Global Motorsports Market Size, Share, Trends & Growth Forecast Report – Segmented By Racing Series (Formula One, MotoGP, NASCAR, GT, Off-Road and Others), Revenue Channel (Broadcasting, Ticketing, Sponsorship, Merchandising and Others) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Updated On: June, 2024
ID: 9317
Pages: 175

Global Motorsports Market Size (2024 to 2029)

The size of the global motorsports market was worth USD 5.51 billion in 2023. The global market size is expected to be valued at USD 8.7 billion by 2029 from USD 5.95 billion in 2024, growing at a CAGR of 7.9% from 2024 to 2029.

Motorsports are international competitions in which highly tuned and specialized automobiles engage in racing Cars and bikes

Motorsports are international competitions in which highly tuned and specialized automobiles engage in racing. Cars, bikes, go-karts, boats, trucks, and snowmobiles are among the motor vehicles featured in these competitions. The most well-known of these is known as auto racing or automobile racing, and it involves autos. Formula One, Indycar, GP2, Formula V6 Asia, Formula Nippon, Formula Three, F2, Formula Palmer Audi, Formula Atlantic, and various Formula Racing and other championships are currently being promoted.

Current Scenario of The Global Motorsports Market 

A major contributor to the motorsport market growth is the Esports industry. It has been expanding at a faster rate in the last few years. This is especially true in the case of motorsport. The intense gaming environment has driven considerable technological developments, which are providing major advances that have essentially fuelled the relief motorsport market. The gaming industry is a huge thriving industry and has shaped gamers' and people’s perceptions in such a way that all this in PlayStation or other games also happens in the actual F1 racing. This is reflected in the annual revenue earned by Formula One in the 2023 season, which spiked to 3.222 billion dollars from 2.573 billion dollars. There was around a 25 percent surge compared to the year 2022. However, there was also a decline in viewership by about 10 percent. This is mainly because the races organized are usually at night, according to North America’s time zone. Surprisingly, the number of Americans who watched the 2023 Miami Grand Prix was only 2 million. Apart from that, another major factor that led to the growth of Formula 1: Drive to Survive is due to Netflix’s increased coverage of it.


Broadcast revenue is the primary driver for the motorsport market.

The rising popularity of the sport motivates broadcasters around the world to make massive investments to earn the broadcasting rights of motorsport events, therefore becoming a major source of revenue for people and entities associated with the respective events. Furthermore, participation fees, which include vehicle testing on tracks and ticket sales, also contribute a huge chunk of revenue to the market. Similarly, sponsorship and merchandising deals add to the revenue pool and leverage the promotion of respective events and the marketing of the participating brands and drivers.

Innovation is a key driver for the motorsport market.

Automotive manufacturers are heavily invested in R&D to upgrade their vehicles and gain an advantage in the competition. Such investments create positive economies of scale, contributing to the growth of players within the motorsport industry and other industries like tire, consumer and commercial vehicles, oil and electric, technology, insurance, and others.

The motorsports market growth rate is gearing up with the rising prominence of electric vehicles in formula racing.

The demand for formula racing in various countries like the US is growing rapidly. It is reported that more than 28% of US adults are fans of Formula Racing. There are more than one billion people aged 16-35 who show huge interest in F1 racing. The growing popularity of motorsports through advertisements in TV channels and social media posts is ascribed to bolstering the market’s growth rate. Rising investments in Formula 1 racing by the private sector are augmented to level up the growth rate of the motorsports market. Many companies are setting up their product portfolio by sponsoring formula racing events to reach a huge target audience and also to level up the market’s growth rate.

The sports event involved in using motor vehicles seek highly customized and advanced systems. Therefore, the launch of most advanced technologies in the automotive industry will likely escalate the growth rate of the motorsports market. Good deals to telecast the sports event in OTT channels is gaining huge traction all across the world which is attributed to lavish the market’s growth rate.


Despite its growing popularity, the motorsport industry faces many challenges that hinder potential market growth.

First and foremost, the prevailing cost of investment is large enough to create uncertainty regarding the return on investments among new/potential participants. Additionally, the high cost of production, repair, and insurance of motor vehicles induces concerns over profitability in participating firms, hence restricting further investments. Similarly, the risk of fatality crashes demotivates new drivers to venture into the motor sporting world. Finally, motorsport, when compared to other sports like Football, does not attract billions of viewers. Even the most popular motorsport- F1 attracts followers from a relatively small niche of people around the world, therefore, the market growth is relatively slower than other sports.

The motorsport industry has been criticized for ignoring air and noise pollution threats. Critics also believe that land and resources spent on racing infrastructure can instead be utilized for commercial and welfare activities, which may be beneficial for society and the environment. Albeit, supporters of motorsport believe the industry does more good through employment generation and the nascent environment-friendly EV racing segment. Furthermore, the motorsport industry is also crucial to the development of fuel-efficient vehicles and sustainable engineering and technological innovations.

However, increasing concern about environmental pollution is strictly limiting the growth rate of the market. Stringent rules and regulations by the government to combat pollution and increase the quality of air are acting as a barrier for sports event organizers to get approval to conduct such events. In addition, the rising number of accidents due to overspeed, which leads to fatalities, is hampering the growth rate of the motorsports market.

Also, the high cost to purchase racing cars or motor vehicles can negatively impact the growth rate of the market. The motor vehicles cost very high along with the money required for the maintenance and services where common people with the huge interest to participate in the competition could not afford the high range cars is restricting the market’s growth rate.


The application of e-fuels is providing potential prospects for the motorsports market.

The International Automobile Federation is pushing for the use of e-fuels in all racing formats. They have set the goal to use 100 percent e-fuels by 2026 in Formula 1. However, the internal combustion engine format will always be used in motorsports. So, to address the sustainability problem, the emphasis is moving toward the types of fuels utilized and improving powertrain efficiency. Also, there will be special prospects for electrification and hybridization, and possibly even hydrogen, since we are already witnessing the goodness of Toyota's building concepts. Moreover, in the next decade, the focus should be on enhancing the sustainability of propulsion systems built on how they are functioning today against any sort of novel technological advancement or solutions.

In addition, as per industry experts, the motorsports market will be largely shaped by sustainability. The market is also making efforts to reduce the carbon footprint in the industry. The standard requirement for suppliers is currently shifting to good ESG certification to qualify for work throughout several race series. From product design, development, and automobile operation to the end of the service span, we are experiencing the transition in every part of the complete lifecycle of the motorsport market. Apart from this, the rising attention to lowering the carbon emissions from the racing cups and events like the Formula E series do not have parking facilities for spectators to push them to take public vehicles and schemes to minimize the plastic garbage during the race.


The cost reduction and standardization are the biggest obstacles to the expansion of the motorsports market. 

In recent years, there has been an increase in cost cap and standardization measures across the racing series. It is expected that in the coming decade, the frequency and intensity of such steps will significantly increase. In 2022, the Fédération Internationale de l'Automobile (FIA) Formula 1 expenditure for 2023 – 2025 was previously fixed at 142.4 million dollars, which has now come down to 135 million dollars. The trend is anticipated to continue to become strict to cut down the cost of sports and level the industry field. Likewise, it appears that standardization is steadily becoming increasingly common across the industry. This will particularly make changes to the technological and competition aspects for providers and OEMs. However, these are both obstacles and opportunities for the industry players.

Developmental costs will remain the key for the teams. For example, the World Endurance Championship (WEC), where standardization showed how diverse competition has become as compared to the period between 2000 and 2009. Furthermore, there are experimental and developmental hurdles as, nowadays, series are more open to various producers and grids than those dependent on the selected ones. However, the racing series could be at risk if any transportation or technical problem occurs with a standardized powertrain or driveline component. This puts a new burden on the supply partners to maintain sound technical solutions coupled with securing the trade chain operations.




Market Size Available

2023 to 2029

Base Year


Forecast Period

2024 to 2029



Segments Covered

By Racing Series, Revenue Channel, and Region.


Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa


Market Leaders Profiled

Mercedes AMG (Germany), BMW (Germany), McLaren (UK), Williams (UK), Yamaha (Japan), Ducati (Japan), Suzuki (Japan), Aprilia (Italy), Pirelli (Italy), MRF (India), and Others.



