The Goodyear Tire & Rubber Company has secured The National Association for Stock Car Auto Racing’s (NASCAR) largest sponsorship deal for 2024, worth $25 million annually and covers the 2023-2027 period. This partnership designates Goodyear as the official tire for NASCAR’s top three national series and title sponsor for the Goodyear 400 race in Darlington, South Carolina. With NASCAR’s total sponsorship revenue reaching $362.24 million, this deal underscores the sport’s immense commercial appeal, reveals GlobalData, a leading data and analytics company.

GlobalData’s latest report, “The Business of NASCAR 2024,” reveals that the annual media revenue for the American auto racing sanctioning and operating company in 2024 is $820 million. Hendrick Motorsports has the largest social media following across the 15 chartered teams.

Olivia Snooks, Sport Analyst at GlobalData, comments: “Given the popularity of NASCAR, especially in the US, it is unsurprising that the competition has a large sponsorship portfolio, with brands able to generate a large amount of exposure throughout the NASCAR competitions. As NASCAR is a motor racing sport, it is not surprising that the largest sponsorship partnership is with Goodyear, a tyre manufacturer.”

Given that each NASCAR team will field a different number of cars and the bigger teams will have more resources to field more cars, therefore, the team with the largest team revenue per car is Joe Gibbs Racing, with an estimated $29.02 million in sponsorship revenue per car. Its largest deal is with car manufacturer Toyota as the official supplier for the 2024 season. Team Penske ranks second, with its largest deal with Ford, also its car supplier.

Snooks continues: “Teams that race in the NASCAR Cup Series can field a maximum of four cars. Teams including Joe Gibbs Racing, Hendrick Motorsports, and Stewart-Haas Racing, have all fielded a maximum of four cars for the 2024 NASCAR Cup Series. Many of the teams’ largest annual sponsorship deal is with their associated car supplier, including Chevrolet, Ford, and Toyota.”

Across the seven major motorsport properties, NASCAR comes out as the second most popular in terms of social media following across Facebook, Instagram, and X, formerly known as Twitter. Formula 1 comes out as the most popular with 52,400,000 followers. Hendrick Motorsports has the largest social media revenue across the NASCAR teams, followed by Stewart-Haas Racing.

Snooks concludes: “While Formula 1’s social media following indicates it is the most popular motorsport globally, NASCAR holds greater popularity in the US. The release of Netflix’s ‘NASCAR: Full Speed’ in early 2024 aims to boost NASCAR’s social media presence and expand its fanbase.”