“Global Racing Simulator Market to reach a market value of USD 1.1 Billion by 2030 growing at a CAGR of 15.3%”
The Global Racing Simulator Market size is expected to reach $1.1 billion by 2030, rising at a market growth of 15.3% CAGR during the forecast period.
Gearbox shifters replicate the experience of changing gears in a real vehicle. This adds a layer of realism to racing simulations, enhancing the overall driving experience for users. Gearbox shifters allow users to develop and improve their skills in manual transmission. Consequently, the gearbox shifter segment would generate approximately 17.85% revenue share of the market by 2030. Users can practice clutch engagement, gear shifting, and rev-matching, which is valuable for those transitioning to real-world manual transmission driving.
Racing simulators serve as major attractions in entertainment venues and theme parks, drawing visitors seeking unique and thrilling experiences. The simulators provide dynamic and immersive entertainment that appeals to a broad audience, including families, gamers, and motorsport enthusiasts. The presence of racing simulators can attract higher footfall to entertainment venues and theme parks. Therefore, the market is expanding significantly due to the inclusion in entertainment venues and theme parks.
Additionally, online multiplayer features enable racing enthusiasts from around the world to connect and compete in real-time. This global reach expands the user base of racing simulators, fostering diverse gaming communities with participants from different regions and cultures. Social interaction features enable users to create challenges and compete against friends or members of online communities. Thus, because of the online multiplayer and social interaction, the market is anticipated to increase significantly.
However, the high upfront cost of racing simulators, especially those designed for professional or enthusiast use, can make them unaffordable for a significant portion of the consumer market. This limits accessibility to a niche demographic, hindering mass adoption. Casual gamers, who may not be willing to invest in gaming equipment, may be deterred by the high initial cost of racing simulators. Thus, high initial cost can slow down the growth of the market.
Based on vehicle type, the market is classified into passenger car and commercial vehicle. The commercial vehicle segment acquired a 27.4% revenue share in the market in 2022. Racing simulators serve as valuable tools for training commercial vehicle drivers. They offer a controlled environment where drivers can enhance their skills, practice defensive driving techniques, and familiarize themselves with various road scenarios. Simulators help improve overall driver competency, leading to safer and more efficient commercial vehicle operations.
Based on sales channel, the market is bifurcated into online and offline. In 2022, the online segment led the market by generating 59% revenue share. Online platforms enable the creation and participation in virtual racing leagues and competitions. Racing enthusiasts can join organized events, compete in leagues, and measure their skills against a diverse global community of virtual racers. Online platforms allow for real-time racing events, where users can join scheduled races or impromptu sessions with other players. This dynamic and real-time engagement adds excitement and unpredictability to virtual racing experiences.
On the basis of application, the market is fragmented into home/personal use and commercial. The commercial segment garnered a 36.4% revenue share in the market in 2022. Motorsports teams employ racing simulators for driver development, testing, and strategy refinement. Simulators allow teams to simulate race scenarios, test vehicle setups, and train drivers for specific tracks, contributing to improving on-track performance. This accelerates the development process and reduces costs.
By component, the market is segmented into steering wheel, pedal sets, gearbox shifters, seats, monitor stand, cockpits, and others. In 2022, the steering wheel segment registered a 30% revenue share in the market. Steering wheels replicate the tactile feel of driving, offering users a realistic and immersive sensation. The physical feedback of steering wheels, including resistance and responsiveness, enhances the overall simulation experience, making it more engaging and authentic. Steering wheels are versatile across different racing genres, accommodating users interested in various racing simulations, from track racing to off-road experiences.
On the basis of offering, the market is divided into hardware and software. The software segment garnered a 24.8% revenue share in the market in 2022. Advanced software is crucial for simulating realistic physics that governs vehicle behavior. This includes accurate representations of acceleration, deceleration, braking, tire grip, and suspension dynamics. Racing simulator software provides users with a wide array of options, including various vehicle models, types, and brands. This variety caters to the preferences of a broad user base.
By simulator type, the market is categorized into compact/ entry-level simulator, medium-level simulator, and full-scale simulator. In 2022, the compact/ entry-level simulator segment held the 54% revenue share in the market. Compact simulators are suitable for home use, enabling users to set up a racing simulation experience in their living rooms or dedicated gaming spaces. This contributes to the growing home entertainment trend, providing an engaging activity for individuals and families.
Free Valuable Insights: Global Racing Simulator Market size to reach USD 1.1 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region acquired a 28% revenue share in the market. The Asia Pacific region has witnessed a significant surge in esports participation and viewership. Asia Pacific has a strong gaming culture, with a large and enthusiastic community of gamers. The region's gamers, including those from countries like South Korea, China, and Japan, have embraced racing simulators as a form of entertainment and competition.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 352 Million |
| Market size forecast in 2030 | USD 1.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 15.3% from 2023 to 2030 |
| Number of Pages | 349 |
| Number of Tables | 620 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offering, Component, Simulator Type, Vehicle Type, Sales Channel, Application, Region |
| Country scope |
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| Companies Included | CXC Simulations, D-BOX Technologies, Inc., Vesaro Limited, Cruden B.V., ECA Group (Exail Technologies), Trak Racer, Next Level Racing Simulations PTY LTD, VI-grade GmbH (Spectris plc), Anthony Best Dynamics Limited, Cranfield Aerospace Solutions |
By Offering
By Simulator Type
By Vehicle Type
By Sales Channel
By Application
By Component
By Geography
This Market size is expected to reach $1.1 billion by 2030.
Inclusion In Entertainment Venues and Theme Parks are driving the Market in coming years, however, High Initial Cost of Racing Simulator restraints the growth of the Market.
CXC Simulations, D-BOX Technologies, Inc., Vesaro Limited, Cruden B.V., ECA Group (Exail Technologies), Trak Racer, Next Level Racing Simulations PTY LTD, VI-grade GmbH (Spectris plc), Anthony Best Dynamics Limited, Cranfield Aerospace Solutions
The expected CAGR of this Market is 15.3% from 2023 to 2030.
The Hardware segment is leading the Market by Offering in 2022 there by, achieving a market value of $781 Million by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $385.2 Million by 2030.
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