Racing Simulator Market worth USD 1.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
Chicago, March 12, 2024 (GLOBE NEWSWIRE) -- Racing Simulator Market is projected to grow from USD 0.5 billion in 2024 to USD 1.1 billion by 2030 at a CAGR of 15.6% during the forecast period, according to a new report by MarketsandMarkets™.
Browse and in-depth TOC on "Racing Simulator Market"
181 – Tables
39 – Figures
222 – Pages
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Report Attributes | Details |
Market size value in 2024: | USD 0.5 billion |
Projected to reach 2030: | USD 1.1 billion |
CAGR: | 15.6% |
Forecast Period: | 2024-2030 |
Largest Market: | North America |
Region Covered: | North America, Europe, Asia Pacific, and the Rest of the World |
Segments Covered: | By simulator type, By offerings, By application, By sales channel, By vehicle type, by component type, and by region |
Companies Covered: | CXC Simulations (US), Trak Racer (Australia), Next Level Racing (Australia), D-Box Technologies, Inc. (Canada), Vi-Grade GmbH (Germany), Cruden B.V. (Netherlands), AB Dynamics Plc (Ansible Motion Ltd) (UK), Cranfield Simulation (UK), Simxperience (UK), and Simworx Pty Ltd. (Australia) |
The growth of the racing simulator market is mainly driven by the rising e-sports tournaments and leagues, inclination towards professional motor racing events, constant advancement in simulation technology, rising affordability, and easy accessibility. Further, the inclusion of virtual reality & AI technology in racing simulators and a growing focus on professional training and recreational gaming would prompt the development of the racing simulator industry globally.
Compact/Entry-level racing simulator holds the largest market share during the forecast period.
Compact simulators lead the global market and are majorly preferred by casual and enter-level/beginner racing enthusiasts for home and entertainment applications owing to their advantages such as space efficiency, affordability, easy setup, and mass appeal. These simulators are usually priced below USD 2,000 and are installed with basic hardware such as steering wheels, pedal sets, metal frames, monitor stands, and seats that can easily fit in the limited space. They also find applications in commercial entertainment venues such as arcades, gaming lounges, and family entertainment centres. A variety of products ranges from several players to enable convenient and easy buying options. The rise of the e-sports ecosystem and competitive virtual racing tournaments is expected to drive the adoption of compact racing simulators. The developed countries of North America and Europe have strong console gaming cultures and the prominent presence of several players such as D-BOX Technologies Inc., Trak Racer, Simxperience, Simworx Pty Ltd, and Vi-Grade GmbH offer various cost-effective simulators. The compact segment is easy to crack with high profit margins and cost benefits, which leads to many new players entering this industry. For instance, Sabelt, a manufacturer of racing car Seats, belts, and other motorsport products has launched the Sabelt S Series compact simulators, which include four cockpit ranges at a price range of €699-€1,497. Many other small to medium-scale manufacturers are entering into this segment to gain business growth opportunities and these factors collectively contribute to the widespread adoption and increasing market share of compact racing simulators worldwide.
“Steering Wheel will account for the largest and fastest-growing component racing simulators market by 2030.”
The steering wheel is estimated to be the leading and fastest-growing component in the racing simulator market over the forecast period. An usual steering wheel commonly includes buttons, paddle shifters, rotary knobs, and digital displays and closely copy the ones seen in real race cars. The advanced steering system incorporates force feedback technology to imitate the resistance and vibrations felt while driving on various surfaces or making maneuvers. Steering wheels featuring on-board displays offer customization options, allowing users to tailor the displayed information through provided software. There are different types of styles, choices, and customization options available in steering wheels including licensed steering wheels from BMW, McLaren, and Porsche. However, owing to the higher cost, these steering wheels with advanced control mechanisms are installed in the mid- & full-scale racing simulators. Companies like Logitech, Thrustmaster, and Fanatec are at the forefront, offering steering wheels with features such as magnetic sensors for precise control, direct drive systems for unparalleled force feedback, and compatibility with virtual reality setups for an even more immersive experience. Hence, to make the virtual racing experience more engaging and connected to reality, several advancements are on broad leads to influence consumer preferences and drive the extended demand for advanced steering wheels in mid- to full-scale racing simulators.
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North America will be the leading racing simulator market over the forecast period.
The growth of the North American racing simulator market can be primarily attributed to upcoming advancements in racing simulators and expansions made by racing simulators to cope with the increasing demand for racing simulators. The dominance of this region can be attributed to robust and well-established gaming and esports culture, strong presence in motorsports activities, high level of disposable income, and higher acceptance of technologically advanced products. A significant portion of the population actively engaged in virtual gaming events such as NASCAR and the Indycar Series in the region. These sim racing events with attractive prize pools attract a vast audience. Furthermore, the region is forefront of technological innovation that leads to the development of cutting-edge racing simulator technologies such as advanced motion platforms, HD graphics, and virtual reality integration among others. The market demand is supported by key simulator providers such as CXC Simulation (US), Trak Racer (Australia), Next Level Racing (Australia), D-Box Technologies, Inc. (Canada), and Vi-Grade GmbH (Germany). The strong sense of community and social interaction embedded in the sim racing culture, coupled with the growth of eSports events in the region, has played a pivotal role in fueling the rising popularity of racing simulators in North America.
Key Market Players
The Racing Simulator Companies are CXC Simulation (US), Trak Racer (Australia), SIMXPERIENCE (US), VEsaro (UK), and Vi-Grade GmbH (Germany).
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