ID: MRFR/ICT/8082-CR | April 2020 | Region: Global | 163 pages
Global Racing Games Market is projected to expand at 11.2% CAGR over the forecast period (2019-2025), according to Market Research Future (MRFR) in its latest report. racing games is likely to enjoy massive demand across verticals as organizations use the latest medium to express their message to their audience. Adoption of visual effects by moviemakers, game developers, and animators is likely to bode well for the market over the forecast period.
The COVID-19 pandemic is likely to drive the demand for racing games. Leisure activities by adults and children as well as access to smartphones and PCs can drive the download of such games. Launch of new games by publishers for keeping people engaged at home due to strict lockdown guidelines by governments can augur favorably for the market. Video game publishers have seen increased internet traffic on their sites and pushed the development of future games for capitalizing on the situation.
Emergence of Next-gen Gaming
Development of next-generation games for consoles, smartphones, and PCs can drive the market demand significantly. Adoption of platform-specific games by users and emergence of new vendors has pushed racing game downloads to an all-time high. The use of secure platforms for downloading latest updates and patches can bode well for the market. Moreover, the use of group games for increasing collaboration between players and fostering team spirit can favor the global racing games market growth.
Expanding Gamer Base
The large number of gamers on PCs and smart devices is expected to drive the development of racing games. Prominence of esports and launch of gaming leagues to attract more gamers can drive the global market growth. According to Gamescom, the number of online gamers had reached 2.2 billion in 2018. Mobile games are witnessing increased downloads owing to affordability of smartphones. Franchise games such as Need for Speed are expected to enjoy demand across platforms owing to its familiarity and launch of new terrains. Brands are heading towards collaborations and partnerships for creating franchises for games and capitalizing on their success. The changing tastes of gamers and preference of open-world settings can be a golden opportunity for developers to create new maps. The use of social media by gamers for boasting their achievements can lead to their analysis by game developers for pandering to the gamer base. Developers are planning to launch racing games across all demographics and appeal to mobile gamers to gain share of the market.
High costs of paid games are expected to restrain the market growth. Gamers can discontinue their interest in games owing to subscription models or paying to gain premium access to complete games.
Client Type Segment to Take the Lead
The client type segment is expected to take the lead as smartphones witness increasing penetration. Access to various mobile games and the internet has led to periodic updates to games by developers to attract new customers. Rise of simulated racing games can propel the segment demand by exhibiting an 11.3% CAGR over the forecast period.
Mobile Segment to Dominate
The mobile segment is presumed to register an 11.4% CAGR over the forecast period and dominate the global racing games market. Development of racing games that react to the physics of the game and controls accorded to the smartphone can drive the segment growth. Affinity to sports, cars, and electronic products are likely to drive the application growth significantly. The rise of mobile racing games and introduction of online events to increase participation among gamers and increase popularity of the game can bode well for the segment in the market.
APAC to Register Fastest Growth Rate
APAC is anticipated to register the fastest growth rate over the forecast period. This can be attributed to the large number of gamers residing in China and India. Social distancing guidelines outlined by governments amid the pandemic and inclination of browser-based games by the large consumer base can drive the regional market demand. Digital platforms and their large collection of online games are likely to attract investments in the region. Categorization of online racing games into premium and free can be revenue pockets for major game publishers. Chinese and Japanese gamers are inclined towards social media for sharing their interest and creating awareness of these games. This can be leveraged by game publishers in creating more commercial products that cater to specific interests of gamers.
North America to be a Lucrative Revenue Pocket
North America is estimated to be a lucrative revenue pocket for the global racing games pocket owing to presence of large gaming publisher, increased purchasing power of customers, and exhibitions and events conducted to create awareness of racing games. Moreover, the use of in-game chat within online games to drive increased participation in group games can bode well for the market. Popularity of AR and VR based games can be viable opportunities for publishers to increase their efforts to attract more customers. Constant innovation and easy regulations can drive the momentum of the racing games penetration into the region. Canada is likely to drive the demand for racing games. Rollout of 5G is estimated to be a new growth catalyst for the market in the coming years.
Global Racing Games Market is marked by continuous investments in Software, Personnel, and Hardware. Acquisitions and partnerships are likely to be witnessed among companies looking to gain the edge in the market. Game developers are hiring creative personnel to improve their storytelling and attract more customers. Tie-ups with other media companies for promotion of games on all mediums as well as launch of new maps to entice customers are likely to be witnessed in the industry.
CXC Simulations (U.S.), SIMTECHPRO (Spain), Next Level Racing (Australia), Electronic Arts Inc. (U.S.), PlaySeat (Netherlands), The Codemasters Software Company Limited (U.K.), Raceroom EntertainmenT AG (Switzerland), Nintendo (Japan), Microsoft Corporation (U.S.), Sony Corporation (Japan), Inracing (India), Logitech (Switzerland), Villers Enterprises LTD (U.S.), Openwheeler (U.K.), Guillemot Corporation S.A (France), and Sparco SPA (Italy) are key players of the global racing games market.
Global Racing Games Market report by MRFR outlines the potential of the genre and its prospects for the forecast period. Market dynamic variables such as trends, opportunities, drivers, threats, and challenges are assessed to estimate the market value and growth patterns of various sub-segments. The report is segmented in the following manner for easy comprehension of the user:
Frequently Asked Questions (FAQ) :
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 16836.7 Million by 2025.
The racing games market can advance at a rate of 11.2% 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.