|The British Motorsport Industry gathers to do business at Autosport International|
Released on Friday, the MIA’s 2011/2012 Motorsport Business Survey shows sales growth and increases in output, employment and research and development (R&D) investment within the sector.
It’s in contrast to a broader survey of manufacturing in the UK conducted by business lobbying organisation CBI, which reported muted expectations. The UK motorsport industry is a key contributor to the British economy, generating £6 billion in global sales annually, with the centrally-located Motorsport Valley home to over 3,500 companies and 40,000 jobs.
Nearly 60 per cent of motorsport companies participating in the Motorsport Business Survey reported an increase in sales over the preceding financial year. Over ten per cent of those companies reported a rise of more than 50 per cent, despite the harsh economic climate. A sign of the growth and vitality of the sector, 56 per cent of companies reported increasing headcounts during the 2011/2012 financial year, while 17 per cent of motorsport engineering companies invested over 30 per cent of their turnover on R&D, well above the UK manufacturing average.
The local industry’s biggest showcase and networking opportunity, over 700 companies exhibited at Autosport International 2012, with more than £800 million in business generated. With the 2012 trade audience of 28,500 including 5,100 decision makers from outside the UK, it also represents a major opportunity to network with international firms. Four-fifths of British motorsport businesses now export, with 22 per cent reporting more than half of their turnover generated by international sales.
“Our report, the only one of its kind, shows that the world-beating UK motorsport industry is in rude health, with great future prospects,” said Chris Aylett, MIA Chief Executive. “We’re seeing a growing appreciation, across the globe, of our pre-eminence in the field of high performance engineering, and for the quick-turnaround solutions demanded by the worldwide motorsport industry.”
“The British motorsport community has proven to be incredibly resilient, as proven by the latest MIA data, and it remains a major player in the UK economy,” commented Autosport International Show Director Ian France. “We’re proud of the role Autosport International plays in that, bringing together trade leaders from across the UK and around the world. With over £800 million worth of business completed at the 2012 show, it’s another reminder of the strength of the industry.”
Watch our highlights of Autosport International 2012