Racing Games - Southern Asia

Southern Asia

The Racing Games market in Southern Asia is expected to see a significant increase in total revenue, reaching US$8.76m in 2022.
This projection suggests a promising future for the market segment.
Furthermore, a steady annual growth rate (CAGR 2022-2027) of 12.19% is anticipated, leading to a projected market volume of US$16.76m by 2027.
This growth indicates a positive trend for the industry.
Looking specifically at revenue streams within the Racing Games market, in-app purchases (IAP) are projected to contribute US$3.01m in revenue in 2022.
Additionally, paid app revenue is estimated to reach US$0.41m in the same year.
It is worth noting that advertising revenue is also expected to play a significant role, projected to reach US$5.34m in 2022.
These numbers highlight the diverse sources of income within the market.
The number of downloads in the Racing Games market is projected to reach a substantial 1.82bn downloads in 2022.
This high volume of downloads indicates a strong demand for racing games among consumers.
Furthermore, the average revenue per download is expected to be US$0.00, indicating the potential for monetization within the market.
In a global context, it is interesting to observe that in China generates the most revenue within the Racing Games market, with an estimated US$726.10m in 2022.
This showcases the country's dominance in the industry and its significant contribution to the overall market revenue.
Overall, the Racing Games market in Southern Asia holds immense potential for growth, with projected revenue and download numbers indicating a promising future for the industry.

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

Market

Region

Region comparison

Currency

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.