Motorsport Valley Report Highlights a Decade of Growth
The latest review from the Motorsport Industry Association (MIA), conducted by Grant Thornton, reveals significant advancements in the UK’s Motorsport Valley over the past decade, particularly as it gears up for the 2025 Formula 1 World Championship.
Key Findings:
- In 2023, UK motorsport and engineering companies reported a sales turnover of £16 billion, marking a £7 billion increase since 2012.
- Export revenue is pivotal, with 89% of firms generating income from international markets, predominantly from the USA.
- Employment in the sector surged to 50,000, up from 41,000, with over one-third of companies employing apprentices.
Chris Aylett, chief executive of the MIA, emphasized the area’s status as a global hub for motorsport innovation: “Following a decade of outstanding growth and global success, the UK’s Motorsport Valley high-performance engineering cluster is clearly set for a bright future.” He noted the industry’s substantial contributions across various sectors, including aerospace, defence, marine, and medical technologies.
Research & Development:
Investment in research and development remains robust, with UK motorsport entities allocating 14% of their turnover to R&D. Notably, 94% of businesses plan to either maintain or increase their R&D spending over the next three years.
Motorsport Valley is home to seven of the ten Formula 1 teams—Alpine, Aston Martin, Haas, McLaren, Mercedes, Red Bull, and Williams—as well as the governing bodies of the F1 World Championship and Formula One Management, further strengthening its economic footprint. The combined turnover of the F1-related businesses exceeded £3.8 billion in 2023.
Aylett concluded, “The motorsport industry has shown remarkable resilience and growth; it continues to be a world-leading example of a thriving business cluster and a jewel in the crown of UK advanced manufacturing.”
This report illustrates Motorsport Valley’s ongoing evolution and underlines its pivotal role in the future of global motorsport and engineering innovation.
