Dublin, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The "Global Sports Car Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global sports car market, valued at US$13.476 billion in 2021, is experiencing both challenges and opportunities as it evolves. While the market is expected to decline at a Compound Annual Growth Rate (CAGR) of -4.29% over the forecast period, dropping to US$9.915 billion by 2028, key factors are shaping its trajectory.
Key Highlights of the Global Sports Car Market:
- Rising Wealth and Opulent Spending: Increasing wealth among consumers has led to higher spending on luxury items, including sports cars. The appeal of sports cars lies in their superior performance, sleek design, and exceptional handling. These vehicles are particularly popular among young drivers for their style and enjoyable driving experience.
- Sports Car Racing Influence: Sports cars are integral to sports car racing, which includes endurance events. The reliability and efficiency of sports cars are paramount in these races, contributing to their popularity and demand.
- Limited Target Market: Sports cars are built and marketed at high prices, limiting their customer base. This exclusivity has resulted in a decline in sales, as only a select few can afford such vehicles. Additionally, high Research and Development (R&D) costs impact the market.
Factors Driving the Market:
- Affluent Population Demand: The demand for high-end vehicles with intricate designs and a preference for diesel and electric cars continue to support the sports car market. High net worth individuals are drawn to sports cars for their driving experience, aesthetics, and uniqueness.
- Investments and Industry Growth: The sports car market benefits from the overall growth of the automotive industry, increased investments, and a growing number of affluent individuals. The appearance of sports cars significantly influences their desirability.
- Potential Antiques: Sports cars have the potential to become automobile antiques due to their quality and aesthetics, increasing in value over time. This appeals to collectors and investors, further boosting the market.
Key Developments:
- In January 2023, General Motors unveiled the E-Ray, an electric Chevy Corvette priced at $104,000. It promises to be the fastest Corvette ever, with impressive acceleration and performance.
- Ferrari introduced the Purosangue, its first-ever four-door production model, in September 2022. Deliveries are expected to start in the third quarter of 2023.
Regional Market Insights:
- North America dominates the global sports car market, with the United States leading due to its affluent population and large companies. High import duties and tariffs pose challenges to the market's growth.
- Companies are investing in research and development to launch new sports cars to secure better brand positions and improve their image.
- The shift towards electric vehicles and the focus on reducing emissions are influencing the market, with automakers introducing sustainable vehicle models.
Market Segmentation:
By Power Source
- Internal Combustion Engine
- Battery
- Hybrid
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- UAE
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Indonesia
- Taiwan
- Others
Companies Mentioned
- GO Ford Motor Company
- AUDI AG
- BMW AG
- Ferrari
- McLaren Group
- Porsche
- Acura
For more information about this report visit https://www.researchandmarkets.com/r/9ylxoy
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