Sports Car Market
The global Sports car market size was estimated at USD 12.2 billion in 2022 and is projected to reach USD 8.2 billion in 2030 at a CAGR of 4.9% during the forecast period 2023-2030.
The market for sports cars has benefited from an increase in consumer spending on lavish and high-end goods, including sports automobiles, as a result of increased affluence. The sports car's standout features are its superb navigation, sleek, aesthetically pleasing appearance, and great efficiency. Young drivers choose these cars because they are fun to drive and have a great road presence. Even if it lacks power, a quality sports vehicle with quick acceleration and tight handling is fun to drive at any speed.
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The market for sports cars will continue to be supported by the growth in demand for expensive cars with sophisticated designs, as well as for diesel and electric vehicles. This business also gains from the expansion of the car industry, a surge in investment activity, and an increase in the number of high-net-worth individuals.
Key Findings:
Based on performance, A sports car is a high-performance auto made for handling, speed, and fashion. Sports cars are incredibly popular among vehicle fans and racers all over the world due to their handling, acceleration, and braking prowess. Modern engineering and technology are used in the construction of these vehicles to improve their performance.
Based on type, By power source, the market has been divided into hybrid, battery, and internal combustion energy. The sound, speed, and responsiveness of ICE cars are valued by many sports’ car aficionados, and the technology has kept up with changing pollution regulations.
Recent Developments
· General Motors, a significant force in the sports car industry, presented the E-Ray, a first-generation electric Chevy Corvette, in January 2023. The sports vehicle is projected to have all-wheel drive and start at a starting price of $104,000. According to the carmaker, the E-Ray will be the quickest Corvette ever made. It will reach 60 mph in 2.5 seconds and finish the quarter mile in 10.5 seconds, comparable to other supercars like the current Corvette Z06 race vehicle.
· Purosangue, Ferrari's first-ever four-door production vehicle, was introduced in September 2022, and deliveries are scheduled to begin in the third quarter of 2023 in the US. The SF90 hybrid sports car will be the costliest production model, followed by Ferrari's Purosangue.
Competitive Landscape
· Toyota
· BMW
· Mercedes-Benz
· Stellantis NV
· Renault
· Hyundai Motor Company
· Volvo Car Corp.
· Suzuki Motor Corp.
· General Motors
· Ford Motor Company and more.
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Regional Analysis:
North America to Dominate the Market
· The United States, Canada, and Mexico make up the other North American market segments. Due to the great concentration of wealthy people and the existence of significant corporations, the USA commands a dominant part of the regional sports market.
· Key players are spending in R&D for the introduction of new sportscars despite the market's dropping growth curve as a way to strengthen their brand position and enhance their brand reputation.
The Sports car Market is segmented into various segments such as Type, By Application, By Segment, By Sub-segment, By Distribution Channel, By End-User and region:
Based on Product
· Hybrid
· EV
· Gasoline Power
· Diesel Power
· others
Based on the Segment
· Introduction
· Sports car
· Luxury
· Ultra- Luxury
· Performance
· High-Performance
Based on the Sub-segment
· Convertible
· Coupe
· Hatchback
· Roadster
· others
Based on Distribution Channel
· Introduction
· Dealership
· Online
· Direct sales
Based on End-User
· Racing
· Leisure
· Transport
· Collection
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Frequently Asked Questions
· What are the years considered to study Sports Car Market?
· What is the compound annual growth rate (CAGR) of the Sports car Market?
· Which region holds the largest market share in Sports car Market?
· Which region is the fastest growing in Sports Car Market?
· Who are the major players in Sports car Market?
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