The FIA has announced the results of a worldwide study. These show that the motorsport industry generates €159.2 billion in revenue for the global economy, with a total value added of €66.9 billion.
EY-Parthenon, the governing body of motorsport, commissioned the study to measure the economic and social impact of the motorsport industry in an attempt to find out how important it is. During the lockdown caused by the coronavirus, the motorsports industry was forced to a halt, but later managed to recover. This makes the figures even more impressive.
During the FIA-conference in Monaco today, the findings were announced. The study is based on market research of 20,000 surveys completed by participants.
Motorsport.com sets out the key findings:
- 159.2 billion Euros total annual gross production
- 66.9 billion total value added
- 1.5 million total paid jobs - the number of paid jobs (full-time, part-time and casual) directly supported by the motorsport industry
- 302,000 formal (unpaid) officials, marshals and volunteers
- 2.7 million Participants in motorsport (competitors, officials, marshals and volunteers)
- 60,700 events
- 7,200 facilities, tracks and venues
- 21,600 Local motorsport tracks
FIA-president Todt emphasises remarkable findings
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According to FIA president Jean Todt, the findings are "remarkable" because they show how big the influence of the motorsport industry is worldwide. “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.”
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