Product Type of Motorsport Components Market (Brakes, Powertrain, Engine, Control & Communication, Electronics) 2030
Due to the COVID-19 pandemic, the government of all major nations announced the lockdown. This disrupted all motorsport events around the world.
PORTLAND, OR, USA, March 7, 2022 /EINPresswire.com/ — Motorsport is a group of competitive sporting events that primarily involve the use of motorized vehicles, these may be racing or non-racing competitions such as car racing, auto rally, motorcycle racing, air racing, kart racing, boat racing, hovercraft racing, lawnmower racing, snowmobile racing and truck racing. Track competition is known as racing and off-road competition is known as motocross. This is a highly competitive sporting event where vehicles need constant upgrade, maintenance and servicing of their components. Also, most of the time in all racing events, vehicles are allowed to make a pit stop where they undergo a quick check for any malfunctioning components and tire change. The motorsport component is specially manufactured by the original equipment manufacturer according to the standards and rules of the particular sporting events. These components are specially designed to have high endurance so that they can withstand harsh conditions without frequent failures. Also, these motorsport components vary for different vehicles depending on the type of racing.
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Main market players:
Magneti Marelli, Ford Motor Company, Robert Bosch GmbH, ZF Friedrichshafen AG, Penske Racing Shocks, Lear Corporation, BBS Kraftfahrzeugtechnik AG, TOYOTA GAZOO Racing Europe GmbH, Pirelli & CSpA and The Goodyear Tire & Rubber Company
Due to the COVID-19 pandemic, the government of all major nations announced the lockdown. This disrupted all motorsport events around the world. Thus, the manufacturing, servicing and maintenance of motorsport vehicles have been disrupted, which has directly affected the demand for motorsport components. In addition, there was an unavailability of raw materials needed to manufacture motorsport components. In addition, the unavailability of manpower needed for production further affected the operation. Motorsport is a developing industry that has seen a slight setback due to the pandemic, but it is expected to recover post-pandemic and drive the growth of the motorsport components market.
There are different types of motorsports that take place across the world in different categories. So, all the different events have their different vehicles of different specifications, which is driving the demand for motorsport components. For example, in 2019, Xtrac, a leading manufacturer of vehicle transmissions, extended its contract for several years, as the exclusive supplier of approved transmissions for the NTT IndyCar series. Additionally, Xtrac is the only approved transmission supplier to the Virgin Australia Supercars Championship. In 2021, AP Racing, the world renowned brake and clutch supplier, has been chosen by the Touring Car Championship (TOCA) and the British Touring Car Championship (BTCC) to supply critical performance components for another six years. Through 2026, all race cars on the BTCC grid will feature a set of AP Racing Radi-CAL brakes, pedal assembly, air cylinders and a high performance carbon clutch. Thus, the increase in motorsports events across the world is expected to drive the growth of the motorsports components market
Key benefits of the report:
• This study presents the analytical description of the Motorsport Components market along with current trends and future estimations to determine impending investment pockets.
• The report presents information related to the major drivers, restraints and opportunities as well as challenges of the Motorsport Components market.
• Current market is quantitatively analyzed from 2020 to 2030 to highlight the growth scenario of the Motorsport Components market.
• The report provides a detailed analysis of the Motorsport Components market based on the competitive intensity and how the competition will shape in the coming years.
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