Hovercrafting Hovercrafting, or Hovercraft Racing, is a sport in which races are held on a water surface using hovercrafts. Hovercrafts are air-cushion vehicles. Races are held in several classes, based on engine capacity. Racing originated in the 1960's. Hovercrafting is governed by World Hovercraft Federation. World Championships: Formula 1 Formula 2 Formula 25 Formula 3 Formula 50 Formula Junior Formula S Defunct Event: Endurance Racing European Championship: Formula 1 Formula 2 Formula 3 Formula 50 Formula Junior Formula S Formula Novice Defunct Event: Formula 25