In 2024, the total revenue of the Formula One Group amounted to around 3.65 billion U.S. dollars, representing an increase of over 13 percent on the previous year. Since 2017, the Formula One Group has been owned by Liberty Media Corporation.

The COVID-19 pandemic at the beginning of 2020 hit the sports industry hard. Many professional leagues across the globe suspended their seasons and numerous events were cancelled, including several races in the Formula One season. The potential loss of revenue from the combined hosting fees across the whole season, which are paid by the individual host nations, could amount to over 602 million U.S. dollars.

The statistic ranks Formula 1 teams according to revenue in 2018. Mercedes generated 451 million U.S. dollars in revenue in that year, the most of all Formula 1 teams.

In 2022, the Formula One Group's operating income amounted to 173 million U.S. dollars - over four times the figure from the previous year. Meanwhile, the group's total revenue amounted to nearly 2.6 billion U.S. dollars.

The revenue generated by the Formula 1 Grand Prix in Mexico amounted to 7.7 billion Mexican pesos in 2018. This represented a decrease of around eight percent in comparison to the previous year, when the revenue generated peaked at nearly 8.4 billion Mexican pesos. In its 2018 edition, the event gathered nearly 335 thousand spectators.

Global Motorsports Circuit market size 2025 was XX Million. Motorsports Circuit Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

In 2023, the British Grand Prix saw the highest weekend attendance at around 480 thousand, representing an increase of nearly 20 percent on the previous year. Meanwhile, the weekend attendance of the Australian Grand Prix amounted to over 444 thousand.

The statistic ranks Formula 1 teams according to operating income in 2016. Ferrari generated 36 million U.S. dollars in operating income in that year.

Snapshot img

Motorsport Market Size 2025-2029

The motorsport market size is forecast to increase by USD 10.79 billion at a CAGR of 4.3% between 2024 and 2029.

The market is experiencing notable growth, driven by substantial investments from sponsors and the evolution of Formula E. The incorporation of advanced electronics and safety systems, including motorsport transmission, in racing vehicles has led to a growth in the cost of insurance. The integration of digital platforms and social media further enhances fan engagement and broadens the reach of motorsports. 
This trend signifies the increasing importance of technologies such as motor racing telematics in motorsport, transforming it from a purely mechanical pursuit to a high-tech industry. These developments are shaping the future of motorsport, offering new opportunities and challenges for market participants. The market analysis report delves deeper into these trends and their implications for the industry's growth trajectory.

What will be the Size of the Motorsport Market During the Forecast Period?

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The motorsports market encompasses various forms of competitive racing, including Formula One, rally championships, motorcycle racing, off-road races, and more. This market continues to evolve, with key trends shaping its dynamics. Millennials' growing interest in motorsports, driven by social networking and broadcasting, is increasing market reach. Electric vehicles are gaining traction, with the integration of electric drivetrains, hybrid power units, and energy recovery systems in race cars and motorcycles. Sponsorships and broadcasting rights remain crucial revenue streams, with sustainability initiatives, such as eco-friendly practices and carbon emissions reduction, becoming increasingly important.
Similarly, safety features are a top priority, with continuous advancements in technology ensuring the safety of drivers and spectators. The electrification of motorsports and focus on environmental sustainability, including battery technology and renewable energy, are expected to shape the market's future. International and regional competition remains strong, with various championships and races attracting a global audience.

How is this Motorsport Industry segmented and which is the largest segment?

The motorsport industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  F1
  MotoGP
  NASCAR
  Others


Application

  Venue racing
  Non-venue racing


Wheel Type

  4-Wheelers
  2-Wheelers


Revenue Stream

  Broadcasting Revenue
  Ticketing Revenue
  Merchandising Revenue
  Advertising/Sponsorship Revenue
  Race Hosting Fees Revenue
  Others


Geography

  Europe

    Germany
    Italy
    UK


  North America

    US
    Canada


  APAC

    China
    India
    Japan


  South America

    Brazil


  Middle East and Africa

    UAE

By Type Insights

The F1 segment is estimated to witness significant growth during the forecast period. The Formula One (F1) market traces its origins back to the European Grand Prix championship in the 1920s and 1930s. F1 emerged as a standardized racing series under the Federation Internationale de l'Automobile (FIA) in the 1940s. Initially, both championship and non-championship series were held, but the latter was discontinued in 1983 due to escalating competition costs. F1 has consistently attracted significant sponsorship, with automotive manufacturers being a prominent category.

