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Racing Simulator Market Size, Share, Analysis, Growth, Trends, Industry Report And Outlook
Racing Simulator Market Size
As per the report, the 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 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%.
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Rising Popularity Of Esports Fuels Growth In The Racing Simulator Market
The 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.
Advancements In Sim Racing Technology Driving Racing Simulators Market
Major companies operating in the racing simulator market are focusing on developing new products, such as Sim Racing (simulated racing), to gain a competitive edge in the market. Sim racing technology encompasses advanced software and hardware systems that replicate real-world driving conditions in virtual environments. It integrates high-fidelity graphics, realistic physics engines, and precise input devices to offer an immersive racing experience for enthusiasts and professional racers alike. For instance, in October 2021, Owatch, a China-based manufacturer of VR equipment, launched Sim Racing, designed to provide the most realistic racing experience. Sim Racing is the perfect solution to mount the steering wheel and pedals in an authentic racing position to give you a true race car driving experience from the comfort of home. The minimalistic design of Sim Racing provides a rigid and realistic racing experience without a huge footprint.
The racing simulator market covered in this report is segmented -
1) By Offering: Hardware, Software
2) By Component: Cockpits, Steering Wheel, Monitor Stand, Seats, Pedal Sets, Gearbox Shifters, Other Components
3) By Simulator Type: Full-Scale Simulator, Medium-Level Simulator, Entry-Level Simulator
4) By Vehicle Type: Passenger Car, Commercial Vehicle
5) By Sales Channel: Online, Offline
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Major 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
Contents of the report:
1. Executive Summary
2. Racing Simulator Market Report Structure
3. Racing Simulator Market Trends And Strategies
4. Racing Simulator Market - Macro Economic Scenario
5. Racing Simulator Market Size And Growth
…..
27. Racing Simulator Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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