New York, US, May 24, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Racing Games Market Information by Type, Application, and Region - Forecast till 2030”, Racing Games Market could thrive at a rate of 11.6% between 2020 and 2030. The market size will be reaching around USD 13.64 billion by the end of the year 2030.
Market Synopsis:
Racing games are a popular genre of video games that simulate the experience of driving or racing vehicles in various scenarios. These games offer players the opportunity to race against each other or computer-controlled opponents on a variety of tracks, from real-world circuits to fictional courses. Racing games can range from realistic simulations that require skill and strategy to arcade-style games that prioritize speed and excitement.
Racing games are primarily used for entertainment purposes, offering players a fun and immersive experience behind the wheel of their favorite cars. However, they can also be used for training purposes, such as in the case of professional racing drivers who use racing simulators to practice and refine their skills. In addition, racing games can serve as a platform for advertising and promotion, with car manufacturers often sponsoring and licensing games to promote their latest models.
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Market Competitive Landscape:
The affluent companies in the Racing Games industry include.
- Guillemot Corporation S.A
- Logitech
- The Code Masters Software Company Limited
- Nintendo
- RaceRoom Entertainment AG
- Sparco
- Electronic Arts Inc
- OpenWheeler
- Microsoft
- SIMTECHPRO
Latest Industry Updates (January 2021): Electronic Arts (EA) announced that it had completed its acquisition of Code masters, a leading developer and publisher of racing games. This move is expected to further strengthen EA's position in the racing games market, as Code masters brings a wealth of expertise and popular franchises to the table, including F1, Dirt, and Grid.
Scope of the Report - Racing Games Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 13.64 Billion |
| CAGR during 2020-2030 | 11.6% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Key Market Opportunities | Expanding Gamer Base |
| Key Market Drivers | Emergence of Next-Gen Gaming The soaring demand for driving simulators and the introduction of latest gaming |
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Market USP Covered:
Market Drivers:
One of the key driving factors for the racing games market is the popularity of motorsports and car culture, particularly among younger generations. The rise of esports and online gaming has also contributed to the growth of the racing games market, as more players can connect and compete on a global scale. Additionally, advances in technology, such as virtual reality and 4K graphics, have improved the overall gaming experience, making racing games more immersive and realistic than ever before.
Market Restraints:
One of the biggest challenges facing the racing games market is the high cost of development, as creating realistic and engaging racing games requires significant investment in technology, talent, and licensing. In addition, the market is highly competitive, with numerous developers vying for attention and market share. As a result, there is a risk of oversaturation, which can make it difficult for new or smaller developers to break through and succeed.
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COVID 19 Analysis:
The COVID-19 pandemic has had a mixed impact on the racing games market. On one hand, the increased time spent at home has led to a surge in demand for video games overall, including racing games. On the other hand, the cancellation of real-world motorsports events has limited the availability of licensed content for racing games and disrupted the development and release schedules of some games. Looking forward, it is expected that the racing games market will continue to benefit from the overall growth in video games but may face ongoing challenges related to licensing and development.
Market Segmentation:
- By Type: The Type in the market includes.
- Client Type
- Web game Type.
- By Application: By Application, the segment includes.
- Racing Simulators
- PC, Mobile
- Consoles.
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Regional Insights:
North America is the largest market for racing games, with a significant presence of major gaming companies such as Electronic Arts and Microsoft. The region also has a strong car culture, which has contributed to the popularity of racing games. In addition, the region has a well-developed esports ecosystem, which has driven the growth of competitive racing games. Further, Europe is also a significant market for racing games, with a rich motor sports tradition and a large community of racing game developers. The region has a strong following for racing games, particularly in countries such as the UK, Germany, and Italy. In addition, Europe is home to some of the world's most iconic racing circuits, such as the Nurburgring in Germany and the Circuit de Spa-Francorchamps in Belgium, which have inspired many racing games.
Additionally, The Asia-Pacific region is expected to see the most growth in the racing games market, driven by the increasing popularity of video games and esports in countries such as China and Japan. The region has a large and growing population of gamers, who are increasingly turning to racing games as a form of entertainment. In addition, the region has seen significant investment in esports infrastructure, which has helped to drive the growth of competitive racing games.
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