However, the ban on cigarette sponsorships by FIA in 2001 negatively impacted the market. Despite this, F1 has continued to secure sponsorships from various industries, leading to an increasing sponsorship value each year. The F1 market encompasses vehicle performance, event hosting, advertising revenue, ticketing revenue, merchandising, and both venue and non-venue racing. Additionally, the adoption of electric motorsports and hybrid technologies is gaining momentum in the industry.

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The F1 segment was valued at USD 15.67 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European motorsports market is experiencing steady growth, with Formula One (F1) being the leading event in the region. Despite the economic downturn and Brexit, the market is expanding due to increasing sponsorships and the integration of eco-frien

This statistic shows the sponsorship income of Formula 1 teams in 2015, broken down by country. That year, teams registered in Italy had a sponsorship income of close to 277 million euros. The United Kingdom and Austria ranked second and third at close to 267 million euros and 266 million euros respectively.

Racing Oil Market size was valued at USD 1,273.79 Million in 2023 and is projected to reach USD 1,736.77 Million by 2031, growing at a CAGR of 4.53% from 2024 to 2031.

Global Racing Oil Market Outlook

The rising popularity of motorsports motivates broadcasters worldwide to make substantial investments to secure broadcasting rights for these events, which have become a significant revenue source for those involved. Participation fees, including vehicle testing on tracks and ticket sales, also contribute significantly to market revenue. Sponsorship and merchandising deals improve revenue by promoting events and marketing the participating brands and drivers. According to the Elite Motorsport Report 2023, 1 million fans from 197 countries worldwide have responded, including 330,000 on the last three surveys alone on F1, MotoGP, and INDYCAR. Most INDYCAR, MotoGP, and F1 fans believe their sport develops safety initiatives that benefit society. Also, 66% of F1 fans believe that F1 should play a leading role in the drive towards developing fully sustainable fuels, which will be introduced to the sport in 2026.

Moreover, the demand for synthetic motor oil is set to increase as the market grows. A key feature of higher-quality base oil is thermal conductivity, allowing the fluid to absorb heat more effectively and transfer it to cooler areas. Full synthetic racing oil is specifically designed to meet the demands of modern multi-cam, multi-valve, high-performance, high-output race engines, and highly modified street engines. Group IV Poly Alpha Olefin (PAO) and Group V Alkylated Naphthalene (AN) base oils provide fast-flowing, shear-stable protection from cold start-ups to high operating race temperatures. This oil is suitable for high-performance V8, 6-cylinder, and 4-cylinder race engines, offering enhanced protection for vehicles using E85 and other high-performance fuels.

This statistic shows a ranking of Formula One teams by sponsorship income in 2015. That season, Red Bull Racing had the highest income from sponsorship deals at 266 million euros. Ferrari and McLaren Honda ranked second and third highest with an income of approximately 209 million and 145 million euros respectively.

As per Cognitive Market Research's latest published report, the Global Go Kart market size was valued at USD 142.08 Million in 2022. Go Kart Industry's Compound Annual Growth Rate will be 3.9% from 2023 to 2030. Factors Impacting on Go Kart Market

Increasing popularity for racing

Go-kart is one of the most popular motorsports among the millennials. The popularity is increasing day-by-day as number of racers are rising over the years. It has also been observed that some of the world renowned F1 racers have started off with casual karting at a very young age. They then moved on to take part in competitive races before joining the world of auto racing and Formula 1.

Further, karting involves wide array of go-karts, including off-road, racing, and pedal, electric and even drift karts. Each of these go-karts has a different application made by various go-kart manufacturers.

The availability of indoor and outdoor karting further enhances its demand as there is no barrier of weather while enjoying karting because of its indoor facility also. Nearly 35 million Americans participate in the sport of go karting every year.

Moreover, go-kart is relatively pocket friendly as compared to car racing. Those who want to go professional can get their own go-kart for somewhere between $3,000 and $8,000 from one of the leading manufacturers. This is also one of the factors that has enhanced its usage among youths.

Rise in the urbanization have stimulated surge in the number of race courses & country clubs. This has inclined consumer's interesting various fun activities such as racing and karting.

