Dublin, December 10, 2020 (GLOBE NEWSWIRE) – The report “Powersports Online Advertising Market – Forecast (2020 – 2025)” has been added to ResearchAndMarkets.com offer.
The online motorsport advertising market is expected to reach $ 256.7 million by 2025, growing at a CAGR of 24.1% from 2020 to 2025. Although well established, the advertising market Motorsport Online is one of the fastest growing motorsport league markets. Over time, the market has evolved considerably mainly due to the incessant technological development and integration.
Key points to remember
- Motorsport online advertising is the perfect way to advertise goods, facilities, teams and leagues in the racing market. Motorsport online advertising includes integrated and multi-channel advertising opportunities that include a mix of OTT digital advertising and traditional online advertising.
- Programmatic advertising is the automatic sale and purchase of online advertisements. This automation makes purchasing more efficient, streamlines the process, and consolidates digital advertising activities into one technology platform.
- This has created new possibilities for marketers as mobile ads are displayed on smartphones. Mobile advertising networks such as Google Mobile Search, Facebook and Instagram Mobile Feeds, along with in-smartphone advertising allow marketers to target potential customers and promote their brand.
- Europe is expected to dominate the online motorsport advertising market during the forecast period. The European online advertising industry has taken the lead in advertising spending, overtaking TV advertising revenue (Internet revenue).
Drivers – Motorsport Online Advertising Marketplace
– Continuous technological developments and advanced digital platform
Marketing automation is a great way to reduce the time it takes to introduce many of these techniques. And automation is just one feature that comes with a great product information management (PIM) solution. A successful PIM can centralize event data, automate marketing activities and metrics, distribute product catalogs and information to as many outlets as needed, and analyze data so that sales and marketing plans are consistent. improved and the bottom line continues to increase. The high rate of adoption of modern tools in online advertising will help to strengthen the reach of motorsport among sports enthusiasts and hence the online motorsport advertising market will grow.
– The emergence of the Covid-19
The COVID-19 pandemic may have caused a ‘timeout’ on motorsport events around the world, but it has brought the virtual racing platform to the fore, that is, in Due to the advent of Covid-19, motorsport leagues are moving into virtual racing and gradually focusing on this emerging digital media market. Formula 1 has unveiled the Digital Grand Prix series to replace the conventional racing bill dropped or postponed due to the pandemic. MotoGP runs its own virtual version, with current heavyweights such as reigning world champion Marc Marquez and Yamaha’s Maverick Vinales joining in on the action. Such factors have placed digital media at the forefront of motorsport leagues and will make the online advertising model even after the Covid-19 pandemic a popular element of motorsport leagues. These factors are also affecting the growth of the online motorsport advertising market.
Challenges – Online Motorsport Advertising Market
– Use of traditional advertising media
The major factors hindering the growth of the global online motorsport advertising market are the shortage of skilled employees and the continued use of conventional advertising mediums such as television and newspaper. Despite the disadvantages such as high cost and intrusive nature, TV advertising is still used by various motorsport teams and leagues which have such factors as convenient and flexible advertising medium, high impact and mass coverage. The partnerships signed with various broadcasting companies which generally include a certain amount of advertisements for motorsport leagues on television have led to a focus on this medium. These days, it is understood that almost every household has a television. Therefore, getting their message out to a large number of viewers is extremely easy for motorsport teams and leagues. Hence, owning TV advertising for these factors is still used by motorsport leagues, which is a hindrance for the global motorsport online advertising market.
Product launches, acquisitions and R&D activities are the key strategies adopted by the players in the Online Motorsport Advertising market. The online motorsport advertising driver market is expected to be dominated by large companies such as Oath Inc, Google LLC, Facebook Inc., Microsoft Corporation, Amazon, Inc. and Twitter Inc.
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