ID: MRFR/ICT/8082-CR | 163 Pages | Author: Aarti Dhapte | April 2020
Racing Games Market is expected to generate a market value of USD 13.64 Billion by 2030 growing at a CAGR of 11.6%.
The Racing Games Industry is expecting an expansion of 11.6% in the forecast period. The racing video game is a platform that allows the player to compete. Taking part in air, water and road race competitions is possible. There are real and fantastical racing games in the market. These games are accessible through smartphones, mobiles and laptops. Playing racing games on consoles is a favourite sport for many users. The prevalence of internet connection is leading to high exposure to the gaming market.
Emerging economies record the highest rate of online racing game players. The spending from these markets is surging for the racing game industry. Rising per capita income in many regions is leading to higher spending on entertainment. The rising awareness about gaming consoles and exceptional user experience drives demand for the market. The teenage population is the key end-user of the racing games market.
Especially, the male population is adopting high-end racing games. The growing trend of men playing racing games will create more growth for the racing games market. Advanced skills of game developers to offer real like video games are creating a positive impact on the market. Adoption of advanced visual effects in these games is attracting many users.
Covid 19 continues to affect operations of various global markets. However, the pandemic is surging demand for the racing games market. The virus outbreak is causing lockdowns and restrictions. Many individuals are staying at home to prevent virus transmission. For entertainment, many are opting racing games. These games are easily accessible through smartphones and devices. It is a great breakthrough for the racing games market.
Leisure activities among adults and children are rising in this period. Launch of new games is attracting many customers. The racing games are intuitive and unique. They keep the individuals engaged. Due to this exceptional user experience demand for the games market has doubled. Post covid 19, the scenario of the market will have new developments. As per Racing Games Market Forecast new innovations will take place in upcoming years.
The growth of the next-gen games is a crucial driver of the racing games market. Next-gen games are developed for consoles and PCs. Today, many gamers expect a high user experience. Plenty of visual effects and realistic games are preferred by end-users. Due to this, next-gen gaming is gaining more traction. The emergence of new vendors will create more demand for the market. The gaming market has plenty of new developers.
The surging trend of the gaming industry is encouraging new game developers. Innovation and unique racing games are published by these developers. In recent years, thousands of new developers have joined the racing games market. This development will lead to high Racing Games Market Profit. Further, the rising security features in gaming platform is another driver. The gaming platform is prone to cyber risks and threats.
The personal information of the user can be at stake on many of these platforms. However, the gaming platform is increasing its security standards. Thus, it creates a secure environment for gamers. Due to high security, the customer base is constantly surging. The launch of group games expands the overall market. Group racing games are exciting. It attracts many end-users to the market. All these crucial drivers play a major role to increase the returns of the Racing Games business.
Expanding the game base is estimated to create more growth opportunities. Globally, the rate of the customer base for the gaming market is massive. More awareness about racing games and their exceptional user experience is increasing customers. The number of downloads rat in the racing games industry is in billions every year. This growing trend of the market will lead to expansion. The racing games market will have diverse racing options in upcoming years. Further, the emergence of E-sports will create splendid growth opportunities. E-sports offer a real gaming experience for any user. Playing these E-racing games on consoles can provide a top-notch experience.
The e-sports segment is launching new gaming leaguers that attract many users. Gamers are flooding to try out this real-life racing game experience. These factors will contribute to high profitability to the overall market. Further, the penetration of smartphones is a major growth driving factor. The availability of smartphones is massive in many regions. Most of the revenue is generated through racing game apps on smartphones. More accessibility for games through the phone will create favourable changes in the market. The growth rate will reach the highest in emerging economies.
The high cost of paid games remains market resistant. Many gamers prefer free racing games. Premium game is expensive in the market. Due to high costs, many discontinue their subscriptions. This market restraint can hamper the overall growth of this market. Fewer subscriptions of premium games can reduce the revenue of the racing games market.
Few users gain paid games. Free games earn fewer returns for the racing games market. However, this limitation of the market can reduce growth opportunities in upcoming years. The key payers are making premium games more affordable. Still, this restraint will have a great impact on the market.
Privacy concerns are challenges in the market. Some racing game platforms suffer from privacy concerns. Most of these games access user permission on contacts, images and other credentials. This valuable data of the user can be misused.
Breach of information and misuse is common on many platforms. However, the racing market is enhancing its security features. Many gamers unknowingly share their information in group games. Also, ads on the platform can direct users to hacking websites. All these challenges can hamper the download rate of the racing games market.
The growth trend of the market is positive in the forecast period. The racing games market has plenty of growth factors. The demand drivers such as next-gen games and rising security features will increase growth. The expanding game base for the market is creating exceptional market growth opportunities.
Penetration of smartphones increases access to racing games. The customer base is expected to double in upcoming years. Further, the high cost of premium games remains a restraint in the market. Also, security concerns can affect market growth. The penetration of smartphones is expected to contribute more revenue in the market.
North America is the leading regional player in the racing games market. It holds a higher Racing Games Market Share. In terms of growth and investment, it outgrows other markets. Some gamers have a massive demand for racing games.
Also, there are fewer cost barriers in the market. Premium games have higher adoption among end-users. The high capital income leads to more adoption of premium subscriptions. The availability of top developers brings favourable changes. Thousands of racing apps are launched every year. The emergence of E-sports will provide more scope for growth.
By Gaming Type
Competition in the racing market is surging. Price competitiveness is high among market players. The Racing Games Market Players are powerful. Market expansion, acquisitions and partnerships are higher in the competitive landscape. The key players are collaborating with smartphones companies to launch their gaming apps. Invest is surging in emerging economies in the next few years.
The racing games market is fragmented into Asia Pacific, Europe, and North America. North America is a key regional player with higher shares. The demand for racing games is higher. The men population witnesses more adoption of such games. The high-cost investment for entertainment leads to massive growth.
There are Canada and the US that has plenty of game developers. It is a region that will record higher market growth in the forecast period. The Asia Pacific is another emerging market with high growth. In recent years, the gaming industry is booming in this region. Purchase of consoles and gaming accessories are escalating.
The presence of tope racing game market key players will lead to high growth. Europe is another regional player with high scope. Racing and automobile have high demand in this region. This trend affects the gaming population. The availability of racing games is higher. Also, user inclination to adopt these games is more. All these key players will contribute to higher revenue to the global market.
The key players of racing games market are
|Market Size||USD 13.64 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CXC Simulations (U.S.), SIMTECHPRO (Spain), Next Level Racing (Australia), Electronic Arts Inc. (U.S.), PlaySeat (Netherlands), The Codemasters Software Company Limited (U.K.), Sony Corporation (Japan), Inracing (India), Logitech (Switzerland), Villers Enterprises LTD (U.S.), Openwheeler (U.K.), Guillemot Corporation S.A (France), and Sparco SPA (Italy)|
|Key Market Opportunities||Expanding Gamer Base|
|Key Market Drivers||
Some of the chief growth boosters in the market include the soaring demand for driving simulators and the introduction of latest gaming.
Racing Games Market can expect to touch a valuation of USD 13.64 Billion by 2030.
The racing games market can advance at a rate of 11.6% in the coming years.
The client type of racing games can gain higher impetus in the global market.
Application-based segments mentioned in the study include PC, mobile, racing simulators as well as console.
APAC is anticipated to be the leading regional market during the evaluation period.
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