Sport
Booming Motorsport Industry to Steer Lap Timers Market Past US$ 345 Mn by 2032
NEW YORK , June 23, 2022 /PRNewswire/ -- The global lap timers market size was valued at US$ 188 Mn in 2021 and is likely to reach of US$ 197 Mn in 2022. Further, with rapidly growing sports industry and increasing need for improving the driver's performance, the overall sales of lap timers are slated to grow at a steady CAGR of 5.7% between 2022 and 2032, totaling over US$ 345 Mn by the end of 2032.
Lap timers are innovative devices used to accurately measure, separate and store lap times while racing around a track. These devices have the ability to measure various parameters with better accuracy and efficiency, which can then be used to enhance the driver's performance.
With increasing motorsports activities across the world, sales of lap timers are gaining immense momentum and the trend is likely to further improve during the forecast period. These lap timers are being extensively used during car and motorcycle racing for real time data analysis.
Similarly, innovation in lap timers is playing a key role in expanding the global lap timers market size. Leading manufacturers are increasingly integrating advanced technologies like GPS sensors in their products to improve their efficiency. Furthermore, they are also offering customizable products to woo more customers.
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Further, rapid expansion of motorsport industry coupled with growing participation in motorsports globally is expected to propel the growth in the market. Additionally, rising sales of lap timers through e-commerce platforms is expected to create lucrative opportunities during the assessment period.
Demand is especially high for digital lap timers as they offer various benefits such as higher accuracy, easy interpretation, and user-friendly nature. The digital lap timers segment is likely to create an absolute incremental opportunity of around US$ 156 Mn through 2032.
Regionally, Europe will continue to remain at the top of the ladder in the global lap timers market, accounting for around 31.1% share in 2021. Europe lap timers market is driven by flourishing motorsports industry, presence of leading lap timer manufacturers, and availability of advanced products.
Key players operating in the lap timers market are continuously introducing novel solutions to cater to the changing end user needs. They have adopted various strategies such as new product launches, partnerships, collaborations, mergers, acquisitions, etc. to expand their presence across attractive regions.
For instance,
· Aim Technologies Group
In the latest study, Fact.MR offers a 360-degree view of the global lap timers market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the lap timers market through detailed segmentation as follows:
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