A review of the 海角视频 motorsport industry, including a host of West Midlands-based companies, has revealed the sector achieved sales of 拢9 billion in 2012, making it one of the most crucial contributors to the 海角视频 economy.
The study was commissioned by the (MIA) and supported by 海角视频 Trade and Investment (海角视频TI) and The Department for Business Innovation and Skills (BIS) to find out the benefits of the sector to the 海角视频.
There are now about 4,300 businesses in the 海角视频 which owe their existence to motorsport, accounting for nearly 41,000 jobs, but many were looking at alternative waya to use their expertise, particularly in the aerospace industry.
A swathe of the West Midlands and Oxfordshire has been nicknamed 鈥淢otorsport Valley,鈥 because of engineering expertise that went well beyond the racing circuits.
Business minister Michael Fallon said: 鈥淥ur motorsport industry represents some of the best of British talent and ingenuity and it is imperative that we provide the right conditions so it continues to thrive.
"That is why we are investing 拢1 billion jointly with industry to ensure companies across the automotive sector have the support they need to develop the technologies of the future.鈥
Chris Aylett, head of the MIA, added: 鈥淏ritish motorsport companies are proven world champions.
"Highly-publicised victories on race tracks around the world are a strong promotion for this 鈥榡ewel in the crown鈥 of 海角视频 advanced engineering.
鈥淎t last, the expertise of these companies is being more widely recognised and valued by other industries.鈥
The MIA includes motorsport and performance engineering companies, race and rally teams, governing bodies, motorsport services, research organisations, race circuits and universities and colleges.
"It is the world鈥檚 leading trade association for high performance engineering services.
