Why Asia can drive the next stage of F1’s boom

There’s no doubt Formula 1 is enjoying a boom in global popularity right now, both on and off the track. Fans are captivated by one of the closest and most exciting seasons in recent memory, cheering on the drivers they have got to know better than ever through Netflix’s Drive To Survive.

To put some numbers on it: across the world, 750 million people consider themselves F1 fans. One in three have started following the sport in the last four years. 40 per cent of the six million people who attended a race last year did so for the first time. Viewership among under-35s and female demographics are growing, and F1 has been the fastest-growing sport on social media four years in a row. There’s a record race calendar of 24 races, following expansion in the USA and Middle East.

It's no surprise therefore to see that major brands are flocking to take advantage of the incredible platform F1 offers. At Williams Racing we have welcomed Komatsu, VAST Data, Keeper Security, Globant and Mercado Libre this year alone. 

Asia based brands miss out but the opportunities are huge

But dig a little deeper and there is an obvious missing piece. Our analysis ahead of this year’s Singapore Grand Prix showed that of the 223 brands in F1, just 13 are Asia-based. For the US alone, that number is 85. That’s despite an incredible and passionate fan base in the region – 381 million F1 fans in Asia according to Nielsen data. 

And the number of races in the region has actually fallen from a peak of six in 2012 to three – Japan, China and Singapore – on this year’s calendar. It’s a similar story with Asian talent. The region is home to more than half the world’s population, but the paddock remains predominantly European. 

At Williams we believe there is huge opportunity in Asia, which is why we partnered with The Marketing Society in Singapore to go ‘Under the Spotlight’ and explain the top-to-bottom transformation we are undertaking in pursuit of future Championship success.

The next growth frontier for F1

As a team with Thailand’s first-ever F1 driver in Alex Albon, a Japanese principal partner in Komatsu and a proud heritage in the region over our 47-year history, we want to be at the forefront of bringing Asian brands and talent into the sport. It’s why we are establishing a permanent presence in the region, to complement our offices in Grove, New York and London.

And while we don’t think the race calendar should expand beyond 24 races, we would support additional Asian races – perhaps with some creative thinking on European races alternating to make some space. South Korea and Thailand are both keen to host a race, which would continue F1’s global transformation.

Following the amazing progress made in America, Asia can be the next growth frontier to drive the F1 boom.

Authored by Peter Kenyon, Board Adviser at Williams Racing.
Published on 8 November 2024