Racing Games - North America

North America

The Racing Games market in North America is expected to witness substantial growth in the coming years.
According to projections, the total revenue is estimated to reach €0.40bn by 2022.
This growth is attributed to various factors such as increasing consumer demand, advancements in technology, and the popularity of racing games among gamers.
Furthermore, the market is expected to demonstrate a strong compound annual growth rate (CAGR) of 7.87% from 2022 to 2027.
This steady growth is anticipated to result in a projected market volume of €0.59bn by 2027, indicating a promising future for the Racing Games market industry in North America.
When examining the revenue composition within the Racing Games market, it is noteworthy to mention the significant contribution of in-app purchases (IAP).
In 2022, the projected revenue from in-app purchases is expected to reach €173.90m.
This highlights the growing trend of gamers engaging with in-app content and features, further driving the revenue growth in this segment.
Additionally, paid app revenue in the Racing Games market is projected to reach €9.37m in 2022.
This revenue stream is attributed to gamers who choose to purchase the racing games upfront, rather than relying on in-app purchases.
Advertising revenue is also a crucial component of the Racing Games market.
It is projected to reach €213.70m in 2022, indicating the increasing interest of advertisers in targeting the gaming audience.
The integration of advertisements within racing games provides an additional revenue stream for developers while offering gamers a free-to-play experience.
Moreover, the number of downloads in the Racing Games market is projected to reach 0.66bn downloads in 2022.
This significant figure demonstrates the popularity of racing games among North_American gamers.
When considering the average revenue per download, it is currently expected to amount to €0.60.
This metric provides insights into the monetization potential of each download, highlighting the revenue generated per user.
In a global perspective, it is interesting to note that in China generates the most revenue in the Racing Games market, reaching €689.00m in 2022.
This statistic emphasizes the substantial market size and revenue opportunities in the Chinese gaming market.
Overall, the Racing Games market in North America is anticipated to experience robust growth in the coming years, driven by factors such as increasing revenue streams from in-app purchases, paid apps, and advertising.
The significant number of downloads and the average revenue per download further contribute to the market's potential for revenue generation and expansion.

Key regions: Asia, Europe, United States, South Korea, Japan

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Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.