Grant Thornton UK LLP in association with The Motorsport Industry Association (MIA), today launches the 2024 Review of UK Motorsport Valley®, revealing an industry at the cutting edge of high-performance engineering, delivering exceptional growth, global influence, and increasing international investment.
The Grant Thornton report builds on previous studies commissioned by the MIA in 2000 and 2013. It reveals that the UK motorsport and engineering services sector reached a sales turnover of £16billion in 2023 – increasing from £9billion in 2012 – and now employs 50,000 people.
The report’s other key findings include:
- 89 per cent of UK motorsport businesses generate export revenue, with the USA as the top importer.
- 93 per cent make international business decisions from within the UK, underlining the UK’s strategic role.
- 70 per cent of all Formula 1™ teams and the Formula One Group’s HQ are based in the UK’s Motorsport Valley®.
- Motorsport businesses spent 14 per cent of turnover on R&D, with 94 per cent maintaining or increasing investment.
The sector is closely aligned with the UK Government’s industrial strategy, particularly around skills and employment. The report highlights that 34 per cent of motorsport businesses employ apprentices and have a strong commitment to the recruitment and training of future talent.
Meanwhile, 14 per cent have made acquisitions in the past three years, with 55 per cent of those investments made overseas, reflecting a sector expanding its global reach.
Motorsport Valley® is more than a leading business cluster – it has become an international symbol of British engineering excellence. As the MIA and its members celebrate over 30 years of support for this dynamic sector, the 2024 Review underlines its strategic importance to the UK economy and its bright future.
Chris Aylett (Chief Executive, MIA) said:
“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. Increased exports, consistent R&D investment, the recruitment and retention of world-class talent, new corporate investors, and substantial exposure to an international audience are positioning the UK as the undisputed global hub for motorsport innovation. This is not just sport – this is a substantial industry with enormous impact across numerous sectors, including aerospace, defence, marine, and medical.
“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. The enthusiasm of young people for the exciting engineering and technology challenges they enjoy in Formula One and in all forms of motorsport, will, if harnessed correctly, be a real asset to the UK’s future.”
Owen Edwards (Head of Automotive, Business Consulting, Grant Thornton) said:
“The UK motorsport industry continues to be a global benchmark for high-performance engineering, innovation, and resilience. Our latest report with the Motorsport Industry Association highlights not only the sector’s impressive £16 billion turnover and growing international footprint, but also its critical role in advancing technology, skills, and sustainability across multiple industries. Motorsport Valley® is more than a geographic hub, it’s a symbol of British excellence, and we’re proud to support its continued growth and global leadership.”