Market Analysis
The global racing games market will reach USD 13.64 billion at an 11.6% CAGR by 2030, states the new Market Research Future report.
Racing Games Market Drivers:
Increase in Smartphone Clients to Boost Market Growth
The increase in smartphone clients coupled with the affinity for racing games will boost market growth over the forecast period.
Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030 | USD 13.64 Billion |
| Growth Rate: | CAGR of 11.6% from 2022 to 2030 |
| Forecast Period: | 2022 -2030 |
| Report Coverage: | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Opportunities:
Penchant for Car Games to offer Robust Opportunities
The penchant for car games coupled with improvements in sound quality and graphics will offer lucrative opportunities for this market in the assessment period.
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Restraints and Challenges:
High Cost to act as Market Restraint
The high cost of games, game accessories, and gaming consoles may act as market restraints over the forecast period.
Racing Games Market Segmentation:
The global racing games market is bifurcated based on application and type.
By type, client type will lead the market over the forecast period because of the accessibility of high-speed internet and the enormous number of user. The rise of simulated racing games, as well as periodic updates of new maps to keep users engaged, has the potential to fuel segment growth.
By application, mobile racing will dominate the market over the forecast period. Mobile racing games are anticipated to be very popular among gamers due to the ease of access to smartphones and the availability of a wide range of alternatives thanks to application stores on popular platforms.
COVID-19 Analysis:
COVID-19 epidemic continues to have an impact on the operations of many worldwide marketplaces. However, the epidemic is driving up demand for racing games. Lockdowns and restrictions are being imposed as a result of the viral outbreak. Many people are remaining at home to avoid virus transmission. Many people enjoy racing games as a form of amusement. These games are accessible easily through smartphones and devices. It is a significant milestone in the racing game sector.
Adult and child leisure activities are increasing throughout this time period. The release of new games is drawing a large number of customers. The racing games are simple to play and one-of-a-kind. They keep people interested.
Demand for the games sector has more than doubled as a result of this great user experience. Following COVID 19, the market landscape will undergo new developments. According to the Racing Games Market Forecast, new breakthroughs will occur in the future years.
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Regional Analysis:
North America to Head Racing Games Market
In the racing games market, North America is the dominant regional participant. It has a larger market share for Racing Games. It outperforms other markets in terms of growth and investment. Some players have a strong preference for racing games. There are also fewer cost obstacles in the market. Premium games are more popular with end consumers. The substantial capital income encourages the use of premium memberships. The availability of talented developers results in positive developments. Every year, thousands of racing apps are released. The advent of E-sports will allow greater room for expansion. North America is likely to contribute to the global racing games industry as a result of the existence of well-known game companies and the distribution of free downloadable content to entice gamers. The use of in-house conversations in group games, as well as the importance of AR and VR games, can boost market development. North America is the predicted region for growth in the racing games market due to an increase in the number of professional and casual gamers, an increase in disposable money, and an increase in the region’s young population.
APAC to Have Favorable Growth in Racing Games Market
APAC is expected to possess the fastest growth rate throughout the predicted time frame because of the comfort offered to e-sports and the large client base in China and India. The trend toward racing games, as well as restrictions on arcades and PC bistros, has resulted in the acceptance of gaming via private PCs and work places. The distribution of various in-house games using web-based media stages and other portable applications to communicate with clients might be beneficial to the market. Because of the encouragement given to e-sports and the enormous customer base in China and India, APAC is likely to grow at the quickest rate over the forecast period. The trend for racing games, combined with the prohibition of arcades and computer cafés, has resulted in gaming access via personal computers. The introduction of various in-house games by social media platforms and other mobile applications to engage customers can be beneficial to the market. Asia-Pacific dominates the racing games market due to the rise of next-generation gaming, an increase in the number of professional and casual gamers, an increase in disposable income, an increase in the young population, and an increase in research and development efforts in this region.
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Key Players:
Eminent market players profiled in the global racing games market report include Guillemot Corporation S.A (France), Logitech (Switzerland), Raceroom EntertainmenT AG (Switzerland), Nintendo (Japan), Microsoft Corporation (US), Electronic Arts Inc. (US), The Codemasters Software Company Limited (UK), Sparco SPA (Italy), SIMTECHPRO (Spain), Openwheeler (UK), Inracing (India), Villers Enterprises LTD (US), CXC Simulations (US), Sony Corporation (Japan), Next Level Racing (Australia) and PlaySeat (Netherlands).
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