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.
For more insights into the Market, Get A Sample of this Report! – https://www.factmr.com/connectus/sample?flag=S&rep_id=7506
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.
- 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.
- 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.
- Higher cost of advanced lap timers is limiting the growth in the market over the forecast period.
Get Customization on this Report As Per Your Requirement! – https://www.factmr.com/connectus/sample?flag=RC&rep_id=7506
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.
- 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
- Speed Angle
- KSR Parts Ltd.
- Garmin Ltd.
- Unipro ApS
- 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
By Sales Channel:
- Offline Sales of Lap Timers
- Franchised Sports Outlets
- Independent Sports Outlets
- Online Sales of Lap Timers
- e-Commerce Websites
- Company Websites
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Interested to Procure The Data? Inquire here – https://www.factmr.com/connectus/sample?flag=EB&rep_id=7506
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?
For Trending Updates of Fact.MR , Check out the Link: https://xtalks.com/is-probiotic-soda-actually-healthy-and-which-companies-produce-it-3163/
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates