The FIA has revealed the findings of a key study that shows the motor sport industry produces 159.2 billion euros of business in to the world economy, with an extra injection of 66.9 billion euros overall.
Motor racing’s governing body commissioned EY-Parthenon to measure the economic and social impact of the motor sport industry in a bid to find out how important it was.
Its findings were published at the FIA Conference in Monaco on Tuesday, with the huge figures also including reference to the 1.5 million jobs that are involved in the motor sport industry.
The key findings from the survey were
* €159.2B Total annual gross output
* €66.9B Total value added
* 1.5M Total paid jobs - The number of paid jobs (full time, part time and casual) directly supported by the motor sport industry
* 302,000 Formal (unpaid) officials, marshals and volunteers
* 2.7M Motorsport participants (competitors’, ‘officials, marshals and volunteers’)
* 60,700 Events
* 7,200 Facilities, tracks and venues
* 21,600 Local motorsport tracks
EY-Parthenon relied on market research from 20,000 surveys completed by participants, which included local clubs, venues, commercial rights holders, promoters, team managers, and other FIA parties.
FIA president Jean Todt said the findings of the survey were ‘remarkable’ in highlighting just how big the influence of the motor sport industry was worldwide.
“This report reveals that motor sport industry represents 160 billion euros total annual gross output and 1.5 million total paid jobs,” he said.
“This is remarkable and it demonstrates that our sport efficiently contributes to the rebound of the economy in Covid-19 times. I thank EY-Parthenon, our Member Clubs, FIA championships promoters and all those who have participated in this global interest study.”
The figures are especially interesting considering how motorsport was forced to come to a halt during the coronavirus lockdown, but was able to get itself back on its feet in the middle of last year.