FUTURE TECHNOLOGY IN FORMULA ONE 2023 REPORT
Writing the report for the 4th ‘Future Technology Series’ for the London Technology Club (www.londontechnologyclub.com) we outlined how the teams have the ability to embrace and harness cutting-edge technology to steal performance gains ahead of their competitors is key in F1. The full report can be uploaded from the LTC website CLICK HERE published in February 2023.
Technology and the Pinnacle of Motorsport… SYNOPSIS
“If you no longer go for a gap which exists, you are no longer a racing driver.”—Ayrton Senna
Formula One (F1) is the pinnacle of motorsport and one of the truly global sporting platforms. F1 has a cumulative yearly TV viewing audience of over 2 billion people and an average race attendance nearly every two weeks of over 200,000 live spectators. Some race weekends attract over 450,000 racegoers. There are two driving forces in Formula One: commercial and engineering.
Engineering is about the relentless pursuit of performance gains. There are, on average, over 1,000 staff behind the scenes per team, all hyper-focused on every aspect of racing to ensure that the drivers receive the best possible race machinery each race weekend. F1 is hypercompetitive, which is a useful tool for technological progress and innovation. Teams push the boundaries of performance to achieve even milliseconds in race performance gains. It’s a goal that can often be applied as much to mainstream life as to racing.
Regarding commercial forces (mainly in the form of sponsorships), Formula One has received over $30 billion from sponsors over the past 15 years. For the 10 teams currently in the sport, that means a stable of over 250 different sponsors looking to assist them to reach optimal performance and carve out their unique story. For tech innovators, F1 is almost a place where you can’t afford to not be in some way, shape or form.
As you will see from this report, Formula One and the teams involved have always done well to position themselves to provide a marketing platform that brands want. They also try to stay ahead of the curve, allowing companies to tell narratives that fit with the time. Looking to the future, Formula One’s owner Liberty Media and the teams can see a world of increased accountability. Younger fans coming through will certainly hold them to account. Therefore, sustainability—both environmental and financial—is a huge topic for the sport. To date, 7 of the 10 teams have already pledged to meet Net Zero by 2030. In its efforts to stay relevant, the sport has always had to ensure that it provides the ultimate research and development (R&D) testing ground that can then be applied to mainstream life—especially to the automotive/transport industry. F1 innovations transferred to automotive OEMs and engineering can often impact hundreds of millions of people. For example, F1 has since 2009 has been at the forefront of developing hybrid engine and powertrain technology. Competition breeds innovation. F1 has always looked to apply its innovations to the real world for mainstream impact to be relevant for R&D budgets.
For increased financial stability and to close the gap between the teams, a recent cost cap and measures brought in from the forward-thinking owners and governing body have helped F1 teams focus on making the best decisions they can to develop the car most efficiently. F1 is now all about cost-effective high performance. There is no more throwing money at problems and trying multiple routes and ideas. Engineers and finance departments must make the most out of a finite (albeit still quite healthy) resource.
As you will see throughout this report, the ability to embrace and harness cutting-edge technology for teams to steal performance gains ahead of their competitors is key in F1. Creative engineers like to find ways to interpret the rules to innovate and find greater levels of performance, adding extra spice to an already cutthroat industry. It used to be that the governing body would have to play catch-up. But technology is now available to those creating the regulations too. Fans continue to demand more technology for more immersion and deeper F1 experiences, especially since the behind-the scenes human stories are as interesting to fans as the on-track action is. The technologies born in F1, applied in the real world (such as drop-in fuels) are the holy grail for the sport. Sponsors pay millions to be involved. And, more recently, such technologies offer potential for the planet. F1 is the epitome of testing technology solutions at pace.