竞速 literally means 'competing in speed' — 竞 (jìng) means 'to compete' or 'to contend', and 速 (sù) means 'speed' or 'swiftness'. Together, they form a compound noun referring to any organized competition where participants race against each other or the clock to achieve the fastest time. It’s commonly used for human athletic events like track cycling, speed skating, or drone racing, but also appears in contexts involving animals — especially in traditional or modern animal sports such as greyhound racing, horse racing, or even pigeon racing.

The term carries a formal, neutral-to-sporting register and is often found in news reports, sports commentary, and event naming (e.g., '全国竞速锦标赛'). Unlike the more general word 比赛 (bǐsài, 'competition'), 竞速 specifically highlights speed as the decisive factor, not endurance, accuracy, or skill alone. It’s rarely used in casual speech — learners will most often encounter it in written or broadcast sports contexts.