PRI 2022 Motorsports Survey Reveals Aftermarket Trends in Racing and Performance

PRI

Every year, the Performance Race Industry reaches out to the business owners amongst its membership to get a lay of the land in the race and performance space. The Motorsports Retail Business Survey helps to identify growth sectors for other members and industry followers — things like advertising, rising costs, materials challenges and projects for the future.

This year, drag racing encompassed the largest percentage of both the customer base and the growth opportunity for members, and amongst those surveyed, the largest percentage (21%) where engine builders with fabricators following at 17%, so the drag racing precedence makes sense.

42% of those surveyed saw an increase in sales while 40% said their sales remained the same, with a similar pattern of customer base increase.

The survey digs further into the marketing and outreach efforts of the business owners, including how many have websites, utilize social media and other marketing options. Social media dominates the marketing efforts, according to the results, which corresponds to the number of business owners with websites. Unsurprisingly, most retailers have a company website (69% of those surveyed) while the fabricators largely do not (80% of those survey said they do not have one.  Social and word of mouth remain the primary drivers of awareness for new and returning consumers, according the owners.

80% of those responding indicated that they sold most of their products from their shops, and communicated largely on the phone with customers, something that is likely no surprise to anyone who has attended a race, a trade show or other race and performance event over the past 20 years. Still, looking at general trends, it is a little surprising to see some of the businesses without an online presence, but the survey indicates that much of that is due to lack of personnel to create, update and maintain a website or social presence.

Other results seem to be following current trends across the board — businesses are increasing prices, purchasing more equipment, and struggling to get materials (or have struggled over the past few years), and are holding steady in their hiring practices as inflation and post-pandemic life both influence the state of the industry.

So, while we continue to see growth in this ever evolving industry, it’s also not a stretch to see some caution within the ranks. The next year will be an interesting one in terms of development, marketing and race and performance technology.

To see the entire survey, go here: PRI Motorsports Growth Survey.

 

About Andreanna Ditton 228 Articles
Andreanna Ditton is the Content Manager for MotorHead Media and the Editor-in-Chief for RacingJunk.com/news. She's been working in the automotive publishing industry since 2007 focusing on racing and performance for motorcycles and cars.

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