In 2024, NASCAR had an average television audience of around 3.85 million viewers. This represented an increase of nearly 35 percent on the previous year, which had an average audience of 2.86 million.

The Daytona 500's average TV audience has declined since 2006, with weather-related disruption becoming a recurring theme in recent years. In 2024, the event's average TV audience amounted to 5.96 million viewers, representing a decrease of around 27 percent on the previous year.

In 2023, the NASCAR All-Star race was watched by an average TV audience of around 2.2 million, representing a decrease of just over 11 percent on the previous year. In 2021, the event had an average TV audience of 2.74 million.

The average TV audience of the March 2023 NASCAR cup race at the Las Vegas Motor Speedway amounted to just under four million, representing a small decrease on the previous year. Meanwhile, the race attracted an average TV viewership of 5.5 million in 2020.

The Daytona 500 was the most watched NASCAR Cup Series race in 2023, attracting an average audience of over eight million viewers. Meanwhile, the Chicago Street race had an average audience of just over 4.6 million.

The average TV audience of the March 2023 NASCAR Cup Series race at Atlanta Motor Speedway amounted to 3.42 million, representing a decrease of around 15 percent on the previous year. Five years earlier, the event had an average TV audience of 5.6 million.

The average TV audience of NASCAR Cup races at the Dover Motor Speedway amounted to around 1.07 million, representing a small increase on the previous year. In 2018, the race attracted an average of around 2.77 million viewers.

The average TV audience of the May 2023 NASCAR Cup Series race at Kansas Speedway amounted to around 2.35 million, representing a small increase on the previous year. Meanwhile, the race attracted an average TV viewership of 2.74 million in 2021.

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...

The average TV audience of the February 2023 NASCAR Cup race at Phoenix Raceway amounted to around 3.39 million, representing a slight decrease on the previous year. In 2019, the race was watched by an average TV audience of nearly five million.

The average TV viewership of the May 2023 NASCAR Cup race at Darlington Raceway amounted to nearly 2.7 million, representing a slight increase on the previous year. Meanwhile, the race attracted around 6.3 million viewers in 2020.

This graph shows the average television viewership for NASCAR races in the United States in 2018 and 2019. The figure across the whole season stood at 2.92 million per race in 2019, down from an average of 3.06 million per race in 2018.

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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

The average TV audience of the 2023 NASCAR Cup Series race at Sonoma Raceway amounted to nearly three million, representing an increase of around 30 percent on the previous year. It also represented the largest audience in five years.

This graph shows the share of NASCAR TV viewers during the 2016-2017 season in the United States, by ethnicity. According to the source, 91 percent of the viewers during this season were white.

The statistic depicts the average national TV viewership in the U.S. for selected motor sports events in 2019. The NASCAR Daytona 500 on February 17 had an average TV viewership of 9.17 million.

This graph shows the distribution of the NASCAR Sprint Cup Series television audience in 2013, by age group. Viewers aged 35 to 54 comprised 37 percent of the NASCAR Sprint Cup Series television audience in 2013.

This graph shows the average age of NASCAR TV viewers in the United States in 2006 and 2016. According to the source, the average age of NASCAR viewers in the 2016/17 regular season was 58.

The statistic depicts the average viewership of the NASCAR Cup Series finale in the United States from 2015 to 2019. According to the source, the NASCAR Cup Series finale in November 2019 averaged 3.76 million viewers, down from 4.2 million a year earlier.

The National Association of Stock Car Auto Racing (NASCAR) organizes stock-car racing in the United States and across the world. In a survey conducted in the United States in May 2023, 16 percent of male respondents stated that they were avid fans of NASCAR.