AkRON — Goodyear's sponsorship of NASCAR — as well as as NASCAR's association with the tire maker — is lucrative for both entities, according to a GlobalData P.L.C, a London-based data analytics and consulting company.
GlobalData said Goodyear's NASCAR sponsorship deal is valued at $25 million annually. The deal runs through 2027.
GlobalData examined NASCAR and its reach in its report, "The Business of NASCAR 2024," which said that annual media revenue for the American auto racing sanctioning and operating company in 2024 is $820 million.
GlobalData said NASCAR's total sponsorship revenue reaching $362.24 million, underscoring "the sport's immense commercial appeal.".
In December, 2022, Akron-based Goodyear announced it had reached a multiyear agreement to continue as the exclusive tire supplier for NASCAR's top three national series: the Cup Series, the Xfinity Series and the Craftsman Truck Series.
In addition to Goodyear's designation as the "Official tire of NASCAR," the company serves as the title sponsor of the Goodyear 400, NASCAR's official throwback weekend Cup Series race at Darlington Raceway.
"Given the popularity of NASCAR, especially in the U.S., 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," Olivia Snooks, sport analyst at GlobalData, said. "As NASCAR is a motor racing sport, it is not surprising that the largest sponsorship partnership is with Goodyear, a tire manufacturer."
Goodyear and NASCAR have partnered for 70 years, and Goodyear Eagle tires have been the exclusive tire for the racing series for more than 25 years. Teams currently use an 18-inch Eagle tire on NASCAR's Next Gen stock car.
Goodyear produces more than 100,000 tires each year for NASCAR's top three series, and each one is hand-built by Goodyear associates in Akron.
GlobalData said that Joe Gibbs Racing has the most sponsorship revenue per car, estimated at $29.02 million per car.
NASCAR's top deal with a car manufacturer is with the Toyota Motor Co., with Team Penske second, with its largest deal with Ford, its car supplier.
Teams that race in the NASCAR Cup Series can field a maximum of four cars. Snooks said that teams including Joe Gibbs Racing, Hendrick Motorsports and Stewart-Haas Racing have fielded the 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, she said.
NASCAR finished as the second most popular motorsport in terms of social media following across Facebook, Instagram and X, formerly Twitter. Formula 1 is 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.
"While Formula 1's social media following indicates it is the most popular motorsport globally, NASCAR holds greater popularity in the U.S.," Snooks said. "The release of Netflix's 'NASCAR: Full Speed' in early 2024 aims to boost NASCAR's social media presence and expand its fanbase."
