Rising Motorsport Event Revenue is Driving 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 One’s overall revenues increased significantly during the third quarter of 2023. Formula One revenue 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. Operating income climbed by 61% within the same period. Last year, the figure was US$ 82 million, but this year, it has risen to US$ 132 million. In the third quarter of 2022, all ten Formula One teams received payments totaling US$ 370 million, as compared to 2023’s increased sum of US$ 432 million. Red Bull Team reported a turnover of US$ 398.9 million in 2022, a 13% rise over the previous year’s number of US$ 386.1 million, while profit after tax increased from US$ 9.7 million to US$ 13.4 million. Red Bull Racing numbers are included in the above group totals. The team also increased its sponsorship revenue, with Oracle becoming its title sponsor at the start of the 2022 season. Thus, all these factors support the requirement and adoption of the motorsport transmission, ultimately driving the motorsport transmission market.

Europe accounted for a significant 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 countries such as the US, Canada, Germany, and France are driving the global motorsport transmission market.

Motorsport Transmission Market Analysis: Racing Type Overview

GT racing is a circuit auto competition with vehicles that have two seats and enclosed wheels. GT racing includes major car models such as Acura NSX GT3 Evo22, Aston Martin Vantage V8 GT3, Audi R8 LMS GT3 EVO II, BMW M4 GT3, Ferrari 296 GT3, Lamborghini Huracan GT3 EVO, and McLaren 720S GT3. GT World Car Racing Challenge Series is majorly held in Asia, America, Australia, and Europe. In the 2022 season, ~29 global events were organized. The schedule included ten racing rounds in Europe, 7 in America, 6 for the returning Asian series, and a further six were held in Australia. Several key players are partnering with the OEMs in order to supply the auto components required for their vehicle models. For instance, in February 2021, SRO Motorsports Group partnered with Fanatec to supply the racing equipment. Fanatec offers its car component to the GT World Challenge Series and the GT2 European Series.

In December 2020, Ricardo partnered with major motorsport transmission market players to deliver competition-ready transmission systems. The company offered its transmission system to GT racing, Formula 1, prototype, WRC, and electric race series, including Formula E.

Thus, such rising partnerships among the key manufacturers and sports car component suppliers globally with the rising popularity of GT racing drive the motorsport transmission market for the segment.

Motorsport Transmission Market: Competitive Landscape and Key Developments

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 players operating in the motorsport transmission market. In addition, several other important motorsport transmission market players have been studied and analyzed during the study to get a holistic view of the motorsport transmission market and its ecosystem.

Year	News	Region
November -2022	Hyundai Motor Company and Kia Corporation have unveiled the Universal Wheel Drive System (Uni Wheel). Uni Wheel is a functionally integrated wheel drive system that improves available space inside an electric vehicle (EV) by moving the main drive system components to the vacant space within the wheel hub.	APAC
Octomber-2023	Toyota announced its plans to develop a new automatic transmission for motorsports that will mimic the feel of a manual gearbox. The project is meant to get more people involved in motorsports.	APAC