Lap Timers Market
Lap Timers Market Analysis By Type (Manual Lap Timers, Digital Lap Timers), By End Use (Car Sports, Motorcycle Sports), By Sales Channel (Offline, Online) - Global Forecast 2022 to 2032
Lap Timers Market Outlook (2022-2032)
The global lap timers market has reached a size of US$ 197 million in 2022 and is forecast to climb to a market valuation of US$ 345 million by the end of 2032, expanding at a healthy CAGR of 5.7% between 2022 and 2032.
Demand for track lap timers is driven by their accuracy and efficiency while measuring several parameters that are later used to enhance driver performance. Consumers are focusing more on track data analysis and predictive lap timing as compared to the other dynamics of the product.
Lap timers Market Size (2021A)
US$ 188 Million
Estimated Market Value (2022E)
US$ 197 Million
Forecasted Market Value (2032F)
US$ 345 Million
Global Market Growth Rate (2022-2032)
Europe Market Share (2021)
Europe Market Growth Rate (2022-2032)
Germany Market Growth Rate (2022-2032)
Market Share of Top 5 Companies
Key Companies Profiled
The market is anticipated to observe tremendous growth in the long term because of technological innovations introduced in the manufacturing of motorcycle lap timers, particularly for real-time data analysis.
Consumers are demanding products that have more features to ensure optimal performance while driving, and this can only be achieved when manufacturers use poka-yoke techniques that usually prevent mistakes or errors while manufacturing a high-performance product.
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Sales Analysis of Lap Timers (2017-2021) Vs. Market Outlook (2022-2032)
Latest market analysis by Fact.MR, a market research and competitive analysis provider, states that the market value for lap timers increased at a CAGR of around 2.1% between 2017 and 2021 and is predicted to progress at a healthy CAGR of 5.7% through 2032.
Optimization is the key to survival in a dynamic market, and to enhance the product, manufacturers are adding customization options for consumers. Every industry has its own requirements, and, as such, suppliers have customized their products according to their needs.
For instance, motorcycle sports requirements are different than car sports industry requirements, as, in Formula 1, lap timers analyse the whole ecosystem of a car’s performance, whereas, in motocross, only the time duration and engine capabilities are measured.
Companies are also ensuring the durability of the product; for example, in off-road racing, the product has to sustain several unbalanced forces.
Why is Demand for Lap Timers Increasing Steadily across the World?
“Designs & Technology Rapidly Evolving in Lap Timers”
The latest designs in dirt bike lap timers have tremendously increased sports professional efficiency by capturing real-time data. Manufacturers are focusing on new designs and continuous investments in research and development in performance measuring devices.
Innovation is successfully merging existing designs with futuristic technology. In terms of aesthetics, companies are designing products according to industry needs, such as lap timers that are light and compatible with Formula 1 racing.
Another factor that has propelled lap timer demand is that manufacturers are diversifying their product lines for different sports where they have a pool of choices in terms of technology. Nowadays, products are not restricted to a particular segment, and demand for lap timer accessories such as power cables, connectors, and mounting brackets is growing at a tremendous pace because of design development, which provides physical ease and relaxation while using the product.
Companies such as Garmin and Aim technologies are refining their existing products with improved designs and features. Digital lap timers have multifarious functions and sports car manufacturers such as Ferrari, Ford, and BMW are encouraging new market players to penetrate regional markets.
An Adaptive Approach to Modern-day Research Needs
Why is Germany a Lucrative Market for the Sales of Lap Timers?
The German motorsport industry is continuously evolving and has achieved a remarkable status in the European region. Germany currently accounts for US$ 16 million and utilizes 41 thousand units of lap timers.
The German sports industry is recognised as a centre for agile and advanced manufacturing, technological leaders, high-level skill, and valuable service solutions. Automotive OEMs and leading motorsport companies are focused on the development of modern devices and racing vehicles through strategic partnerships with lap timer manufacturers.
Europe is anticipated to remain a prominent growth generator in the lap timers market during the forecast. The European market is anticipated to expand at a CAGR of 6.5% to reach US$ 116 million, with the sales of digital lap timers anticipated to increase at a CAGR of 6% in the region.
How is the U.S. Lap timers Market Progressing?
The United States is enjoying a rapid increase in the popularity of Formula -1 and Moto GP racing. According to ESPN, on average, 946,000 viewers watch Formula 1 racing around the globe, and that is 41% up from 2020, with the U.S. enjoying a fair share.
The U.S. lap timers market is estimated to reach the mark of US$ 38 million by 2022 and is expected to grow with a CAGR of around 6.1% over the next decade.
Prime players of lap timers are setting up manufacturing facilities as well as franchised stores in the U.S. Companies also focusing on e-Commerce platforms, which, in turn, will act as a growth driver for lap timer sales over the decade.
Will Car Sports Continue Accounting for Higher Sales of Lap Timers?
The car sports segment is anticipated to expand at 5.6% CAGR during the assessment period.
Automakers in Europe are focusing on aesthetic designs to increase vehicle efficiency, and to accomplish this, they use a combination of aerodynamics and performance-enhancement devices, which ultimately improve overall user experience on the race track and at major racing events.
However, an increase in sports activities has been observed over just 10 years, which has led to the demand growth for performance measuring devices. Simultaneously, digital lap timers have shown tremendous growth potential due to their abundant use by racing professionals across the world.
Will the Benefits of Digital Lap Timers Keep Driving Their Consumption?
The digital lap timers market is anticipated to be most profitable over the coming years. Digital lap timers currently account for 82.5% market share and the segment is estimated to generate US$ 162 million in value by the end of 2022. The digital lap timers segment is expected to create an absolute dollar opportunity of US$ 156 million by 2032.
Demand for manual lap timers is also gaining traction due to enhanced symmetrical designs that have been improved over the years.
Motorbike lap timers come at various price ranges, are more durable & reliable, and provide more accuracy while analysing track data as compared to traditional data analysing software and tools.
In the North American region, NASCAR professionals use digital lap timers because they give direct instructions to drivers while racing and provide real-time data, which has become a necessity at race tracks.
Avail customized purchase options for your needs
Garmin Ltd., Aim Technologies group, Racelogic, Unipro ApS, KSR Parts Ltd., Sumomoto, Speed Angle, Starlane srl, and Koso are some of the top companies in the lap timers market.
Lap timers brands from the top two tiers have started using python script lap timer products and customizing them according to user requirements. As such, the integration of advanced technology in lap timers increases product efficiency. Prime manufacturers are also focusing on an effective supply chain system to increase their overall profits.
Fact.MR has provided detailed information about the overall strategies adopted by lap timer manufacturers, along with their detailed overviews, including SWOT analysis and sales generated from target sports that use digital lap timers positioned across geographies.
Key Segments Covered in Lap Timers Industry Research
Lap Timers Market by Product Type :
- Manual Lap Timers
- Digital Lap Timers
Lap Timers Market by End Use :
- Car Sports
- Off-road Racing
- Formula 1
- Motor Racing
- Kart Racing
- Drag Racing
- Motorcycle Sports
- Moto GP
- Car Sports
Lap Timers Market by Sales Channel :
- Offline Sales of Lap Timers
- Franchised Sports Outlets
- Independent Sports Outlets
- Online Sales of Lap Timers
- e-Commerce Websites
- Company Websites
- Offline Sales of Lap Timers
Lap Timers Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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