Connect with us

Hi, what are you looking for?

News

PRI Publishes Inaugural State of the Racing Market Report

PRI photo

Performance Racing Industry (PRI) released its first-ever market research report, showing that track-use motorsports parts accounted for more than $8 billion in sales in the United States in 2023, among many other racing market data points. The report includes key industry trends and sales metrics and is available to PRI Business and Individual members for free as a membership benefit.   

The inaugural “2024 State of the Racing Market Report” is PRI’s first step towards providing industry-specific data and insights that will help members grow their businesses and stay competitive. Produced by PRI Market Research, updated reports will be released annually in the first quarter of the calendar year.   

“As the industry continues to evolve, businesses need to rely on facts to understand where the market currently stands and where it’s headed,” said PRI President Michael Good. “This study takes the guesswork out for our members, helping them to identify new opportunities in an easy-to-read and comprehensive download.”  

The report finds that “Businesses across the racing ecosystem are seeing positive signs that motorsports is getting back to its usual rhythm.” According to the report, 76% of racing businesses view the racing market as either stable or on the rise. While companies saw strong sales growth following the reopening of tracks and resumption of races post-pandemic due to pent-up demand, the growth slowed slightly in 2023 amidst recession and inflation concerns. Still, overall sales were largely positive or remained stable for those selling racing parts.  

Over the past year, 47% of racing parts resellers saw sales growth and 51% anticipate their sales will grow over the next year. Similarly, 32% of racing parts manufacturers experienced sales growth and 50% expect their sales to grow over the next year.  

“The racing segment continues to be a strong piece of the specialty-equipment market and a revenue opportunity for many businesses,” added Good. “Whether you are a CEO, salesperson, or race service provider, this report can help you stay ahead of the curve and navigate the dynamic motorsports landscape.” 

The most common racing products sold are engine, intake/fuel/exhaust, and suspension/brakes/ steering/chassis parts. The percentage of racing businesses that sell directly to teams is 59%; however, many also have built partnerships with distributors and other resellers to help expand their audience.  

Many racetracks, racing series, and racing associations feel that the industry is still recovering from the pandemic but are more optimistic about the outlook for racing; 68% of tracks expect to run as many, or more, races in 2024 than a typical year. The average number of television viewers of the 2024 Indianapolis 500 was 5.34 million, up 8% from 2023, which is a good indicator that racing continues to see strong popularity at high levels. Still, 54% of tracks report feeling that there is a way to go to reach full occupancy in the stands compared to pre-pandemic levels in 2019.  

Since 1986, PRI has served tens of thousands of racing entrepreneurs as the key source for industry trends, merchandising ideas, new products, business strategies, and more. In addition to offering data on how the racing industry buys and sells parts for racing vehicles, the report includes insight into industry trends, track updates, an overview of racing types, and more.  

Advertisement. Scroll to continue reading.

PRI Business and Individual members can download the new “2024 State of the Racing Market Report” by using their individual/personal login to access their member portal at PerformanceRacing.com. Once logged in, the report can be found by clicking “My Benefits.” 

This story was originally published on May 28, 2024. Drag Illustrated

You May Also Like

News

The star-studded STREET OUTLAWS: No Prep Kings series is set to return for its 6th season in the summer of 2023. Fans can expect to...

News

Street Outlaws: No Prep Kings star and renowned engine builder Pat Musi joined the recent episode of The Wes Buck Show and provided an update...

News

Street Outlaws: No Prep Kings star Lizzy Musi announced today that she has been diagnosed with stage four breast cancer via her Youtube channel....

News

Ryan Fellows, who starred in “Street Outlaws: Fastest in America,” died in a tragic crash while filming for the show in Las Vegas on...

Since 2005, DI has informed, inspired and educated drag racers from every walk of the racing life - weekend warrior and street/strip enthusiasts to pro-level doorslammer and Top Fuel racers. From award-winning writing and photography to binge-worthy videos to electric live events, DI meets hundreds of thousands of racers where they live, creating the moments that create conversations.