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The global motorsport aftermarket market is growing fast for many positive factors

The brief introduction about global motorsport aftermarket products
The Motorsports aftermarket Market size had surpassed  US$ 11 billion in the year 2023, and it is estimated to grow at a CAGR of 7 % from 2023 to 2032, up to  US$ 20 Billion by 2032. 

The rigorous racing activities and intense powersports competitions ask for advanced motorsport aftermarket accessories including reliable led lights in order to reduce accidents and damages on the racing vehicles and drivers.Also, the growing incidents of vehicle recall due to safety concerns are making the aftermarket market more lucrative.For example,According to the Consumer Federation of America (CFA), totally 167 off-highway recall notices have been recorded from January 2010 to February 2023. The said vehicles cover ATVs,UTVs and recreational highway vehicles (ROVs). Other factors such as increasing number of races,advertisements and sponsorships are driving the market growth of powersport aftermarket products.

Based on the racing series, the motorsport market is classfied into formula racing,stock car racing,Sports Car Racing , touring Car Racing, sprint Car Racing , Hill Climb Racing, Off Road Racing, Rally Racing such WRC, APAC Rally, European Rally, Dakar Rally, ARA Rally,etc. For each series, there are different certification and quality requirements for varied powersport aftermarket products.

Offline sales channels cover 65% of powerspors aftermarket share in the year 2023 because more and more customers prefer buying larger vehicles such as sports cars. The offline sales channel often offer customers free servicing,longer warranty duration and discounts on additional aftermarket accessories in order to achieve market expansion.

By geography, the international market is classified into north America,Europe,Asia Pacific, Latin America and the middle east.

Europe lead the Motorsports aftermarke Market in 2022, with a market share of 38.4% in 2022 and estimated to reach USD 3609.4 million by 2027, it is estimated to grow at  CAGR of 8.2% from 2023-2027. This growth is mainly driven by more sophisticated and tailored content strategies for each major platform and the emergence of social media and OTT platforms as broadcast channels in this region. North America powersports aftermarket revenue is expected to follow suit owning to increasing interests in off-road events, recreational activities and water sports.Developed countries such as USA and Canada are making heavy investment on recreational infrastructure projects covering sport clubs,amusements parks an trails.Besides, the rapid technical developments and increasing modernization of powersport vehicles will result in more market share of powersport aftermarket.

The Asia pacific area is the fastest-growing market in terms of broacasting and viewership. The rapid development of automobile, motorsport aftermarket components faciliate the market growth in China,India and South Korea. Japan is a famous in the MotorGP segment, it has the best motorbike companies in the world. Australia is market leader in off-road,water,air and dirt bike racing events. 

In latin America, Argentina has the biggest market for F1 and MotorGP, and Brazil is famous in the water motorsport events. In the middle east,UAE is the fastest growing market owing to huge investments on developments of F1 and motorGP tracks.

Product launches,acquistions and strong R&D activities are key strategies adopted by players in the motorsport aftermarket sector. The key players in the motorsport aftermarket market cover

Aisin Seiki co.,ltd.
Kubota Corporation
Yamaha motor co.,ltd
Bombardier Recreational Products
Deere& Company
Honda Motor Co.,ltd
Harley Davidson
LeMans Corporation
Hwang Yang Motor co.,ltd
Motorsport Aftermarket Group
Polaris Inc
Kawasaki Motors Corporation
Textron Inc
Suzuki Motor Corporation
Western Power Sports

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