Dublin, Ireland, Aug. 23, 2022 (GLOBE NEWSWIRE) -- As per the latest report on lap timers by Fact.MR a market research and competitive intelligence provider, the global market is valued at US$ 197 million and is predicted to expand at a CAGR of around 5.7% over the 2022-2032 forecast period.
Market growth is attributed to factors such as growing demand for all-wheel drive, which improves torque transferring capabilities, demand for specialized and adaptive coaching, and image processing features, as well as built-in accelerometers to generate racing track data to complete future laps with more efficiency.
Technology is rapidly gaining traction as the sports industry shows tremendous growth and advancement in measuring devices that are primarily used to measure movable flaps performance to estimate the kind of force vehicles go through on a race track. Sports car manufacturing firms and participants prefer a product that offers more precision, insights, and data while driving.
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Another prominent factor driving market growth is increased use of performance measuring equipment in the sports industry. An increase in consumer demand for real-time track data and apex product capabilities in lap timers for multifarious end uses, along with a rise in the motorsport industry, are key factors expected to drive the market for lap timers over the coming years.
Key Takeaways from Market Study
- By type, digital lap timers are projected to provide an absolute $ opportunity of US$ 139 million over the forecast period (2022-2032).
- Manual lap timers are anticipated to account for 14.5% market share by 2032.
- By end use, car sports utilization is anticipated to create an absolute $ opportunity of US$ 79 million by 2032.
- Moto-GP sub-segment to create an absolute $ opportunity worth US$ 38 million by 2032.
- North America is projected to capture around 28.9% of the global lap timers market share by 2032 and be valued at US$ 99 million by 2032.
- Europe is set to provide an absolute dollar opportunity worth US$ 57 million by 2032, expanding at a high CAGR of 6.5%.
Winning Strategy
Manufacturers are collaborating with prime sports teams as well as prominent manufacturers of sports vehicles to establish a sizable market share in different end-use segments.
Prime lap timer suppliers should also focus on digital services, which include automatic data interpretation that is majorly used for driver performance enhancement. These strategies are likely to benefit market players in terms of strengthening their annual sales across regional markets.
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Competition Landscape
Garmin Ltd., Aim Technologies group, Racelogic, Unipro ApS, KSR Parts Ltd., Sumomoto, Speed Angle, Starlane srl, and Koso are some of the top companies in the lap timers market.
Lap timers brands from the top two tiers have started using python script lap timer products and customizing them according to user requirements. As such, the integration of advanced technology in lap timers increases product efficiency. Prime manufacturers are also focusing on an effective supply chain system to increase their overall profits.
Fact.MR has provided detailed information about the overall strategies adopted by lap timer manufacturers, along with their detailed overviews, including SWOT analysis and sales generated from target sports that use digital lap timers positioned across geographies.
Key Segments Covered in Lap Timers Industry Research
- Lap Timers Market by Product Type :
- Manual Lap Timers
- Digital Lap Timers
- Lap Timers Market by End Use :
- Car Sports
- Off-road Racing
- Formula 1
- Motor Racing
- Kart Racing
- Drag Racing
- Motorcycle Sports
- Moto GP
- Motocross
- Downhill
- Car Sports
- Lap Timers Market by Sales Channel :
- Offline Sales of Lap Timers
- Franchised Sports Outlets
- Independent Sports Outlets
- Online Sales of Lap Timers
- e-Commerce Websites
- Company Websites
- Offline Sales of Lap Timers
- Lap Timers Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the lap timers market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (manual lap timers, digital lap timers), end use (car sports (off-road racing, motor racing, formula 1, kart racing, drag racing) motorcycle sports (moto GP, motocross, downhill), and sales channel (offline (franchised sports outlets, and independent sports outlets), online (e-Commerce websites, company websites)), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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