Global Racing Simulator Market Forecast to 2030 with CXC Simulation, D-Box Technologies, Trak Racer, Next Level Racing, SIMXPERIENCE, Vi-Grade, Cruden, and Simworx Dominating
DUBLIN, March 19, 2024 /PRNewswire/ — The “Global Racing Simulator Market by Type (Compact, Mid- & Full-Scale), Application (Personal & Commercial), Offering (Hardware & Software), Vehicle Type (Passenger Cars & Commercial Vehicle), Sales Channel (Online & Offline), Component & Region – Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The racing simulator market is estimated to grow from USD 0.5 billion in 2024 to USD 1.1 billion by 2030 at a CAGR of 15.6%
The study includes an in-depth competitive analysis of these key players in the racing simulator market with their company profiles, MnM view of the top five companies, recent developments, and key market strategies.
The demand for racing simulators is growing owing to the growing preference for esports events worldwide, the rising focus of the motorsport association on conducting virtual sim racing events, and the increasing popularity of racing simulators for entertainment purposes, which will further drive the demand. People from countries like India, China, Brazil, Mexico, and Argentina are also attracted to racing simulators to use as training tools for professional racers. However, the high integration and switching costs can hinder market growth, especially in developing countries.
The racing simulator market is led by established players such as CXC Simulation (US), D-Box Technologies, Inc. (Canada), Trak Racer (Australia), Next Level Racing (Australia), SIMXPERIENCE (US), Vi-Grade GmbH (Germany), Cruden B.V. (Netherlands), and Simworx Pty Ltd (Australia).
Online sales channel to dominate the racing simulator market in 2024
The online platform for purchasing racing simulators contributes more than the market share of 85% globally. Online platforms provide a centralized marketplace, enabling consumers to explore various options per their preferences and requirements. Other benefits are easy accessibility, a wide variety of options, and the presence of several competitors at competitive pricing. Users can choose through a wide range of racing simulator models, compare features, read reviews & decide from the comfort of their homes.
Furthermore, online retailers often offer exclusive deals, discounts, and bundle packages, making online purchases more cost-effective. Currently, many racing simulator companies target potential customers through online sales channels to reach a wide range of audiences, which helps establish a direct connection with consumers and reduces distribution and inventory costs. This helps racing simulator suppliers reduce the overhead cost associated with rent, utilities, and staffing, among others, and enables them to offer competitive pricing and improved profit margins.
The Full-scale simulator market is analyzed as the fastest growing segment by simulator type
Full-scale racing simulators are fully advanced with features such as advanced motion platforms, force feedback steering, and high-quality graphics, giving racers a realistic and lifelike experience. The price range of full-scale simulators starts from USD 12,000, contributing to the smallest share at a global level. These simulators are provided for high-precision steering wheels with realistic feedback, HD multi-monitor setup, full-adjustable seats, electrically controlled pedal sets, motion platforms, advanced hydraulics, and so on.
Full-scale racing simulators provide high-fidelity graphics, accurate vehicle dynamics, and realistic motion feedback that recreate the closest approximation to actual racing conditions. Further, Virtual reality (VR) headsets provide a captivating visual experience, allowing users to feel thoroughly fascinated within the racing environment. It is costlier than the other two categories, increasingly adopted by professional racing training centers for aspiring racing car drivers, and preferred by dedicated professional racers who want to experience different driving styles.
These simulators replicate authentic driving conditions, offering a valuable tool for honing skills, practicing race strategies, and improving overall performance. CXC Simulation, Cool Performance, Trak Racer, and Vi-Grade GmbH are some key suppliers of full-scale racing simulators globally. For instance, CXC simulation offers a full-scale racing simulator called MOTION Pro II which comes with a VR set, motion platforms, and 4 Degree of Freedom costs around USD 75,000.
Further, the rising use of these full-scale racing simulators in developing countries such as China, India, and Brazil by professional racing drivers for practice is expected to drive the demand for full-scale simulators. In addition to this, the growing demand for online gaming, and increasing playstations is expected to drive the demand for full-scale racing simulators. Thus, the rising number of professional racers and their demand for realistic and lifelike racing simulators is expected to drive full-scale racing simulators in the coming years.
Europe accounted for the second largest racing simulator market during the forecast period
Europe is estimated to be the second largest racing simulator market after North America, where the UK dominates the regional market, followed by Germany and France. This is owing to the increasing preference among professional drivers to invest in racing simulators, effectively reducing costs associated with training on actual cars.
The growth of esports and the prevalence of motorsport racing events like Formula 1 (like the British Grand Prix and the Italian Grand Prix), Le Mans Virtual Series, and various touring car championships further expand the racing simulator market. The enthusiasm for motorsports in Europe extends to a demand for racing simulators as users seek to replicate the thrill of their favorite races at home. Additionally, the prevalence of professional racing teams and training centers for professional driver development programs contributes to the regional growth of racing simulators.
Numerous European OEMs, such as the BMW Group, Mercedes-Benz, Ferrari, and Porsche, actively participate in motorsport racing events. These companies are focusing on providing virtual training to their racing teams. For instance, BMW Motorsport and BMW M presented the new BMW M2 CS Racing LIVE 2019 public debut during the BMW SIM. Thus, higher consumer demand for personalized entertainment solutions, growing esports events, rising professional car racers, and initiatives by major sports car manufacturers to support young racing enthusiasts are driving the European racing simulator market.
The report provides insights on the following pointers:
Analysis of key drivers (The Growing Number of eDport Events and Development in Internet Connectivity, Growing Number of Motorsports Racing Events, and Growing Demand for Entertainment), Restraints (High Integration and Switching Cost), Opportunities (Advancement in Technology Such as Integration of AI, Virtual Reality, and Next Generation Motion Platforms, Increase in Demand for Customized Racing Simulators), Challenges (Lack of Standardization and Technical Complexity).Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the racing simulator market.Market Development: Comprehensive information about lucrative markets – the report analyses the racing simulator market across different regions.Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the racing simulator market.
Companies Featured
Cxc SimulationsTrak RacerNext Level RacingVI-Grade GmbHD-Box Technologies Inc.CrudenAnthony Best Dynamics LimitedCranfield Aerospace SolutionsSimxperienceSimworx Pty Ltd.Rs SimulationVesaroVertical Reality Simulations, LLCJcl SimulatorFpzero SimulatorsDof Reality Motion SimulatorsAdvanced SimracingEca GroupMotum Simulation Pty Ltd.SimcraftProfisim S.R.O.Ckas Mechatronics Pty Ltd.PrsImsimSimulationstechnik Lingnau GmbHCool PerformanceMoza RacingPlayseatTecknotroveFaac IncorporatedAvsimulation
For more information about this report visit https://www.researchandmarkets.com/r/80xvyq
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