Increasing interest in motorsports and recreational pursuits is fueling the demand for go kart market

Hence, the popularity for go-kart racing is increasing which boost the growth of karting market across the globe.

The Restraining Factor of Go Kart:

High costs of the karts and infrastructure facilities. (Access Detailed Analysis in the Full Report Version)

Opportunities for Go Kart Market

Rising adoption of technological advancements in karting. (Access Detailed Analysis in the Full Report Version)

Introduction of Go Kart

Karting is a type of road racing in which drivers compete against one another in an open four-wheeled vehicles known as go-karts or shifter karts. Karting is practiced by many enthusiasts all over the world at varying levels of competition. It is the most popular form of motor sport among all age group of people who race go karts and use them as stepping stone to more advanced motor sports.

Karts comes in variety of forms from motor less models to high-powered, high-powered ones are for competitive racing such as Super Karts, able to beat racing cars on long circuits. Karts have no protective bodywork and smaller in size and height, driver sits few inches above the ground.

Some of the karts are capable of speeds 100 miles per hour with an incredible 18 horsepower to 90 horsepower. These karts are used on a large number of surfaces and custom tracks for karting. Dirt tracks and ice tracks are most commonly used tracks for racing.

There are different types of karting such as indoor and outdoor karting. Indoor karts are safe and tends to be more solid, while outdoor karts normally bigger and can easily overtake other drivers. Karting generally have two purposes; rental and racing. Rental karting is for the beginners who wants to learn karting and racing is for the competitive racing purpose.

Sprint racing, endurance or road racing, and speedway racing are the three main categories of karting competition. In addition, ice racing, Formula Kart Experimental racing, and Super Kart racing have all developed as new forms of karting competition.

Nowadays, increasing technological advancement such as solar-powered, electric go karts are creating the opportunity to increase the courses and country clubs for karting. Thus, the popularity of motor sport is increasing among all age group people.

The UK sports promoters market, a dynamic sector experiencing robust growth, is projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 7% from 2025 to 2033. This expansion is fueled by several key drivers. Firstly, the enduring popularity of major sporting events like Premier League football and international tennis tournaments creates significant demand for professional promotion services. Secondly, the increasing sophistication of media rights deals, coupled with the growth of digital platforms and streaming services, contributes to substantial revenue streams for promoters. The rise of influencer marketing and targeted advertising further enhances promotional reach and effectiveness. Finally, the ever-growing appetite for live experiences fuels ticket sales and sponsorships, strengthening the financial foundations of the industry. While challenges exist, such as the economic climate's influence on sponsorship and ticket sales, the overall trajectory remains positive. The segmentation of the market, encompassing various sports (Soccer, Formula 1, Basketball, Tennis, and others) and revenue sources (Media Rights, Merchandising, Tickets, and Sponsoring), presents significant opportunities for diversification and strategic growth. Prominent players like Matchroom Sport and Premier League showcase the market's established nature and the potential for consolidation through mergers and acquisitions. The geographic concentration of the UK market presents opportunities for expansion. While the UK forms a core market, international expansion strategies are vital for continued growth. Emerging markets in Asia and parts of Africa, particularly those with rapidly expanding middle classes and growing sports fan bases, offer lucrative prospects for UK sports promoters. However, navigating differing regulatory environments and cultural nuances in these markets will be key to success. Furthermore, the evolving preferences of sports fans, including a demand for enhanced digital engagement and personalized experiences, require promoters to adopt innovative strategies. The sector's resilience and adaptability are crucial for sustaining the projected growth and capturing the opportunities presented by the evolving sports landscape. This necessitates strategic investments in digital infrastructure, data analytics, and talent acquisition. This report provides a comprehensive analysis of the UK Sports Promoters Market, covering the period 2019-2033. It delves into market size, segmentation, trends, and future growth projections, providing invaluable insights for stakeholders across the sports industry. With a base year of 2025 and an estimated year of 2025, the forecast period extends to 2033, offering a long-term perspective on this dynamic sector. This in-depth study utilizes data from the historical period (2019-2024) to provide a robust foundation for future predictions. Recent developments include: June 2023: Sport-tech 50 introduced Talent Pathway ID, a groundbreaking addition to its lineup, offering AI-powered performance analysis for both athletes and coaches., April 2023: Madison Square Garden Entertainment Corp. celebrated the successful completion of its spin-off from Sphere Entertainment Co., marking the start of trading on the New York Stock Exchange under the ticker symbol "MSGE." Sphere Entertainment still retains approximately 33% ownership of MSG Entertainment's outstanding shares.. Key drivers for this market are: Increase in Number of Spectators Watching Sports. Potential restraints include: Increase in Number of Spectators Watching Sports. Notable trends are: Athletes Influencers is Driving the Market.

