New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Racing Games Market Information by Type, by Application and by Region by Forecast till 2027”, market size is projected to grow at 11.2% CAGR over the forecast period (2019-2025).
Racing games are a popular medium of games owing to penchant for car games and improvement in graphics and sound quality. The report on the global racing games market by Market Research Future (MRFR) reveals brand new insights for the industry for the forecast period (2020-2027). Changing user behavior, evolution of games, and effects of the COVID-19 pandemic on the market value are discussed in high detail.
Raceroom EntertainmenT AG, Logitech
Guillemot Corporation S.A
The Codemasters Software Company Limited
Villers Enterprises LTD
Electronic Arts Inc
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Market USP Exclusively Encompassed:
Next Generation Games to Drive Market Demand:
The development of next-generation games for mobile phones is expected to drive market demand significantly. Rising number of smartphone users and penchant for racing games can bode well for the market. Use of mobile advertising to acquire more users is likely to benefit game developers. Utilization of paid and organic advertising strategies to gain prominence in game rankings in application stores and use of videos to generate interest can augur favorably for the market. Availability of patches and updates and collaboration between gamers in group games can drive the demand in the racing games market.
Large User Base of Gamers to Influence Market:
The large user base in the U.S., Japan, and China is bound to be lucrative for the racing games market. Inclination towards licensed sports games and casual sports games coupled with launch of new games can attract users. Large number of downloads of games owing to familiarity and updates of new terrains can lead to investments by reputed brands. The appeal to all demographics of gamers and use of social media platforms for boasting achievements of fastest laps can favor the market.
Franchise Games to Capture Market Share:
Launch of iterations of franchise games such as Need for Speed is expected to drive the market demand. But integration of AR/VR, open-world environment, and character driven storylines can induce interest among gamers. Use of social media platforms and mobile applications coupled with huge potential of brands such as Mercedes to engage customers can favor the market.
High Costs to Deter Market Growth:
The high costs of upgrades in racing games and expensive nature of racing games can hamper market growth. Need for payment to access skins of cars, upgrades to car performance, and driver personalities can lead to discontinuation of games by users.
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Client Type Games to Dominate Market Share
By type, it is divided into client type and webgame type. The client type games segment can exhibit 11.3% CAGR over the forecast period owing to availability of high-speed internet and large number of users. Rise of simulated racing games and periodic updates of new maps to keep users engaged can drive the segment growth.
Mobile Application to Lead in Market Share
By application, the market caters to console, racing simulator, mobile, and PC. Mobile racing games are likely to be
highly popular among gamers owing to easy access to smartphones and availability of various options due to application stores on prominent platforms. Adherence to physics and likeness to racing sports can propel the user numbers by a large extent.
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APAC to Lead Global Racing Games Market:
APAC is expected to register the fastest growth rate during the forecast period owing to encouragement given to esports and large customer base in China and India. Inclination towards racing games and ban on arcades and computer cafes has led to access of games through personal PCs and desktops. Launch of various in-house games by social media platforms and other mobile applications in order to engage customers can bode favorably for the market.
North America to Contribute Generously to Global Market:
North America is set to contribute to the global racing games market owing to presence of reputed game studios and launch of free downloadable content to entice gamers. Use of in-house chats in group games as well as popularity of AR and VR games can augment the market growth.
The COVID-19 pandemic can be profitable for the racing games market owing to restrictions on travel and dependence on screens and tablets by adults and teens. Racing games have improved the engagement level by launching new tracks and maps coupled with in-game incentives. Rise of internet traffic to websites hosting these games can facilitate market growth.
Electric Square is launching its newest racing game, Detonation Racing, to Apple Arcade. This is likely to boost the views of the game and attract users to Apple’s latest offering.
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