A study by Motorsport New Zealand around the economic benefit the sport has on the country across all its different classes found it makes $1.1 billion annually.
The study was undertaken with world governing body the FIA and found influences spread far and wide; from presence in Formula 1 to the hot dog seller at Ruapuna.
Motorsport NZ CEO Elton Goonan said the study shows the sport has entered a new age of racing which New Zealand can capitalise on.
“Whether it's in Northland or Invercargill, Gisborne or Westport, it's there,” Goonan said.
“All those ancillaries; going to the track for two nights, accommodation, food in the local area - it's quite a massive industry.”
In New Zealand’s motorsport industry, there are nearly 2500 jobs created directly, close to 3000 indirectly, and 12,500 volunteers across the board. On top of that, each competition spends over $17,000 on average annually.
David Black, who along with his team make race seats out of their factory in Wellington and sell them to the world, said New Zealand has a solid reputation in the global community.
“I think Kiwi ingenuity is a big part of it,” Black said.
“Our company did a trade fair in Indianapolis just last week and the sales out of that are almost double what we did last year.”
Black is adamant the billion dollar figure could be even higher as he has a deal sitting on the table with Porsche motorsport in Germany.
“One of the requirements is one of their control people has to come and visit our factory and they have not been able to visit obviously since we were awarded the contract in December last year,” he said.
“So it's quite concerning, that we could lose multi-millions in business if these borders aren't open.”
If they are open in 2022, motorsport fans will have plenty to get stuck into with the return of the World Rally Championship and with a confirmed return of a Kiwi event in the Supercars series in September.
Top prospect Liam Lawson, fresh off getting his first taste of Formula 1 with testing in Abu Dhabi, said it makes for exciting times in New Zealand’s motorsport scene.
“[Kiwis] definitely find our way around the world,” Lawson said.
“I think New Zealand is a motorsport passionate country.”
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