Motorsports governing body, the FIA, has commissioned a study into motorsports economic and social impact, revealing a total gross output of €160 billion annually.
The study, conducted by EY-Parthenon, found in addition to a gross output of €159.2bn, the sector supported 1.5 million paid jobs and a further 302,000 volunteers.
The study relies on extensive primary market research over 20,000 surveys completed by participants – local clubs, venue operators, global commercial rights holders, national promoters and team managers, existing data sources – official FIA data, World & Regional Championships, International Series, FIA graded venues, and consultation of over 50 industry stakeholders.
The main findings of this research are the following:
€159.2B TOTAL ANNUAL GROSS OUTPUT – The market value of goods and services produced by the motor sport industry plus the flow-on, or multiplier, effects of the direct expenditure throughout the economy. For example, money spent at restaurants by event attendees is allocated between the additional material inputs, food and drink, wages, and profits of the proprietor. Wages spent by the employees of the restaurant (e.g. on household items) circulate the money throughout a broader section of the economy creating indirect benefits.
€66.9B TOTAL VALUE ADD – The market value of goods and services produced by the motor sport industry plus the flow-on, or multiplier, effects of the direct expenditure throughout the economy.
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 MOTOR SPORT PARTICIPANTS (competitors’, ‘officials, marshals and volunteers’)
60,700 EVENTS
7,200 FACILITIES, TRACKS, AND VENUES
21,600 LOCAL MOTOR SPORT CLUBS
FIA president Jean Todt called the results of the study remarkable: “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 full report can be read here.
