25 Reasons to Be Excited About Drag Racing: No. 8 – Business is Booming
According to the recent release of the inaugural 2024 State of the Racing Market Report compiled by the Performance Racing Industry (PRI), the business of drag racing has been on the rise since the pandemic.
[Editor’s Note: This story originally appeared in DI #190, the State of Drag Issue, in September/ October of 2024.]
It appears that the global shutdown has sparked a widespread interest in drag racing, as many people found themselves with unexpected free time. The inaugural 2024 State of the Racing Market Report now provides evidence that this surge in interest is indeed a reality.
The report is based on a variety of sources, including a comprehensive survey sent to businesses across the racing ecosystem. The organization reached out to PRI members and non-members, covering manufacturers, retailers, distributors, engine builders, race prep businesses, teams, tracks, and racing associations. This broad-based approach ensures they capture a wide range of perspectives and data points.
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.
Not only does the report establish that track-use motorsports parts accounted for more than $8 billion in sales in the United States in 2023, but it also provides industry-specific data and insights that will help members grow their businesses and stay competitive.
Drag racing leads the report in various areas, including the manufacturing of race parts. Gavin Knapp, PRI’s Director of Market Research, shares his thoughts on the report’s findings.
“Drag racing is one of the most supported and connected types of racing within our sample,” says Knapp. “The industry’s outlook for drag racing is particularly positive, with many seeing growth and opportunity in this sector.”
Additionally, 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.
One purpose of the report is for businesses to utilize the information to analyze the status of their companies and to set goals for the future.
“There are two primary ways businesses can use this report,” explains Knapp. “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 race tracks are experiencing.”
Lastly, Knapp shares that there will be a second edition of the report in the first quarter of 2025.
PRI members can visit PerformanceRacing.com to download the 2024 State of the Racing Market Report.
This story was originally published on November 8, 2024.
The post 25 Reasons to Be Excited About Drag Racing: No. 8 – Business is Booming first appeared on Drag Illustrated.
