Market Research Future Insights:
During the projected period, the racing games market is anticipated to be driven by elements including the advent of next-generation gaming technologies and an increase in demand for driving simulators. The popularity of AR and VR games presents profitable potential for the market's vendors. The high price of games, gaming consoles, and accessories, however, is anticipated to impede market expansion. The Racing Games market industry is projected to grow from USD6.2 Billion in 2023 to USD 6.9192 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 11.60% during the forecast period (2023 - 2032).
The ecosystem for the global racing games market is made up of console manufacturers, distributors, resellers, hardware vendors, and software developers who create games. A small number of major players who provide comprehensive gaming offerings dominate the market for racing games.
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Key Players:
The Prominent Players operating in the Racing Games Market are,
- 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)
- PlaySeat (Netherlands)
Regional Analysis:
The Middle East & Africa, South America, North America, Europe, and Asia Pacific (APAC) have all been included in the regional analysis for the international racing games.
The market in Asia-Pacific held the greatest racing games market share in 2018 and is anticipated to continue to rule the industry over the next five years. China has the largest gaming market in the Asia-Pacific region. During the forecast period, North America is anticipated to be one of the biggest markets for racing games. The area is one of the biggest markets for the gaming sector, and many major players are present there.
Market Segmentation:
Segmentation of the global racing games market has been done by type, application, and region.
The racing game market has been divided into client type and webgame type based on kind. The client type category had a greater racing games market share in 2018 and is predicted to hold the top spot for the duration of the forecast. Games on CD and those that can be downloaded make up the client type portion. These can be played on consoles, mobile devices, PCs, and connected simulators. Client-type games are preferred by most racing game gamers. The client type segment held the largest market share of 96.9% in 2018 and is anticipated to grow at a faster CAGR of 11.3% over the following five years.
The racing games market has been divided into mobile, PC, console, and racing simulators based on application. Additional divisions of the console sub-segment include XBOX, PlayStation, and others. The PC segment has been expanded to include games that can be downloaded or bought from actual stores and played on personal computers. On a smartphone, games that are downloaded as mobile applications from the App Store or Play Store are categorised under the mobile segment. Gamers who like fast-paced racing games and want to have realistic handling and controls use consoles. Racing simulators are employed by private businesses and educational institutions to train drivers as well as for entertainment. In 2018, the mobile segment held the largest racing games market share; over the forecast period, it is anticipated to grow at a CAGR of 11.4%. The second-largest market in 2018 was the PC segment, which is expected to grow at a 6.5% CAGR.
Racing Games Market By Gaming Type:
- Console
- Laptop
- Smartphone
- Download PC
- Tablet
Racing Games Market By Geography:
- Asia pacific
- Europe
- North America
Racing Games Industry Developments:
January (2023): Codemasters announces that it has been acquired by Electronic Arts for $1.2 billion.
February (2023): Microsoft announces that it is acquiring Activision Blizzard for $68.7 billion.
March (2023): The release of Gran Turismo 7, a new racing game developed by Polyphony Digital and published by Sony Interactive Entertainment.
April (2023): The release of Forza Horizon 5, a new racing game developed by Playground Games and published by Xbox Game Studios.
May (2023): The release of Mario Kart 8 Deluxe, a new version of the popular racing game developed by Nintendo EPD and published by Nintendo.
June (2023): The release of F1 2023, a new racing game developed by Codemasters and published by Electronic Arts.
These are just a few of the many racing games industry developments that have taken place in 2023. The industry is constantly evolving, and it will be interesting to see what new and exciting developments take place in the months and years to come.
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Some of the trends that are expected to shape the racing games industry in 2023 and beyond:
The rise of next-generation consoles: The release of new consoles, such as the PlayStation 5 and Xbox Series X/S, is expected to drive innovation in the racing games industry. Developers will be able to take advantage of the increased power and performance of these consoles to create more realistic and immersive racing experiences.
The growth of mobile gaming: Mobile gaming is a rapidly growing market, and racing games are a popular genre on mobile devices. Developers are creating new racing games specifically for mobile platforms, and existing racing games are being ported to mobile devices.
The increasing popularity of esports: Esports is a growing industry, and racing games are a popular genre in esports. This is driving the development of new racing games that are specifically designed for competitive play.
The use of artificial intelligence (AI): AI is being used in a variety of ways in the racing games industry. For example, AI is being used to create more realistic and challenging opponents, and to generate realistic weather conditions.
These are just a few of the trends that are expected to shape the racing games industry in 2023 and beyond. The industry is constantly evolving, and it will be interesting to see what new and exciting developments take place in the years to come.
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