Report : North America 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 4.5% CAGR, North America Motorsport Transmission Market is Projected to be Worth US$ 113.30 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the North America motorsport transmission market was valued at US$ 79.80 million in 2022 and is expected to reach US$ 113.30 million by 2030, registering a CAGR of 4.5% from 2022 to 2030. New race car launches and addition of new teams and rising motorsport event revenue are among the critical factors attributed to drive the North America motorsport transmission market growth.
Many motorsport teams and automakers across the globe are introducing new track-ready vehicles that are more efficient and effective. In February 2023, McLaren Motorsport confirmed the new 720S GT3 EVO, intended to be built on the 720S's performance at the top of the international GT3 field into the 2023 season and beyond. The 720S GT3 EVO will be homologated for the 2023 season as a new-build race vehicle or as an update package for an existing car. The modifications incorporate lessons learned from the 720S GT3, which has been a front-runner in GT3 since its debut, as well as feedback from teams, and continue a program of GT race cars meant to be accessible to customer outfits and drivers of all talents, which includes the forthcoming Artura GT4. Hyundai formally introduced the next generation of its i20 N Rally1 car, which will compete in the 2023 World Rally Championship in January 2023. ECU Racing will introduce a lighter, faster, and more powerful car in November 2023. ECU Racing has presented its newest race car to celebrate its 15th anniversary.
On the contrary, increasing adoption of electric vehicles in motorsport hampers the growth of North America motorsport transmission market.
Based on racing type, the North America 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 43.3% market share in 2022, amassing US$ 34.54 million. It is projected to garner US$ 47.69 million by 2030 to register 4.1% CAGR during 2022-2030.
In terms of transmission type, the North America motorsport transmission market is segmented into manual, automatic, and sequential. The sequential segment held 65.0% share of North America motorsport transmission market in 2022, amassing US$ 51.85 million. It is anticipated to garner US$ 77.58 million by 2030 to expand at 5.2% CAGR during 2022-2030.
Based on country, the North America motorsport transmission market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 70.8% share of North America motorsport transmission market in 2022. It was assessed at US$ 56.47 million in 2022 and is likely to hit US$ 82.48 million by 2030, registering a CAGR of 4.8% during 2022-2030.
Key players operating in the North America motorsport transmission market are Marelli Holdings Co Ltd, Ricardo Plc, EMCO Gears Inc, ZF Friedrichshafen AG, SADEV SAS, Holinger Engineering Co Pty Ltd, and Xtrac Ltd, among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com