Grant Thornton and MIA unveil 2024 review showcasing a booming high-performance engineering sector at the heart of Britain’s global competitiveness.
The UK’s globally revered Motorsport Valley® has once again asserted its dominance as a beacon of high-performance engineering and technological excellence, with the release of the 2024 Review of UK Motorsport Valley®. Commissioned by Grant Thornton UK LLP in partnership with the Motorsport Industry Association (MIA), the latest report paints a compelling picture of growth, innovation, and global reach.
According to the findings, the UK motorsport and engineering services sector achieved a record-breaking turnover of £16 billion in 2023, a dramatic leap from £9 billion in 2012. Now employing 50,000 highly skilled professionals, the industry has cemented itself as not only a sporting asset but a critical driver of the UK’s advanced manufacturing economy.
A Global Engineering Powerhouse
What sets Motorsport Valley® apart is its uniquely international footprint. Nearly 90 per cent of businesses in the sector generate export revenue, with the United States leading as the top importer. Meanwhile, 93 per cent of international business decisions are still made within the UK, reinforcing Britain’s strategic influence and leadership.
This thriving cluster is also home to 70 per cent of all Formula 1™ teams, as well as the headquarters of the Formula One Group – anchoring the UK at the epicentre of the world’s most prestigious motorsport discipline.
Chris Aylett, Chief Executive of the MIA, highlighted the sector’s exceptional momentum:
“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. This is not just sport – this is a substantial industry with enormous impact across aerospace, defence, marine, and medical sectors.”
Relentless Investment in Innovation and Skills
In a sector defined by speed, precision and constant reinvention, investment in R&D remains pivotal. Motorsport businesses invested 14 per cent of their turnover into research and development, with 94 per cent maintaining or increasing their R&D investment year-on-year – a testament to the industry’s culture of continuous innovation.
The report also underscores the sector’s alignment with the UK Government’s industrial strategy. An impressive 34 per cent of motorsport businesses employ apprentices, reflecting a deep commitment to training the next generation of engineers, designers, and technologists.
International Expansion and Strategic Growth
The industry’s global appeal continues to evolve through strategic acquisitions. Over the past three years, 14 per cent of UK motorsport companies made acquisitions, and more than half of these investments occurred overseas, signalling bold ambitions to expand influence and capabilities on a global scale.
Owen Edwards, Head of Automotive, Business Consulting at Grant Thornton UK LLP, commented:
“The UK motorsport industry continues to be a global benchmark for high-performance engineering, innovation, and resilience. Motorsport Valley® is more than a geographic hub – it’s a symbol of British excellence. We’re proud to support its continued growth and global leadership.”
More Than a Business Cluster
Celebrating over 30 years of support from the MIA, Motorsport Valley® has evolved from a regional cluster to an international symbol of British ingenuity. It plays a critical role not only in sport but in driving advancements across adjacent industries including aerospace, defence, and medical technology.
As the 2024 Review makes clear, the sector’s outlook remains resolutely forward-looking. Its combination of deep-rooted heritage, bold innovation, and global ambition ensures Motorsport Valley® remains not just a jewel in the crown of UK manufacturing – but a vital engine for economic and technological leadership in the decades ahead.
