[Research Report] The motorsport transmission market was valued at US$ 329.44 million in 2022 and is projected to reach US$ 470.38 million by 2030; it is expected to grow at a CAGR of 4.6% during 2022–2030.

 

Analyst Perspective:

The global motorsport transmission market has been segmented into five major regions: North America, Europe, APAC, the MEA, and SAM. The global motorsport transmission market is driven by increasing racing car championships and the growing popularity of sports car events globally. Major racing car championships include FIA World Endurance Championship, Asian Le Mans Series, European Le Mans Series, NASCAR Cup Series, World Touring Car Cup, Formula One World Championship, Super Formula, FIA Formula E World Championship, and IndyCar Series. The rising popularity of these racing cars, with significant investments by the OEMs for car developments across the globe, is the major driving factor for the motorsport transmission market growth.

Motorsport transmission consists of manual, automatic, and sequential systems. Among these, the sequential transmission system accounted for the largest share in 2022, owing to the rising adoption of this gearbox among Formula One cars. The Formula One car championship is the most common racing type held globally, followed by Le Mans and the World Touring Championships. Technological advancements and a growing focus on safety and convenience in motorsport car development are the key driving factors for sequential transmission in the global motorsport transmission market. For instance, in December 2020, HGT Precision launched a sequential gearbox for the MotorSport New Zealand competition's license holders. HGT Precision produced a Sequential 7075-T651 gearbox with a high-precision 5-axis CNC machine. The company used robust materials and adopted a precise manufacturing process to produce strong and rigid gears. HGT Precision gears produce Diamond Grounded gears with high durability, low noise, efficiency, and resistance to pitting. Such instances are driving the growth of the motorsport transmission market.

Similarly, in September 2021, Nissan launched the GT-R racing car model for Japan and the global market. This model is equipped with a sequential gearbox, carbon ceramic material-based brakes, a carbon-fiber material-based rear spoiler, and an exclusive engine cover. Advancements in transmission systems by the key players and the adoption of sequential transmission system-based sports cars drive the motorsport transmission market.

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Motorsport Transmission Market: Strategic Insights

Motorsport Transmission Market

• 
  CAGR (2022 - 2030)

  4.6%
• Market Size 2022
  US$ 329.44 Million
• Market Size 2030
  US$ 470.38 Million

Market Dynamics

GROWTH DRIVERS

• Increasing Popularity of Motorsport Events

FUTURE TRENDS

• New Race Car Launches and Addition of New Teams

OPPORTUNITIES

• Rising Motorsports Trends in Asia Pacific

Key Players

• Marelli Holdings Co Ltd
• Ricardo Plc
• Drenth Gearboxes Holland BV
• EMCO Gears Inc
• Samsonas Motorsport UAB
• Hewland Engineering Ltd
• ZF Friedrichshafen AG
• SADEV SAS
• Holinger Engineering Co Pty Ltd

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Racing Type

• Formula One
• NASCAR
• GT Racing
• WTCC

Transmission Type

• Manual
• Automatic
• Sequential

Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South and Central America

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Market Overview:

Motorsports viewership has increased dramatically in recent years. Considering the worldwide motorsport events, Formula 1 stands unrivaled in terms of appeal and viewership, with ~1.9 billion viewers in the 2023 season. According to IndyCar numbers, the series averaged 1.403 million viewers per race on NBC, a 2% rise year over year. The doubleheader at Lowa Speedway was especially outstanding, averaging 1.21 million viewers throughout the weekend, a 31% increase year over year. The Indianapolis 500 was one of the season's top draws, with an average of 4.94 million viewers. While this increased over last year's average of 4.84 million viewers, 2023 is one of only four seasons of the race to have received fewer than five million spectators. All such factors are propelling the motorsport transmission market growth.

Event revenue generation has increased in the past few years due to the 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. Such factors have directly affected the motorsport transmission market.

