Formula E, the all-electric racing series, has been steadily growing since its inception in 2014, but can it ever reach the same level of popularity as Formula 1 and the World Endurance Championship? Let’s examine this by analysing financial growth, audience engagement and the broader motorsport landscape.
The Last 5 Years of Numbers
Formula E has seen significant revenue growth in recent years. In 2023, it generated €219.9 million, marking a 21.2% increase from the previous year. The series has also reduced its losses, dropping from €64.9 million to €42.8 million. Looking further back, Formula E’s revenue in 2022 was €181.4 million, up from €168.7 million in 2021.
Meanwhile, Formula 1 remains the financial powerhouse of motorsport. In 2024, F1’s total revenue exceeded $3.6 billion, with over $1.1 billion allocated as prize money for teams. Even during the pandemic, F1 maintained strong financial performance, reporting $2.573 billion in revenue in 2022, up from $2.136 billion in 2021.
WEC, on the other hand, does not publicly disclose its revenue figures in the same way as F1 and Formula E. However, its financial stability is supported by major manufacturers such as Toyota, Ferrari, and Porsche, which invest heavily in endurance racing.
Popularity and Audience Engagement
Formula E has made strides in attracting a global audience, particularly with its focus on sustainability and urban racing circuits. However, F1’s long-standing history, iconic drivers, and high-speed spectacle continue to dominate motorsport viewership. In 2022, F1 had 5.7 million attendees across its races, surpassing pre-pandemic levels. Formula E, while growing, has yet to reach such numbers.
WEC, with its prestigious 24 Hours of Le Mans event, maintains a dedicated fan base but does not command the same mainstream appeal as F1. Its endurance format attracts manufacturers and hardcore racing enthusiasts rather than casual viewers.
The Future of Formula E
Formula E’s growth trajectory suggests it could become a major player in motorsport, but surpassing F1 and WEC remains a challenge. Its focus on sustainability aligns with global trends, and as electric vehicle technology advances, it may gain further traction. However, F1’s deep-rooted legacy and WEC’s endurance racing prestige ensure they remain dominant forces.
For Formula E to sit comfortably in between F1 and WEC, it will need to continue expanding its audience, securing more high-profile manufacturers, and increasing its financial stability. While it may not yet be on the same level, its future remains promising. It would be interesting to hear your views on how Formula E could find it’s niche sitting between Formula 1 dominance and ever-increasing popularity of WEC.
