|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
- The Global online games market is expected to register a 5.86 % CAGR during the forecast period 2021 - 2026.
- In online racing games, players drive their vehicles along racetracks, usually against other drivers. For Instance, Mario Kart is a successful game that incorporates the cast and characters from the original Super Mario platform game into a competitive racing game with weapons and power-ups. Another popular racing franchise with an extensive history on the PC and consoles, Need for Speed, now has several apps.
- The launch of new games attracts many customers into the online racing games market. The racing games are intuitive and unique. These online racing games keep the individuals engaged. Due to this greater user experience, demand for the online raging games market has doubled. Post COVID-19, the online racing games market will see new developments. Innovations will occur in the Online Racing Games market, which is predicted to grow faster during the forecasted period.
- The high cost of paid games continues to be a market barrier. Many players choose to play free online racing games. The price of premium games is higher in the online racing games market. Due to higher costs, many consumers terminate their memberships. High-priced Premium online racing game subscriptions may impact the overall market growth.
- There are some privacy concerns and challenges associated with online racing games. In most online racing games, permission is granted to access sensitive information such as access to contacts and other credentials. Misuse of this data can cause serious problems for the user.
- COVID-19 pandemic situation impacted the operations of several sectors. On the other hand, the COVID-19 pandemic has increased the demand for the online racing games market. As a result of the COVID-19 outbreak, lockdowns and limits were being implemented. Many people were forced to stay at home to avoid the spreading of the Coronavirus. During the pandemic, Online Racing games were a popular entertainment platform for many people. COVID-19 pandemic period was a great time for the online racing games market, and it has been a huge achievement in the racing game industry.
Scope of the Report
The growing trend in the online racing games market, men playing racing games will create more growth for the racing games market. Advanced skills of game developers to offer real-like video games are creating a positive impact on the market. The adoption of advanced visual effects in these games is attracting many customers to the online racing games market. Racing game apps require players to drive their vehicles, usually against other drivers, along racetracks.
The Global Online Racing Games Market is segmented by Type (Advertising, In-App Purchase, Paid App) and Geography.
Key Market Trends
Increasing Mobile Penetration drives growth in the market
- According to Ericsson, the number of smartphone subscriptions worldwide surpassed 6 billion in 2021 and is forecast to further grow significantly over the next years. China, India, and the United States are the countries with the highest number of smartphone users. Furthermore, smartphone penetration is expected to further increase as the rate is still lower than 70% in many highly populated countries, in particular China and India. The high potential of increasing smartphone penetration is expected to enable higher access to online racing games for new users.
- According to Statista, there were 209 million mobile gamers (alone in the USA) in 2021. This number has increased to 213 million and is predicted to rise further in the upcoming years. These numbers are sheer proof of why the popularity and demand for mobile games are mounting at an unprecedented rate.
- In India, 25% of the population is young. The increase in number of smartphone users is expanding at a significant rate, which in turn is boosting the mobile gaming market globally.
- The dependency on smartphones and tablets is a considerable thrust to the global online racing games market. For instance, Gameloft is offering online multiplayer racing games known as Asphalt 9. This game has gained immense attention from the customer by providing both android and ios devices. Players can team up with other players globally, irrespective of their locations. The demand for real-time multiplayer gaming with advanced technology is increasing the growth of the global online racing game market in the forecast period (2022-2027).
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Asia-Pacific to Lead Global Racing Games Market
- The Asia-Pacific region is the fastest-growing preferred market for mobile game developers. The smartphone market boom in India is a great boost to the online racing gaming industry.
- In China, the country’s National Press and Publication Administration (NPPA) is the regulatory body that provides approvals for video games in China. Video game publishers in China and Beijing have finally started approving gaming licenses. In April 2022, China approved 45 new video games. This has created new opportunities for the online racing games market to get a license for new games.
- The majority of Indian gaming companies are focusing heavily on the localization of games, and they are also adding unique Indianized features to games. Additionally, they are creating games with user-friendly interfaces so that even those without much technical knowledge may play them easily.
- In the Asia-Pacific region, the demand for free-to-play games will be growing higher. Users mostly like to play the game for free, but users will pay for it when the game is loaded with excellent features. The approach is common among users.
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The Gaming Market is highly fragmented as the demand for online games and the increasing penetration of mobile applications across the region cater to an intense rivalry among the market players. The key players in the market, like Ubisoft, Microsoft, and Nintendo, are continuously innovating and releasing next-generation gaming consoles, further increasing the competition.
- April 2022 - Microsoft plans to introduce ads in its free-to-play Xbox console games. Additionally, The company introduced Xbox Game Pass. The family plan option will provide access to Xbox Game Pass for five players and will be priced cheaper than the cost for separate accounts.
- March 2022 - NaturalMotion, a subsidiary of Zynga Inc will continue its collaboration with Universal Games and Digital Platforms to bring high-end racing cars from Universal Pictures’ F9, the ninth chapter in the blockbuster Fast & Furious Saga, to the popular mobile drag racing game, CSR Racing 2 (CSR2), through a series of four in-game events. CSR2 online racing game is free for download on the App Store and Google Play.
- February 2021 - Electronic Arts Inc. Completed the Acquisition of Codemasters Group Holdings plc. Electronic Arts and Codemasters will be positioned to bring fans a regular cadence of new and exciting racing content, in addition to reaching across more platforms and regions of the world.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing The Online Gaming Awareness Among Childrens
5.1.2 Emerging Virtual Reality And Cloud Gaming
5.1.3 Emergence of Next-Gen Gaming
5.2 Market Restraints
5.2.1 Paid games are expensive
6. MARKET SEGMENTATION
6.1 By Type
6.1.2 In-App Purchase
6.1.3 Paid App
6.2 By Geography
6.2.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
6.2.3 Asia Pacific
126.96.36.199 South Korea
188.8.131.52 Rest of Asia Pacific
6.2.4 Latin America
6.2.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Codemasters Software Company Limited
7.1.2 Nexon Korea Corporation
7.1.3 Tencent Holdings Ltd
7.1.4 Boss Alien Ltd
7.1.6 Electronic Arts Inc.
7.1.8 THQ Nordic
7.1.12 Slightly Mad Studios
7.1.13 Creative Mobile
7.1.18 Vector Unit
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Online Racing Games Market market is studied from 2020 - 2022.
What is the growth rate of Global Online Racing Games Market?
The Global Online Racing Games Market is growing at a CAGR of 5.86% over the next 5 years.
Which region has highest growth rate in Global Online Racing Games Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Online Racing Games Market?
North America holds highest share in 2021.
Who are the key players in Global Online Racing Games Market?
Microsoft, Electronic Arts Inc., Gameloft, THQ Nordic, Aquiris Game Studio are the major companies operating in Global Online Racing Games Market.