U.S. E-motorsport Market 2031: Future Scenarios and Growth Drivers | Red Bull Racing Ltd, Team Redline, Veloce Ltd.

According to a new report published by Allied Market Research, the U.S. E-motorsport market was valued at $285.12 million in 2021, and is projected to reach $1,064.45 million by 2031, growing at a CAGR of 14.3% from 2022 to 2031.

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E-motorsports is an online gaming platform, that includes F1 Formula racing, car racing, and electronic motorsports game. E-motorsports gaming platform provides users with the ability to enter various online races and championships suited to their location and skill level. E-motorsports games usually consist of skilled or professional gamers competing against one another for a cash prize. E-motorsports is a customer-centric business offering a mix of professional products, turnkey solutions, and a world-class esports racing league.

Factors such as major shift toward digital transformation, rise in cloud-based services, technological advancement in e-motorsports gaming platform and ongoing modernization of digital gaming such as augmented & virtual (AR/VR) gaming event that drive heavy investment in e-motorsports in U.S., which in turn, foster the growth of the market. In addition, increase in use of smartphones and internet penetration drive the growth of the U.S. e-motorsports.

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An increase in awareness of video games and growth in popularity of e-motorsports in U.S. drive the growth of the market. However, lack of standardization and threats such as betting and Wagering may restrict the market expansion. Furthermore, long-term investment initiatives taken by the key players and surge in number of tournament & event with huge prize are expected to create lucrative opportunities for the U.S. e-motorsports market during the forecast period.

On the basis of component, the platform segment dominated the overall U.S. e-motorsports market share in 2021 and is expected to continue this trend during the forecast period. This is attributed to increase in adoption of e-motorsports in the U.S. to gain strategic as well as competitive advantage over their competitors. In addition, e-motorsports platform provides well-programmed software and gaming console for e-motorsports tournament and matches and increase in demand for online sport drive the growth of the market.

Depending on the streaming type, the on-demand segment dominated the U.S. e-motorsports market size in 2021 and is expected to continue this trend during the forecast period. The growth of the segment is attributed to numerous benefits provided by streaming type segment such as high quality of gaming, ease of customizing sports as per the requirement of players, and high security of gaming ID. However, the live segment is expected to witness highest growth in the U.S. e-motorsports market, owing to rise in adoption of real-time streaming of e-motorsports due to its cost-effective and easy-to-broadcast operation.

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This report gives an in-depth profile of some key market players in the U.S. E-motorsport industry include AMR GP Limited, Competition Company GMBH, Formula One World Championship Limited, IRacing.com Motorsport Simulations, LLC., Logitech, McLaren Group, Motorsport Games, Red Bull Racing Ltd, Team Redline, and Veloce Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the U.S. E-motorsport market analysis.

The COVID-19 impact prompted every company and business to shift their business operations toward a remote work environment. Moreover, due to strict guidelines issued by government authorities, people were forced to be in-house. This led to more leisure time available for each individual and gave rise to wide adoption of esports to spend quality time. Further, it has affected positively on the adoption of e-motorsports in different countries including U.S. In addition, this factor also created the demand for advanced technology such as IoT, AI, and virtual reality (AR/VR) based technology across U.S. which is expected to fuel the growth of the market.

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