Motorsport Components Market

Motorsport Components Market Size (2023 - 2028):

The Global Motorsport Components Market was worth US$ 23.40 billion in 2022 and is anticipated to reach a valuation of US$ 32.87 billion by 2028 and is predicted to register a CAGR of 5.45% during 2023-2028.

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 travelling 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.

Market Recent Developments:

• Magneti Marelli Motorsport's high-speed camera, adopted this year by all Formula 1 cars, 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.

MOTORSPORT COMPONENTS MARKET REPORT COVERAGE:

Market Segmentation:

Motorsport Components Market - By Application:

• Passenger Vehicles
• Commercial Vehicles

A passenger vehicle is a street engine vehicle, which isn't a cruiser, expected for the vehicle of travellers 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.

Motorsport Components Market - By Product Type:

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

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.

Market Regional Analysis: 

The Global Motorsport Components Market Report includes the segmentation of regions:

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

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.

Impact of COVID-19 on the Motorsport Components Market:

As part of the global coronavirus pandemic, the automotive components market offers 360-degree investigation, flexible chain, import control, and tariffs to the provincial government's strategy and its future impact on the business. A detailed survey of the state of the market (2020-2026), an example of rivalry between companies, points of interest and obstacles of elements of large companies, models of improvement of the industry (2020-2026), attributes of the modern territorial format and approaches macroeconomic, the mechanical arrangement has also been incorporated. The automotive components market is inferred, from raw materials to end customers of this industry, pricing models and supply channels of the automotive components market will also be introduced. In light of COVID-19, this report offers an in-depth, top-down investigation into how the scourge is driving this shift and shift in the industry.

Market Key Players:

1. ZF Friedrichschafen
2. BBS Kraftfahrzeugtechnik AG
3. SKF
4. Magnetti Marelli
5. Penske Racing Shocks
6. Pirelli
7. Mercedes
8. Toyota
9. Ferrari
10. Goodyear\
11. Lear Corporation
12. Ford
13. Renault
14. Chevrolet
15. Bosch