In 2022, the Red Bull F1 team generated a turnover of 278.03 million British pounds, representing an increase of over 16 percent on the previous year. As of 2024, the team had won a total of six World Championship titles.

As per Cognitive Market Research's latest published report, the Global Karting market size will be $134.54 Million by 2028. Karting Industry's Compound Annual Growth Rate will be 4.32% from 2023 to 2030.

The North America Karting market size will be USD 44.49 Million by 2028.

What are the key driving factors for the Karting market?

Increasing popularity for racing

Go-kart is one of the most popular motorsports among the millennials. The popularity is increasing day-by-day as number of racers are rising over the years. It has also been observed that some of the world renowned F1 racers have started off with casual karting at a very young age. They then moved on to take part in competitive races before joining the world of auto racing and Formula 1.

Further, karting involves wide array of go-karts, including off-road, racing, and pedal, electric and even drift karts. Each of these go-karts has a different application made by various go-kart manufacturers.

The availability of indoor and outdoor karting further enhances its demand as there is no barrier of weather while enjoying karting because of its indoor facility also. Nearly 35 million Americans participate in the sport of go karting every year.

Moreover, go-kart is relatively pocket friendly as compared to car racing. Those who want to go professional can get their own go-kart for somewhere between $3,000 and $8,000 from one of the leading manufacturers. This is also one of the factors that has enhanced its usage among youths.

Rise in the urbanization have stimulated surge in the number of race courses & country clubs. This has inclined consumer's interesting various fun activities such as racing and karting.

Hence, the popularity for go-kart racing is increasing which boost the growth of karting market across the globe.

Restraints for Karting Market

High costs of the karts and infrastructure facilities.(Access Detailed Analysis in the Full Report Version)

Opportunities for Karting Market

Rising adoption of technological advancements in karting.(Access Detailed Analysis in the Full Report Version)

What is Karting?

Karting is a type of road racing in which drivers compete against one another in an open four-wheeled vehicle known as go-karts or shifter karts. Karting is practiced by many enthusiasts all over the world at varying levels of competition. It is the most popular form of motor sport among all age group of people who race go karts and use them as stepping stone to more advanced motor sports.

Karts comes in variety of forms from motor less models to high-powered, high-powered ones are for competitive racing such as Super Karts, able to beat racing cars on long circuits. Karts have no protective bodywork and smaller in size and height, driver sits few inches above the ground.

Some of the karts are capable of speeds 100 miles per hour with an incredible 18 horsepower to 90 horsepower. These karts are used on a large number of surfaces and custom tracks for karting. Dirt tracks and ice tracks are most commonly used tracks for racing.

There are different types of karting such as indoor and outdoor karting. Indoor karts are safe and tends to be more solid, while outdoor karts normally bigger and can easily overtake other drivers. Karting generally have two purposes; rental and racing. Rental karting is for the beginners who wants to learn karting and racing is for the competitive racing purpose.

Sprint racing, endurance or road racing, and speedway racing are the three main categories of karting competition. In addition, ice racing, Formula Kart Experimental racing, and Super Kart racing have all developed as new forms of karting competition.

Nowadays, increasing technological advancement such as solar-powered, electric go karts are creating the opportunity to increase the courses and country clubs for karting. Thus, the popularity of motor sport is increasing among all age group people.

