PRI just dropped its first market research report, and it’s packed with crucial data for gearheads and industry pros alike. One of the standout stats: track-use motorsports parts sales in the U.S. hit over $8 billion in 2023. This report is loaded with industry trends and sales metrics and is free for PRI Business and Individual members.
A New Resource for the Racing Industry
The “2024 State of the Racing Market Report” is PRI’s first move to offer detailed industry data. Created by PRI Market Research, this report will be updated every year and released in the first quarter.
“As the industry evolves, businesses need solid data to understand the market’s current state and future direction,” says PRI President Michael Good. “This study helps our members spot new opportunities with an easy-to-read, comprehensive download.”
Industry Trends and Market Health
The report shows promising signs for the racing ecosystem, with 76% of businesses viewing the market as stable or growing. Even though growth slowed in 2023 due to economic concerns, sales remained positive or stable for many selling racing parts.
In the past year, 47% of racing parts resellers saw sales growth, and 51% expect more growth next year. Similarly, 32% of racing parts manufacturers experienced growth, with 50% predicting increased sales in the coming year.
“The racing segment is still a strong part of the specialty-equipment market and a revenue opportunity for many businesses,” Good adds. “This report is essential for staying ahead in the ever-changing motorsports scene.”
What’s Inside the Report
Popular racing products include engine parts, intake/fuel/exhaust components, and suspension/brakes/steering/chassis parts. About 59% of racing businesses sell directly to teams, while many also partner with distributors and other resellers to expand their reach.
The report also highlights optimism within the industry, with 68% of tracks planning to host as many or more races in 2024 compared to typical years. The 2024 Indianapolis 500 saw TV viewership rise to 5.34 million, up 8% from 2023, indicating strong interest in racing. However, 54% of tracks report that they are still working towards reaching full occupancy in the stands compared to pre-pandemic levels in 2019.
PRI’s Role in the Industry
Since 1986, PRI has been the go-to source for racing entrepreneurs, providing trends, merchandising ideas, new products, and business strategies. The new report offers insights into how the racing industry buys and sells parts, tracks industry trends, and includes updates on tracks and various types of racing.
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