Report : Asia Pacific Motorsport Transmission Market Forecast to 2030 - Regional Analysis - by Racing Type [Formula One, NASCAR, GT Racing, WTCC (World Touring Car Championship), Le Mans, Rally and Off-road, and Others] and Transmission Type (Manual, Automatic, and Sequential)
At 3.8% CAGR, Asia Pacific Motorsport Transmission Market is Projected to be Worth US$ 77.84 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific motorsport transmission market was valued at US$ 57.81 million in 2022 and is expected to reach US$ 77.84 million by 2030, registering a CAGR of 3.8% from 2022 to 2030. Rising motorsport event revenue and new race car launches and addition of new teams are among the critical factors attributed to drive the Asia Pacific motorsport transmission market growth.
Event revenue generation has increased in the past few years due to rising popularity and spending of motorsport events. F1's parent business, Liberty Media, stated that the racing promotion made US$ 2.5 billion in income in 2022, a 20% rise from the previous year's tally of US$ 2.1 billion. Compared to the previous year, Formula 1's overall revenues increased significantly during the third quarter of 2023. Formula One revenues continued to rise in the third quarter of 2023, climbing from US$ 715 million in 2022 to US$ 887 million in 2023, representing a 24% increase. Operating income climbed by 61% within the same period. Last year, the figure was US$ 82 million, but this year, it has risen to US$ 132 million. In the third quarter of 2022, all ten Formula One teams received payments of totaling US$ 370 million, as compared to 2023's increased sum of US$ 432 million. Red Bull Team reported a turnover of US$ 398.9 million in 2022, a 13% rise over the previous year's number of US$ 386.1m, while profit after tax increased from US$ 9.7m to US$ 13.4m. Red Bull Racing numbers are included in the above group totals. The team also increased its sponsorship revenue, with Oracle becoming its title sponsor at the start of the 2022 season. Mercedes-Benz Grand Prix Ltd claimed a turnover of US$ 474.6m for 2022, a US$ 94.5 increase over the previous year's number of US$434.0 m. Aston Martin reported a 25% increase in revenue in 2022, reaching US$ 229 million. Such increased revenue has enabled the motorsport teams to attend every event and increase their spending on research and development activities for new vehicles. Thus, all these factors support the requirement and adoption of the motorsport transmission, ultimately driving the market.
On the contrary, increasing adoption of electric vehicles in motorsport hampers the growth of Asia Pacific motorsport transmission market.
Based on racing type, the Asia Pacific motorsport transmission market is segmented into formula one, NASCAR, GT racing, WTCC (world touring car championship), le mans, rally and off-road, and others. The formula one segment held 45.2% market share in 2022, amassing US$ 26.12 million. It is projected to garner US$ 36.64 million by 2030 to register 4.3% CAGR during 2022-2030.
In terms of transmission type, the Asia Pacific motorsport transmission market is segmented into manual, automatic, and sequential. The sequential segment held 57.0% share of Asia Pacific motorsport transmission market in 2022, amassing US$ 32.93 million. It is anticipated to garner US$ 46.48 million by 2030 to expand at 4.4% CAGR during 2022-2030.
Based on country, the Asia Pacific motorsport transmission market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 55.4% share of Asia Pacific motorsport transmission market in 2022. It was assessed at US$ 32.00 million in 2022 and is likely to hit US$ 41.41 million by 2030, registering a CAGR of 3.3% during 2022-2030.
Key players operating in the Asia Pacific motorsport transmission market are Marelli Holdings Co Ltd, Ricardo Plc, ZF Friedrichshafen AG, and Holinger Engineering Co Pty Ltd, among others.
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