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 owing to the presence of this racing event in several 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.
Based on transmission type, the global motorsport transmission market share is segmented into manual transmission, automatic transmission, and sequential transmission. Among these, the sequential transmission system accounted for the largest share in 2022, primarily owing to the increasing investment by the key OEMs to adopt these systems. For instance, Xtrac. Inc., a motorsport transmission market player for the automotive, aerospace, defense, and motorsport sectors, launched a six-speed sequential transmission system and rear differential system for the four-wheel drive rally and motorsport cars. This transmission system was developed to comply with the Federation of the International Automobile Super 2000 regulations.
Europe accounted for a significant motorsport transmission market share in 2022, owing to rising disposable income, increasing popularity of sports cars, and rising sports car championship events. Germany, France, Italy, and the UK are among the significant contributors to the Europe motorsport transmission market. Also, increasing automotive production across Europe and North America and the high-income levels of the countries are driving the global motorsport transmission market.
ZF Friedrichshafen, Hewland Engineering Ltd., Xtrac Ltd., Recardo, SADEV SAS, and Marelli Holdings Ltd. are the key market players present in the global motorsport transmission market.
Key Findings of Market Study:
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. Preparations are ongoing to compete in the Formula SAE in the UK, lighter, faster, and with more power than predecessors. Formula 2 announced their latest generation of race cars ahead of the Italian Grand Prix. The new generation of cars, which will be used by 2026, is intended to assist those aiming for Formula one. This new generation car, which incorporates the most recent FIA safety innovations, is powered by a 3.4-litre turbo-charged Mecachrome engine and includes several new features to accommodate the Aramco synthetic sustainable fuel that will be introduced in 2025. Apart from the new race car launches, many new teams are entering the motorsport events. In December 2022, a team from Germany announced that they were looking to enter NASCAR Cup Series in 2023. Further, in October 2023, the FIA approved Andretti Globe's bid to become the 11th Formula One team in 2026. At the start of the 2023, the FIA began expanding the F1 grid from its current ten teams, prompting Andretti to announce a new relationship with General Motors brand Cadillac. In November 2023, the World Endurance Championship announced its plans to expand the grid to 40 cars by 2025. Thus, the constant launching of innovative cars and new team additions are projected to increase the demand for race car components such as engines and gearboxes, thereby driving the motorsport transmission market growth.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com