Management of Globalization of Motorsport and Future Development

Abstract

The motorsport industry has conducted a remarkable global transformation in the past few years and reach some success in terms of popularity and finance. Formula 1, in particular, has seen a boost in viewership thanks to innovative management and the influence of social media, especially the "Drive to Survive" series. However, this success has come with a set of complex challenges. One key issue is the choice of propulsion systems. While electric power gain traction in the automotive sector, motorsport faces a rather difficult choose. Traditional internal combustion engines, a hallmark of the sport, risk falling out of sync with environmental standards. Transitioning entirely to electric power might alienate loyal fans. A middle ground could lie in sustainable and synthetic fuels, reducing carbon dioxide emissions while preserving the essence of racing. Diversity, equity, and inclusion are pressing concerns. Underrepresentation of individuals from minority backgrounds persists, accompanied by racial discrimination. Female representation remains rare. Addressing these challenges requires systemic changes, starting with equal opportunities in education and support for aspiring motorsport enthusiasts from minority backgrounds. In conclusion, while the motorsport industry faces complex issues, it has a bright future if it makes informed decisions and embraces technological development. Sustainable fuels, equitable regulations, and diversity initiatives promise a more inclusive and sustainable motorsport landscape.