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Digital Lap Timers to Create an Incremental Opportunity of US$ 156 Mn Through 2032
Fact.MR's latest report on lap timers market presents a thorough study of growth drivers, restraints, emerging opportunities, and latest trends somehow influencing the market dynamics. It segments the market on the basis of product type, end use, and sales channel to make it more interesting and informative. The report also highlights strategies adopted by prominent lap timer manufacturers to penetrate attractive markets.
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 Takeaways:
- Based on product, digital lap timers segment is anticipated to generate a valuation of US$ 162 Mn in 2022.
- By end use, car sports segment is expected to grow at 5.6% CAGR during the forecast period.
- Europe lap timers market is projected to expand at 6.5% CAGR, to reach US$ 116 million by the end of 2032.
- Amid booming sports industry , the Germany lap timers market currently stands at US$ 16 Mn over the forecast period.
- The U.S. lap timers market is likely to reach US$ 38 Mn in 2022, with sales set to increase at around 6.1% CAGR through 2032.
Growth Drivers:
- Growing need for enhancing driver's experience is pushing the demand for lap timers.
- Rising motorsport/auto sport activities across the globe will further boost the growth of lap timers market in future.
Restraints:
- Higher cost of advanced lap timers is limiting the growth in the market over the forecast period.
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Competitive Landscape:
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,
- In 2021, APEX Pro launched Gen II Apex Pro Device, a tool that helps improve lap times while on track and simplifies post-session data review with the most intuitive software interface available.
Key Companies Profiled by Fact.MR
· Aim Technologies Group
- Racelogic
- Speed Angle
- Koso
- KSR Parts Ltd.
- Garmin Ltd.
- Unipro ApS
- Sumomoto
- Starlane srl
More Valuable Insights on Lap Timers Market
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:
By Product Type:
- Manual Lap Timers
- Digital Lap Timers
By End Use:
- Car Sports
- Off-road Racing
- Formula 1
- Motor Racing
- Kart Racing
- Drag Racing
- Motorcycle Sports
- Moto GP
- Motocross
- Downhill
By Sales Channel:
- Offline Sales of Lap Timers
- Franchised Sports Outlets
- Independent Sports Outlets
- Online Sales of Lap Timers
- e-Commerce Websites
- Company Websites
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Key Questions Covered in the Lap Timers Market Report
- What will be the demand outlook of the lap timers market in 2022?
- What is the projected growth rate of the global lap timers market during 2022-2032?
- Which are the key drivers bolstering growth in the lap timers market?
- Which factors are hindering the growth in the lap timers market?
- Which region is expected to exhibit the fastest growth in the global lap timers market during 2022-2032?
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