Racing Simulator Market worth $1.1 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 26, 2024 /PRNewswire/ -- 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%, according to a new report by MarketsandMarkets™. The growth of the racing simulator market is mainly driven by the rising e-sports tournaments and leagues, inclination towards professional motor racing events, constant advancement in simulation technology, rising affordability, and easy accessibility. Further, the inclusion of virtual reality & AI technology in racing simulators and a growing focus on professional training and recreational gaming would prompt the development of the racing simulator market globally.

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Browse in-depth TOC on "Racing Simulator Market".

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Racing Simulator Market Scope:

Compact/Entry-level racing simulator holds the largest market share during the forecast period.

Compact simulators lead the global market and are majorly preferred by casual and enter-level/beginner racing enthusiasts for home and entertainment applications owing to their advantages such as space efficiency, affordability, easy setup, and mass appeal. These simulators are usually priced below USD 2,000 and are installed with basic hardware such as steering wheels, pedal sets, metal frames, monitor stands, and seats that can easily fit in the limited space. They also find applications in commercial entertainment venues such as arcades, gaming lounges, and family entertainment centres. A variety of products ranges from several players to enable convenient and easy buying options. The rise of the e-sports ecosystem and competitive virtual racing tournaments is expected to drive the adoption of compact racing simulators. The developed countries of North America and Europe have strong console gaming cultures and the prominent presence of several players such as D-BOX Technologies Inc., Trak Racer, Simxperience, Simworx Pty Ltd, and Vi-Grade GmbH offer various cost-effective simulators. The compact segment is easy to crack with high profit margins and cost benefits, which leads to many new players entering this industry. For instance, Sabelt, a manufacturer of racing car Seats, belts, and other motorsport products has launched the Sabelt S Series compact simulators, which include four cockpit ranges at a price range of €699-€1,497. Many other small to medium-scale manufacturers are entering into this segment to gain business growth opportunities and these factors collectively contribute to the widespread adoption and increasing market share of compact racing simulators worldwide.

"Steering Wheel will account for the largest and fastest-growing component racing simulators market by 2030."

The steering wheel is estimated to be the leading and fastest-growing component in the racing simulator industry over the forecast period. An usual steering wheel commonly includes buttons, paddle shifters, rotary knobs, and digital displays and closely copy the ones seen in real race cars. The advanced steering system incorporates force feedback technology to imitate the resistance and vibrations felt while driving on various surfaces or making maneuvers. Steering wheels featuring on-board displays offer customization options, allowing users to tailor the displayed information through provided software. There are different types of styles, choices, and customization options available in steering wheels including licensed steering wheels from BMW, McLaren, and Porsche. However, owing to the higher cost, these steering wheels with advanced control mechanisms are installed in the mid- & full-scale racing simulators. Companies like Logitech, Thrustmaster, and Fanatec are at the forefront, offering steering wheels with features such as magnetic sensors for precise control, direct drive systems for unparalleled force feedback, and compatibility with virtual reality setups for an even more immersive experience. Hence, to make the virtual racing experience more engaging and connected to reality, several advancements are on broad leads to influence consumer preferences and drive the extended demand for advanced steering wheels in mid- to full-scale racing simulators.

North America will be the leading racing simulator market over the forecast period.

The growth of the North American racing simulator market can be primarily attributed to upcoming advancements in racing simulators and expansions made by racing simulators to cope with the increasing demand for racing simulators. The dominance of this region can be attributed to robust and well-established gaming and esports culture, strong presence in motorsports activities, high level of disposable income, and higher acceptance of technologically advanced products. A significant portion of the population actively engaged in virtual gaming events such as NASCAR and the Indycar Series in the region. These sim racing events with attractive prize pools attract a vast audience. Furthermore, the region is forefront of technological innovation that leads to the development of cutting-edge racing simulator technologies such as advanced motion platforms, HD graphics, and virtual reality integration among others. The market demand is supported by key simulator providers such as CXC Simulation (US), Trak Racer (Australia), Next Level Racing (Australia), D-Box Technologies, Inc. (Canada), and Vi-Grade GmbH (Germany).  The strong sense of community and social interaction embedded in the sim racing culture, coupled with the growth of eSports events in the region, has played a pivotal role in fuelling the rising popularity of racing simulators in North America.

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Key Market Players:

The major players in Racing Simulator Companies include CXC Simulation (US), D-Box Technologies, Inc. (Canada), Trak Racer (Australia), Next Level Racing (Australia), SIMXPERIENCE (US), Vi-Grade GmbH (Germany), Cruden B.V. (Netherlands), and Simworx Pty Ltd (Australia).

Recent Developments

• In November 2023, Next Level Racing introduced the all-new Next Level Racing GTRacer. This simulator cockpit is meticulously crafted to provide a captivating GT-style racing encounter, catering to the preferences of racing enthusiasts, all within a budget-friendly package.
• In November 2023, VI-grade GmbH unveiled the DiM300 Driving Simulator, an enhanced edition of its widely praised DiM DYNAMIC Driving Simulator Technology. This state-of-the-art simulator signifies the most recent progression in VI-grade's line of extensive simulators, expanding upon the achievements of the award-winning DiM150 and DiM250 models.
• In November 2023, D-Box Technologies, Inc. and Playseat B.V., design, and manufacturer of gaming gear for racing & flight simulation cockpits as well as game seats, formed a partnership to bring D-BOX's haptic technology to Playseat's sim racing chassis and flying simulation cockpits.
• In November 2023, D-Box Technologies, Inc. and Advanced SimRacing design and simulation racing chassis manufacturer formed a strategic partnership to build a racing simulator with D-BOX's FIA-licensed haptic technology.
• In September 2023, Next Level Racing unveiled the Next Level Racing Go Kart Plus racing simulator cockpit. Tailored for racers of all ages, the Next Level Racing Go Kart Plus provides an authentic go-kart racing experience while incorporating various innovative features and customization options.
• In August 2022, D-Box Technologies, inc. launched its latest generation patented G5 haptic actuator system. The updated actuators have incorporated the controller box, resulting in significant space savings, and facilitating the effortless integration of D-BOX haptic technology into various devices for generating motion, texture, and vibrations.
• In April 2022, CXC Simulations introduced the Tactical Driving Simulator, specifically designed for tactical driving and pursuit training purposes for federal law enforcement. The Tactical Driving Simulator utilizes the features of the Motion Pro II, such as an exclusive, full-motion, lightweight motion control system, Force-feedback steering wheel, Hydraulic braking system, Electric actuators, and Next-generation physics and graphics engines. The Tactical Driving Simulator employs software created by CXC Simulations specifically for tactical driving training. To ensure optimal effectiveness as a training tool, the simulator incorporates customized driving models with intricate physics for tires, weight balance, and precise crash and damage physics.

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