a huge difference in speed between classes and competition that often takes place at night and in bad weather, sports cars face the same dangers and potential incidents at higher speeds. The voltages and potential for component failure during these events are high. The materials, design, and tests have been developed to obtain maximum performance in endurance competitions. Sports car road racing translates to racing in extreme conditions and traveling in extreme conditions. Rain, poor visibility at night, glare from the sun during the day, poor road conditions, and how we approach those conditions are key to ensuring a safe driving experience, which is supposed to propel demand in the global motorsport components market.

MARKET RESTRAINTS

The main challenges in this industry are the aerodynamic design of cars, which leaves little room for automotive components, vehicle weight, test speed, and production. At one point, traditional technologies such as casting or machining failed to go further with design enhancements for motorsports.

REPORT COVERAGE

SEGMENT ANALYSIS

Global Motorsport Components Market Analysis By Application

A passenger vehicle is a street engine vehicle, which isn't a cruiser, expected for the vehicle of travelers and intended for close to nine individuals (counting the driver). Traveler vehicles are engine vehicles with, at any rate, four wheels, utilized for the vehicle of travelers, and which have close to eight seats notwithstanding the driver's seat. Light business vehicles are engine vehicles with, at any rate, four wheels utilized for the vehicle of merchandise.

Global Motorsport Components Market Analysis By Product Type

A brake is a mechanical device that prevents movement by absorbing energy from a moving system. It is used to slow or stop a moving vehicle, wheel, or axle or to prevent its movement, which is most often achieved by friction. The powertrain encompasses all the components that convert engine power into motion. This includes the engine, transmission, propeller shaft, differentials, shafts; basically everything from the motor to the caster wheels.

The hardware incorporates material science, design, innovation, and applications that manage the emanations, stream, and control electrons in a vacuum and matter.

REGIONAL ANALYSIS

Europe was the largest motorsport components market in 2019, and the region will provide several growth opportunities for market providers during the forecast period. Factors, for example, the expanding number of backers and the presence of the world's most mainstream racetracks, will altogether drive the development of the motorsport components market in this locale during the conjecture time frame. 57% of the market growth will come from Europe during the conjecture period. The United Kingdom, Germany, and Italy are the main markets for motorsports in Europe. Market growth in this region will be slower than market growth in the APAC region.

KEY PLAYERS IN THE GLOBAL MOTORSPORT COMPONENTS MARKET

ZF Friedrichschafen, BBS Kraftfahrzeugtechnik AG, SKF, Magnetti Marelli, Penske Racing Shocks, Pirelli, Mercedes, Toyota, Ferrari, Goodyear, Lear Corporation, Ford, Renault, Chevrolet, Bosch. These are market players that are dominating the global motorsport components market.

RECENT DEVELOPMENTS IN THE GLOBAL MOTORSPORT COMPONENTS MARKET

• Magneti Marelli Motorsport's high-speed camera, adopted this year by all Formula 1 car, received an award at the Professional MotorSport World Expo 2016 in Cologne, Germany, in the category “Motorsport Technology of the Year.”
• The SKF and Scuderia Ferrari partnership offers specialized components and systems for weight reduction and friction loss of power.
• Electric mobility is at the heart of the environmental transition we are witnessing today. We can even see it in motorsport, with the Formula E championship where 100% electric racing cars compete on urban circuits. These racing cars are not only electric, but they are also quiet thanks to the technology developed by Spark Racing Technology.
• Punch International N.V., a diversified industrial holding company, has acquired BBS Group, the German manufacturer of custom alloy wheels, which went bankrupt in May.
• ZF has become the official propulsion partner of Mahindra Racing, the German company said in a statement. As part of the technology partnership between these two companies, ZF will assist Mahindra Racing in the development of the electric powertrain for the 2020-21 Formula E season.

DETAILED SEGMENTATION OF THE GLOBAL MOTORSPORT COMPONENTS MARKET INCLUDED IN THIS REPORT

This research report on the global motorsport components market has been segmented and sub-segmented based on application, product type, and region.

By Application

• Passenger Vehicles
• Commercial Vehicles

By Product Type

• Brakes
• Powertrain
• Engine
• Control and Communication
• Electronics
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa