The racing simulator market is projected to grow from USD 0.5 billion in 2024 to USD 1.1 billion by 2030 at a CAGR of 15.6% during the forecast period. The increasing popularity of virtual sim racing events, the growing use of racing simulators for entertainment purposes, the rising number of motorsport events, and the increasing application to racing simulators for professional racers training are some drivers of this market.
The Growing Number of eSport competitions with significant prize money.
The increasing popularity of esports in recent years offers gamers a platform for participating in virtual tournaments. There has been an increased demand for racing simulators in such virtual events, as these systems provide an immersive gaming experience aligned with the surge in esports engagement. Unlike real-world counterparts, the esports racing simulator offers a more accessible and affordable path to competition. Instead of spending millions on buying actual race cars and providing sponsorship for race events, racing enthusiasts other than professional drivers prefer virtual racing using decent gaming PCs and racing simulator setups. Enhanced internet speeds contribute to developing rich and profound experiences, incorporating features such as high-resolution graphics, intricate track simulations, and seamless integration with virtual reality technology. Prominent esports competitions such as the Formula One Esports Series and Le Mans Virtual Series have emerged as prestigious events that allow participants to highlight their skill and commitment in sim racing. The growing number of virtual racing events with good prize pools attract sim racing enthusiasts towards virtual sim racing, driving the demand for racing simulators. For instance, Porsche TAG Heuer Esports Supercup organizes the Esports racing events with a prize pool of around USD 200,000.
Similarly, the Formula One Sim Racing World Championship organized the virtual sim racing event with a prize pool of USD 750,000. Hence, the rising prevalence of e-sport events will inspire users from different age groups to participate in and win such tournaments. This will subsequently boost the demand for racing simulators to a global level.
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Integration of artificial intelligence (AI), virtual reality, and next-generation motion platforms.
Racing simulators have attained greater realism through technological advancements such as Virtual Reality (VR), sophisticated motion platforms, and the integration of artificial intelligence. VR is witnessing a surge across the sports and gaming industries. Notably, first-person racing simulation games have extensively embraced VR technology, elevating the experience through head-mounted displays (HMDs). Rapid progress in VR HMDs has led to the widespread availability of commercial models tailored for gaming, now accessible at reasonable prices. Products like Oculus Rift and HTC Vive are priced at around USD 800, enhancing VR’s accessibility for racing enthusiasts.
Moreover, certain VR headsets are integrating “Feedback technology,” enabling racers to sense the engine vibrations, road bumps, and even the G-forces during cornering, thus adding another dimension of realism and depth to the experience. Similarly, advanced VR headsets with full-body tracking allow racers to replicate real-world movements such as steering, braking, and accelerating with their arms and legs in the virtual environment, resulting in a more immersive and physically engaging experience.
North America is expected to lead the market during the forecast period.
North America is set to account for the largest value for the racing simulator market by 2030. The US and Canada dominate this market with a rich car racing tradition and virtual racing events. Some popular racing car events in this region are World Rally championships, US Grand Prix (Formula 1), Canadian Grand Prix (Formula 1), Indianapolis 500 (IndyCar), NASCAR Cup Series, 24 Hours of Daytona, Petit Le Mans (IMSA WeatherTech SportsCar Championship), and Grand Prix de Trois-Rivières (NASCAR Pinty’s Series). These racing events’ appeals extend beyond demographics and attract the interest of younger and older enthusiasts. The high-speed action with cutting-edge technologies and vibrant atmosphere creates a thrilling feel that users want to replicate using racing simulators. Racing simulators provide a platform for enthusiasts to engage with the sport firsthand, offering a realistic and interactive alternative. Due to this, the demand for compact simulators is progressive in the countries and will remain dominant in the future.
Key Market Players
The racing simulator market is fragmented and dominated by several global and regional players. Some of the key players in the racing simulator market are CXC Simulation (US), Trak Racer (Australia), SIMXPERIENCE (US), VEsaro (UK), and Vi-Grade GmbH (Germany).
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