Performance Racing Industry (PRI) has released its first-ever market research report, revealing that track-use motorsports parts accounted for more than $8 billion in sales in the United States in 2023. This landmark report, filled with essential industry trends and sales metrics, is now available to PRI Business and Individual members at no additional cost as part of their membership benefits.
The inaugural 2024 State of the Racing Market Report marks a significant milestone for PRI, underscoring its commitment to delivering industry-specific data and insights that empower its members to grow their businesses and maintain a competitive edge. Produced by PRI Market Research, these comprehensive reports will be updated annually, with new editions released in the first quarter of each calendar year.
Gavin Knapp, PRI’s Director of Market Research, shared his thoughts on the inspiration and importance of the report in a recent interview:
What inspired the creation of this report?
“PRI is deeply committed to helping motorsports businesses succeed,” Knapp said. “While there’s plenty of information about the sport of racing, we noticed a gap when it came to the business side. This report aims to fill that gap by providing valuable insights into the racing market, helping businesses understand their market, and identify opportunities for growth.”
How was the report compiled?
“The report is based on a variety of sources, including a comprehensive survey sent to businesses across the racing ecosystem. We reached out to both PRI members and non-members, covering manufacturers, retailers, distributors, engine builders, race prep businesses, teams, tracks, and racing associations. This broad-based approach ensures we capture a wide range of perspectives and data points.”
How can businesses utilize this information?
“There are two primary ways businesses can use this report. First, it’s a powerful benchmarking tool. Companies can compare their performance with others in their niche, understanding trends and seeing how they stack up. Second, it helps identify new opportunities. By examining trends in other niches, businesses can explore potential expansion areas. Additionally, it provides valuable insights from different perspectives within the industry, such as what manufacturers, retailers, and racetracks are experiencing.”
Feedback and Future Plans
“The feedback has been overwhelmingly positive. Many have expressed gratitude for the insights provided, noting that this kind of information has been hard to come by. This report is just the beginning; we’re committed to continuing this effort and releasing updated reports annually.”
For Drag Racing Enthusiasts
“Drag racing is one of the most supported and connected types of racing within our sample. The industry’s outlook for drag racing is particularly positive, with many seeing growth and opportunity in this sector.”
Accessing the Report
The report is available for download through the PRI member portal on PerformanceRacing.com. If you’re not a PRI member, you can find information about joining on the same website. Membership offers a host of benefits, including access to detailed market research.
“We’re excited to see how businesses will use this data to make informed decisions and drive their success. Be on the lookout for the second edition of the report in the first quarter of 2025,” he concluded.
For more information and to access the 2024 State of the Racing Market Report, visit PerformanceRacing.com. If you’re not yet a PRI member, now is the perfect time to join and take advantage of this invaluable resource.
This story was originally published on July 5, 2024. 
