Racing Games - South Korea

South Korea

In 2022, the Racing Games market in South Korea is projected to achieve a total revenue of €197.90m.
Looking ahead, the market is expected to exhibit a compound annual growth rate (CAGR) of 10.62% from 2022 to 2027, resulting in a projected market volume of €344.50m by 2027.
Specifically, the in-app purchase (IAP) revenue in the Racing Games market is anticipated to reach €173.50m in 2022.
Additionally, the paid app revenue is projected to amount to €0.22m in the same year.
Furthermore, the advertising revenue in the Racing Games market is forecasted to reach €24.15m in 2022.
In terms of downloads, the Racing Games market is expected to reach 43.76m downloads in 2022.
Currently, the average revenue per download stands at €4.52.
When considering a global perspective, it is worth noting that the highest revenue in the Racing Games market is generated in China, amounting to €689.00m in 2022.

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

Marché

Région

Comparaison de régions

Monnaie

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.