There are legions of racers out there who spend a lot of money to enjoy their vehicles. Performance Racing Industry (PRI) took a deep dive into the racing world and generated a market research report that looked at track-use motorsports parts. This report uncovered that track-use motorsports parts generated over $8 billon in sales during 2023, along with other useful insights into the industry.
The “2024 State of the Racing Market Report” is PRI’s attempt at creating industry-specific data that will assist its members in increasing business. This report will be updated and released during the first quarter of each year by PRI Market Research. The market report will be available for PRI Business and Individual members to download at no charge.
“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.”
According to the report, “Businesses across the racing ecosystem are seeing positive signs that motorsports is getting back to its usual rhythm.” The report also states that 76% of businesses see the racing market as either stable or on the rise. It also notes that companies have seen strong sales growth since tracks post-pandemic. However, the growth seems to have slowed some in 2023 due to fears of a recession and inflation. In these challenging times, many parts retailers still saw sales growth and expect sales to continue 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.”
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.”
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