The rise of online streaming platforms has significantly revolutionised the media distribution industry. A 2022 Eurostat report reveals that in the preceding three months, 42.3% of EU respondents used an online streaming service, a rise from 23% in 2018. This shift has disrupted other distribution methods, including DVDs, downloads and broadcast channels. The advent of video-on-demand services has empowered major film and TV studios to establish their own direct-to-customer platforms like Disney+ and BritBox, therefore gaining more control over content distribution. Industry revenue is set to fall at a compound annual rate of 0.3% over the five years through 2024, to €16.8 billion. Cinemas are grappling with reduced exclusive periods for new releases. The UK-based chain Cineworld (operating in Poland and Czechia) has had its exclusivity window with Universal slashed from 90 to 45 days, which has become the new norm for the industry. Equally disruptive has been the strike action in the US by the Writers Guild of America (WGA) and Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA), which lasted from July to November 2023. The restart of content from the US is projected to support a 1.3% rise in revenue in 2024. There are indications a strategic shift is imminent in sports broadcasting over the coming years. Following the model of production companies like Disney and Paramount, major sports leagues are venturing into direct distribution through subscription services for fans, as seen with Formula 1's launch of F1 TV. Furthermore, the appetite for high-budget, film-like television drives studios to invest in these projects, promising a significant payoff during initial release and future distribution deals. The trend indicates a future where distribution rights for premium TV shows could become a more heated battleground. Distributor revenue is forecast to grow at a compound annual rate of 3.9% over the five years through 2029, reaching €20.4 billion.

Max Verstappen was the highest-paid Formula 1 driver in 2023, earning around 25 million U.S. dollars in bonuses on top of a salary of 45 million U.S. dollars. In the same year, Lewis Hamilton earned a salary of around 55 million U.S. dollars.

According to Cognitive Market Research, the global Racing Tire Market size is USD 11254.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.80% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 4501.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 3376.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 2588.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.8 % from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 562.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2 % from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 225.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.
The motorcycle racing tires segment had the largest share in the global Racing Tire Market by application.

Market Dynamics of Racing Tire Market

Key Drivers of Racing Tire Market

Increase in the Appeal and Interest Of Motorsports Competitions to Boost Market Growth

The increasing popularity and viewership of motorsports events like Formula 1, NASCAR, and various other racing competitions have led to a notable surge in the demand for racing tires. These events attract a vast global audience, providing tire manufacturers with a lucrative platform to showcase their products. As more individuals engage with motorsports, the necessity for high-quality, performance-driven racing tires continues to escalate.

This surge in motorsports' popularity is driving the racing tire demand. Manufacturers must constantly innovate and enhance racing tires to capitalize on market growth. For instance, in September 2023, Pirelli adjusted its Formula 1 testing schedule for the remainder of the year to finalize tires for the 2024 season. Alpine and Red Bull tested prototype tires at Monza after the Italian Grand Prix, followed by testing across Japanese and Mexican Grands Prix. Pirelli focused on developing non-blanket tires, hoping for approval for the 2024 season use.

Advancements in Automotive Technology Fueling the Racing Tire Market 

One key driver in the racing tire market is the continuous advancement of automotive technology and engineering. As automotive manufacturers strive to enhance the performance and efficiency of racing vehicles, there is a growing demand for racing tires that can complement these technological innovations. This driver pushes racing tire manufacturers to develop and produce tires with superior grip, durability, and handling capabilities, meeting the stringent requirements of professional racing teams and drivers. Additionally, advancements in tire compounds, tread designs, and construction materials contribute to improved performance on various track surfaces, leading to heightened competition among tire manufacturers to deliver cutting-edge solutions that optimize vehicle performance and ensure a competitive edge in motorsports events.

Restraint Factors Of Racing Tire Market

Challenges associated with safety and performance regulations to Limit Market Growth

Racing tire manufacturers face stringent safety and performance guidelines set by regulatory bodies and motorsports organizations. These standards, aimed at ensuring driver and spectator safety and promoting fair competition, pose challenges as they evolve. Adapting to these changes can be costly, requiring adjustments in tire design and materials. Navigating regulatory hurdles can hinder innovation and development in racing tires. Manufacturers must invest in research and development to meet updated standards, leading to increased production expenses. Non-compliance may lead to legal repercussions and harm a manufacturer's reputation. Striking a balance between performance, cost-efficiency, and regulatory adherence is essential for sustained growth and competitiveness in the racing tire market.

Impact of COVID-19 on the Racing Tire Market

The COVID-19 pandemic caused a substantial disruption in the racing tire market, particularly due to the suspension or postponement of major...

Red Bull received an estimated 140 million U.S. dollars in prize money in 2023, with the team winning the Constructors' Championship for the second season in a row. Meanwhile, third-placed Ferrari received around 122 million U.S. dollars in prize money.