His wife and children shared a statement on Instagram on Thursday afternoon from McQueen's verified account announcing the news with "a heavy heart".

"His remarkable journey as a loving father to us, along with his unwavering commitment to our mother, truly exemplified a life filled with love and dedication," the statement says.

"His passion for racing not only highlighted his exceptional talent, but also served as a way to honor his father's legacy, a testament to the values instilled in him.

"He passed his passion, knowledge and dedication down to us and we will continue not only his legacy but our grandfathers as well."

The family requested privacy while they "remember and celebrate his extraordinary life".

The post did not reveal his cause of death.

McQueen was the son of the legendary late actor Steve McQueen, who starred in such films as Bullitt and The Great Escape, and followed in his father's footsteps, pursuing both acting and car racing.

Chad McQueen was known for his role as Dutch, the antagonist in 1984's The Karate Kid and its sequel two years later.

He starred in several films including New York Cop, Squanderers and Red Line.

But he got more into racing than acting and founded McQueen Racing, a company that creates custom cars, motorcycles and accessories.

His son Chase, who also races, and his daughter Madison run the company.

"I didn't find acting fun anymore," McQueen told the Associated Press in 2005. "So, I decided to give racing a total commitment."

McQueen raced professionally for years, competing in the 24 Hours of Le Mans and the 24 Hours of Daytona races, before he suffered from a series of injuries behind the wheel.

His work with McQueen Racing was designed to preserve and continue his father's legacy.

He also produced two documentaries about his father: I Am Steve McQueen and Steve McQueen: The Man & Le Mans.

McQueen is survived by his wife Jeanie and three children, Chase, Madison and Steven, who is an actor best known for The Vampire Diaries.