Overview and ScopeThe racing simulator market consists of revenues earned by entities by providing services such as installation assistance, customization of hardware and software, and technical support for events and competitions. The market value includes the value of related goods sold by the service provider or included within the service offering. The racing simulator market also includes sales of racing seats, virtual reality (VR) headsets, shifters, and handbrakes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and ForecastThe racing simulator market size has grown strongly in recent years. It will grow from $0.81 billion in 2023 to $0.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to the evolution of racing hardware, the growth of gaming consoles, the influence of professional racing drivers, the integration of real-world racing tracks, and the growing popularity of esports.
The racing simulator market size is expected to see strong growth in the next few years. It will grow to $1.17 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to the rise of subscription-based services, continued improvements in virtual reality (VR) technology, demand for realistic racing experiences, integration with cloud gaming services, and demand for eco-friendly gaming solutions. Major trends in the forecast period include advancements in computing technology, incorporation of real-world data and analytics, advancements in motion simulation technology, innovations in force feedback technology, and advancements in graphics rendering.
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Segmentation & Regional InsightsThe racing simulator market covered in this report is segmented –
1) By Offering: Hardware, Software2) By Component: Cockpits, Steering Wheel, Monitor Stand, Seats, Pedal Sets, Gearbox Shifters, Other Components3) By Simulator Type: Full-Scale Simulator, Medium-Level Simulator, Entry-Level Simulator4) By Vehicle Type: Passenger Car, Commercial Vehicle5) By Sales Channel: Online, Offline
North America was the largest region in the racing simulator market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the racing simulator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market GrowthThe rising popularity of esports is expected to propel the growth of the racing simulator market going forward. Esports, short for electronic sports, refers to competitive video gaming events where professional gamers compete individually or in teams, often broadcast live to audiences worldwide. Esports popularity is rising due to increased accessibility and viewership driven by digital platforms and global connectivity. Racing simulators in esports offer realistic driving experiences, allowing players to compete in virtual motorsport events with accurate physics and detailed tracks. They bridge the gap between real and virtual racing, enhancing player skills and engagement. For instance, in 2022, according to the Department of Foreign Affairs and Trade, an Australia-based federal government responsible for foreign policies and relations, the digital gaming industry generated $226.5 million in revenue, marking a 22% increase from 2020, with 83% of this revenue coming from international markets. Therefore, the rising popularity of esports is driving the growth of the racing simulator market.
Key Industry PlayersMajor companies operating in the racing simulator market are Logitech G, Endor AG , Thrustmaster, OMP Racing, SIMUCUBE, Fanatec, Playseat, Next Level Racing, Trak Racer AU, NRG Innovations, ImSim, Extreme Simracing, ButtKicker, Clark Synthesis, Arozzi, Vesaro , CXC Simulations, Max Papis Innovations, Ricmotech LLC., Pro-Sim, SIMAGIC, Renovatio Development, MOZA Sim Racing, MOMO Motorsport
The racing simulator market report table of contents includes:
1. Executive Summary2. Market Characteristics3. Market Trends And Strategies4. Impact Of COVID-195. Market Size And Growth6. Segmentation7. Regional And Country Analysis...27. Competitive Landscape And Company Profiles28. Key Mergers And Acquisitions29. Future Outlook and Potential Analysis
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Scientifically, the games offer cognitive benefits at a young age.The best racing simulator can be set up at home for teens and kids alikeThe activity is the best way to test reflex skillsIt promotes decision-making skills at just the right ageThese are only three known benefits.
There are many ways in which your teens can benefit when involved in racing game simulations.Develop motor skillsFor developing motor-related skills, teens and kids, have to learn to participate, in different opportunities.
The games are realistic and so beneficial.Help develop flexibility in thinkingTeens usually need to be trained to polish their thinking skills.
Simulators are the best activities as teens can be exposed to different situations.
They may have to respond to all types of virtual situations to see the outcomes.The activity helps kids learn to be flexible in the decision-making task.
The professional racing simulator will help in polishing skills with obstacles.Help develop memory skillsWhen practicing simulator games, teens will obvious be able to develop their memory skills.
Whether you’re a racing fan looking for entertainment, a business owner looking to gain exposure, or an organisation looking for an experience to boost your staff culture, Rentertainment’s Racing Simulator will be a fantastic addition to your event.