Global Motorsports Market Analysis By Racing Series

Formula One (F1) is the most popular motorsport event in the world and is expected to dominate beyond the forecast period. MotoGP is the second most popular motorsport event and the most popular in the two-wheeler segment. NASCAR is primarily popular in North America and is growing at a medium pace. Formula-E, the electric version of F1, is the fastest-growing racing event owing to the potential development of EVs and growing environmental concerns.

Global Motorsports Market Analysis By Revenue Channel

Broadcasting channels are the biggest source of revenue for the motorsport market. With the rise in the OTT user base, broadcasters can expand their reach to a wider array of audiences. Therefore, investment in broadcasting rights is expected to bring in revenue worth billions to the motorsport market during the forecast period. Sponsorships are an important avenue to cover the cost of hosting an event. Meanwhile, Ticketing for the live audience is beneficial in generating profits from the events. Merchandizing has become a key factor in maintaining the financial liquidity of the entities associated with motorsport events. The sale of apparel and other merchandise acts as a regular source of income and also promotes fan engagement. F1 merchandise is the fastest-growing segment, with second copies being the only threat to the market.


North America has witnessed leading with the largest share of the motorsports market in the past few years. The US is the major country contributing the highest share as it accommodates a huge number of motorsports events in major spots. The high number of people attending sports events in the US makes the market share grow high in this country. Also, the presence of the top companies and their strategy to promote different products in the event can enhance the sales of the company in favor of escalating the growth rate of the market in the US.

Europe is the largest market for the motorsport market. The presence of leading motor companies is the driving factor in the region. Italy is the leading country in Europe with domination in both motor vehicle and tire sectors. Germany and UK follow up with leading motor companies participating in motorsport events. France, Monaco, Belgium, and Portugal are the top nations with F1-MotoGP hosting infrastructure. The European region is expected to hold 57% of the global motorsport market during the forecast period.

Asia Pacific and Europe are esteemed to have the highest CAGR value throughout the forecast period. The rising popularity of the Formula one racing in the emerging countries and huge sponsorships are likely to boost the growth rate of the motorsports market. European countries have the most popular automotive industries like BMW, Audi, and others where the rapid adoption of the evolving technologies in UK, Germany, and others can greatly influence the growth rate of the market.

Latin America & the Middle East, and Africa are ascribed to have significant growth opportunities in the foreseen years.

The LAMEA region is led by South American nations. Argentina is the biggest market for F1 and MotoGP, while Brazil leads the water motorsport sector. Chile is experiencing significant growth in the F1/MotoGP segment. The UAE is the fastest-growing market with huge investments made in the development of F1 and MotoGP tracks. South Africa and other smaller African nations are growing slowly in the water motorsport sector.


Mercedes AMG (Germany), BMW (Germany), McLaren (UK), Williams (UK), Yamaha (Japan), Ducati (Japan), Suzuki (Japan), Aprilia (Italy), Pirelli (Italy) and MRF (India) are some of the major players in the global motorsports market.


  • Emma Gilmour, a rally driver from New Zealand, was named McLaren's first female racer on Wednesday, and she will compete in the new electric Extreme E off-road championship next year.
  • SARTA and Goodyear Tire & Rubber Company, two leaders in future transportation in Northeast Ohio, announced today cooperation to test intelligent tire sensors and prototype tires on SARTA's fleet of diesel and zero-emission hydrogen fuel cell-powered (HFC) buses.
  • For the 2022 season, Pirelli Tire North America has announced the addition of 18-inch tires to the Trans Am Series TA class. The diameter of the brand-new P Zero Trans Am TA class tires will increase from 16 to 18 inches. The most visible change is the sidewall reduction, which now resembles low-profile Pirelli tires, which have long been the preferred choice of the world's most prestigious performance road cars.
  • Mercedes-Benz has revealed that its vehicles will be equipped with Dolby Atmos, the most cutting-edge technology utilized in modern cinema. For this latest endeavor, it has even teamed up with Dolby Laboratories. The special Mercedes-Maybach automobiles, however, will be the first to include Dolby Atmos, followed by the flagship S-Class and other Mercedes-Benz models.


This research report on the global motorsports market has been segmented and sub-segmented based on racing series, revenue channel, and region.

By Racing Series

  • Formula One
  • MotoGP    
  • NASCAR     
  • GT  
  • Off-Road

By Revenue Channel

  • Broadcasting
  • Ticketing
  • Sponsorship
  • Merchandising

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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