Racing Games - Asia

Asia

The Racing Games market in Asia is expected to experience significant growth in the coming years.
According to projections, the total revenue in this market is set to reach a staggering €0.99bn by 2022.
This growth is expected to continue at an annual rate of 9.86% from 2022 to 2027, resulting in a projected market volume of €1.75bn by the end of the forecast period.
When looking at the revenue breakdown, it is projected that in-app purchases (IAP) will contribute the most to the Racing Games market, reaching €542.30m in 2022.
Paid app revenue, on the other hand, is expected to reach €4.51m in the same year.
Additionally, advertising revenue is projected to reach €441.40m in 2022.
In terms of downloads, the Racing Games market is expected to see a significant increase, with a projected number of 7.22bn downloads downloads in 2022.
Currently, the average revenue per download is estimated to be €0.14.
When comparing the global market, it is evident that in China generates the highest revenue in the Racing Games market.
In 2022, in China is projected to generate a revenue of €689.00m, making it the leading country in this market.
These projections and statistics highlight the immense growth potential of the Racing Games market in Asia, with substantial revenue and download numbers expected in the coming years.

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

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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.