LONDON–(BUSINESS WIRE)–#GlobalMotorsportTransmissionMarket–The motorsport transmission market is expected to grow by USD 12.87 million during 2020-2024, expanding at a CAGR of almost 1%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Motorsport Transmission Market: Increased viewership of racing events to drive growth
Globally, the broadcast and viewership of racing events such as off-road racing has increased over the years. For instance, in 2015, Columbia Broadcast System (CBS), CBS Sports Network, and the Maverick Television (MAVTV) Motorsports Network offered 45 hours of original programming and at least 72 hours of re-airings, which totaled to 117 hours on three major national networks. Such exposure has increased the awareness of racing events among the population, which has attracted a significant number of sponsors. This is increasing the number of motorsport events, which in turn, is fueling the growth of the global motorsport transmission market.
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As per Technavio, the rising sponsorship for motorsport racing events will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Motorsport Transmission Market: Rising Sponsorship for Motorsport Racing Events
The rising popularity of various sporting events has significantly increased the number of advertisers and sponsors from various companies. Apart from automotive manufacturers and automotive component manufacturers, sponsorship from companies belonging to other industries such as telecommunications, construction materials, professional services, chemicals, and others is also increasing every year. This scenario is directly positively influencing the motorsports racing market as well as other dependant markets such as racing vehicles and racing parts market and the global motorsport transmission market.
“Reduction in manufacturing cost of transmission models and increase in the number of racing tracks will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Motorsport Transmission Market: Segmentation Analysis
This market research report segments the motorsport transmission market by Type (F1, NASCAR, and Others) and Geography (Europe, North America, APAC, South America, and MEA).
The F1 segment led the global motorsport transmission market in 2019. The segment is driven by the rising investments, funding, and innovation in R&D related to transmission technologies for F1 cars. Also, the rising sponsorship for F1 events from various industries is contributing to the growth of the segment.
The European region led the motorsport transmission market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the easy availability of digital media and the high level of internet penetration in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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