U.S. racecar driver Ryan Newman is in serious but not life-threatening condition in the hospital after crashing on the last lap of the NASCAR Daytona 500 in Florida, his team said.

The 42-year-old was leading when his Ford Mustang was touched from behind by Ryan Blarney and crashed into a wall before turning and being struck by another car.

The car launched into the air and was on fire when it came to a stop, but safety crews quickly doused the flames.

A statement by Roush Fenway Racing on Tuesday said: "Ryan Newman is being treated at Halifax Medical Center. He is in serious condition, but doctors have indicated his injuries are not life-threatening."

"We appreciate your thoughts and prayers and ask that you respect the privacy of Ryan and his family during this time," they added.

Such devastating crashes are common at Daytona International Speedway, where drivers racing for a position at 200 mph and in tight quarters often make contact. There have been no fatalities on the track since Dale Earnhardt's death following a crash on the final lap of the 2001 Daytona 500.

NASCAR responded by beefing up safety regulations, mandating head-and-neck restraints and improving the design and development of the cars.