 

Market Driver:

Increasing Popularity of Motorsport Events is Driving the Motorsport Transmission Market Growth

Motorsports viewership has increased dramatically in recent years. Considering the worldwide motorsport events, Formula 1 stands unrivaled in terms of appeal and viewership, with ~1.9 billion viewers in the 2023 season. According to IndyCar numbers, the series averaged 1.403 million viewers per race on NBC, a 2% rise year over year. The doubleheader at Lowa Speedway was especially outstanding, averaging 1.21 million viewers throughout the weekend, a 31% increase year over year. The Indianapolis 500 was one of the season's top draws, with an average of 4.94 million viewers. While this increased over last year's average of 4.84 million viewers, 2023 is one of only four seasons of the race to have received fewer than five million spectators. The Formula One season in the US in 2022 averaged 1.21 million viewers per race on ESPN, ESPN2, and ABC, a 28% increase over the previous US television record of 949,000 average viewers established in 2021. In addition, the 2022 season was the first in US television history to average 1 million viewers for each race. Such huge viewer base may attract the investment which anticipated to drive the motorsport transmission market growth.

In terms of television viewership, the US ranks in third position. With rising popularity and more home events on the calendar, the US is likely to break into the top five in the future years. Most other countries witnessing rapid growth in viewing are already listed among the top five in the world. However, China and Russia have witnessed a huge increase in viewership. Motorsport Network conducted the Global F1 Fan Survey in 2021 during August and October. A total of 167,302 completed responses were gathered, the largest number ever. 34% of respondents were under the age of 24, and nearly 63% were under the age of 34. Such increased popularity for motorsport has positively affected the number of events. As a result, several new small-scale motorsport events have emerged that have directly and positively impacted the motorsport transmission market growth.

Segmental Analysis:

Based on race type, the global motorsport transmission market share is divided into Formula One, NASCAR, GT Racing, World Touring Car Championship (WTCC), Le Mans, Rally and Off-Road, and Others. Among these, Formula One has the largest share of motorsport transmission market owing to the presence of this racing event in countries including the US, China, Germany, France, and Italy. The cost of Formula One cars is also higher than that of other racing cars. Also, in 2021, the Formula One season had the highest popularity, watched by over 1.55 billion viewers globally, and it attracted ~445 million unique viewers across the globe.

Regional Analysis:

North America has secured the second position in the global motorsport transmission market. Formula One has the highest popularity in North America, whereas NASCAR has now become the second most popular motorsport in the region. The US market held the maximum share owing to the strong presence of automotive manufacturers and deep-rooted passion for motorsports. Companies such as Xtrac and G-Force Racing Transmissions are prominent in producing high-performance transmissions for various motorsport disciplines. The US motorsport transmission market is driven by a strong motorsport culture and high demand for NASCAR, IndyCar, drag racing, and off-road racing. Canada is following the trend after the US in terms of total revenue. The country hosts a round of the Formula 1 championship, drawing global attention.

Key Player Analysis:

Marelli Holdings Co Ltd, Ricardo Plc, Drenth Gearboxes Holland BV, EMCO Gears Inc, Samsonas Motorsport UAB, Hewland Engineering Ltd, ZF Friedrichshafen AG, SADEV SAS, Holinger Engineering Co Pty Ltd, and Xtrac Ltd are among the key motorsport transmission market players operating in the market.

Motorsport Transmission Market Report Scope

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Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global motorsport transmission market. A few recent developments by key motorsport transmission market players are listed below:

Year	News	Region
May-2023	Ricardo announced a multi-year partnership with British supercar manufacturer McLaren Automotive to produce its next-generation V8 power unit.	Europe
July-2023	Inflexion announced it has agreed to sell its investment in Xtrac Ltd. ("Xtrac"), a market-leading manufacturer of transmissions systems for the motorsport and high-performance sectors, to MiddleGround Capital—a US and European middle market private equity firm.	North America