The research of formula one Asian market analysis

Abstract

F1 has always been a global sport and has not missed a single race since 1950. This sport has great attraction and strong commercial value. Many countries have gained great popularity through holding F1, and their international status will be improved to a certain extent. In the 1990s, F1 decided to go global, not just in Europe. The rapid development of Asian economy has won the favor of FIA. Today, F1 has held grand prix in more than ten Asian countries. However, the development of the Asian market does not seem to meet expectations. Several Asian countries have terminated their contracts for various reasons. At present, North America has become a new potential market. Based on data, this paper investigates the development environment of the Asian market and compares it with the place where the Grand Prix is held, and finally analyzes the reasons for the failure of the Asian market. The main reason lies in the lack of brand influence and localization. Finally, it puts forward feasible solutions. Research contribution: the research results of this paper provide a theoretical basis for the practice of formula one.