The Global Automotive Market
Last updated
Last updated
Like some of the most successful video game franchises (Grand Theft Auto, Need for Speed, Gran Turismo, etc), RaceMe is specifically designed to tap into the global obsession with ‘all things automotive’.
The global automotive industry is projected to grow to just under nine trillion U.S. dollars by 2030, with new vehicle sales accounting for about 38 percent of the market.
Motorsport, particularly the Formula1 (F1) Grand Prix Championships, and MotoGP, are at the pinnacle of competitive motor racing with a huge fanbase, and below them is a vast spectrum of diverse car and racing activities from hobbyists and collectors to professional drivers and competitors, all enthused and enthralled by the magic of the motor vehicle.
These enthusiasts invest vast sums in their vehicles, from performance-boosting modifications to cosmetic enhancements. The global automotive aftermarket size is expected to be worth around US$ 950.09 billion by 2027 from US$ 693.8 bn in 2020 with a CAGR of 4.61% from 2021 to 2027.
The market is majorly driven by the pursuit of automobile drivers to enhance their vehicle performance in terms of exhaust sound, speed, and appearance parameters along with many other aspects.
