Market Trends of Global Online Racing Games Industry
This section covers the major market trends shaping the Online Racing Games Market according to our research experts:
Increasing Mobile Penetration drives growth in the market
- According to Ericsson, the number of smartphone subscriptions worldwide surpassed 6 billion in 2021 and is forecast to further grow significantly over the next years. China, India, and the United States are the countries with the highest number of smartphone users. Furthermore, smartphone penetration is expected to further increase as the rate is still lower than 70% in many highly populated countries, in particular China and India. The high potential of increasing smartphone penetration is expected to enable higher access to online racing games for new users.
- According to Statista, there were 209 million mobile gamers (alone in the USA) in 2021. This number has increased to 213 million and is predicted to rise further in the upcoming years. These numbers are sheer proof of why the popularity and demand for mobile games are mounting at an unprecedented rate.
- In India, 25% of the population is young. The increase in number of smartphone users is expanding at a significant rate, which in turn is boosting the mobile gaming market globally.
- The dependency on smartphones and tablets is a considerable thrust to the global online racing games market. For instance, Gameloft is offering online multiplayer racing games known as Asphalt 9. This game has gained immense attention from the customer by providing both android and ios devices. Players can team up with other players globally, irrespective of their locations. The demand for real-time multiplayer gaming with advanced technology is increasing the growth of the global online racing game market in the forecast period (2022-2027).
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Asia-Pacific to Lead Global Racing Games Market
- The Asia-Pacific region is the fastest-growing preferred market for mobile game developers. The smartphone market boom in India is a great boost to the online racing gaming industry.
- In China, the country's National Press and Publication Administration (NPPA) is the regulatory body that provides approvals for video games in China. Video game publishers in China and Beijing have finally started approving gaming licenses. In April 2022, China approved 45 new video games. This has created new opportunities for the online racing games market to get a license for new games.
- The majority of Indian gaming companies are focusing heavily on the localization of games, and they are also adding unique Indianized features to games. Additionally, they are creating games with user-friendly interfaces so that even those without much technical knowledge may play them easily.
- In the Asia-Pacific region, the demand for free-to-play games will be growing higher. Users mostly like to play the game for free, but users will pay for it when the game is loaded with excellent features. The approach is common among users.
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