Pune, March 10, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the surge in developments in the automobile industry presents a unique opportunity for manufacturers in the hyper car market to expand their business and offer cutting-edge products to customers.
Based on SNS Insider’s research, the Hyper Car Market is a rapidly growing industry, with a value of USD 17.45 billion in 2022. It is expected to experience a significant surge in growth, reaching USD 38.80 billion by 2030. This growth is anticipated to continue at a CAGR of 10.5% over the forecast period from 2023 to 2030.
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Hyper Car Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 17.45 Billion |
| Market Size by 2030 | US$ 38.80 Billion |
| CAGR | CAGR of 10.5% From 2023 to 2030 |
| Key Segments | • by Propulsion (Electric vehicles, ICE vehicles, Hybrid vehicles) • by Car Type (Compact, Mid-Size, Full-Size) |
| Company Profiles | Ferrari, Lamborghini, McLaren, Lotus Cars, Bugatti, Porsche, Koenigsegg Automotive AB, Aston Martin, Pagani, Mineko, Mercedes, Zenvo Automotive, Alfa Romeo, W Motors, JLR, Dendrobium, Xing Mobility, Pininfarina, Aspark, Ariel, Tesla, Hispano Suiza |
| Key Drivers | •An increase in sports car manufacturers' competition. •The shift in taste from ordinary to luxurious sports automobiles is a result of advances in technology. |
| RESTRAINTS | •Hyper-car sales are hampered by their high price. •The cost of the final product rises due to the inclusion of more advanced technologies in the vehicle. |
A hyper car is a type of high-performance sports car that is designed to deliver exceptional speed, power, and agility. They are also designed to offer unparalleled handling and agility, thanks to features like aerodynamic body designs, lightweight materials, and advanced suspension systems. Hyper cars are known for their exceptional speed, with some models capable of reaching speeds of over 200 mph.
Market Analysis
The hyper car market is expected to experience growth due to a rise in disposable income and a growing interest in luxury lifestyles. This trend is projected to create new business opportunities in the market as high-performing vehicles with advanced features gain popularity. As people's disposable income increases, they are more likely to invest in extravagant purchases such as hyper cars. These vehicles are often associated with prestige and exclusivity, making them an attractive choice for individuals seeking to showcase their wealth and status. Furthermore, the market is expected to expand due to the growing demand for high-performing vehicles with advanced features.
Impact of Recession
The hyper car market, like any other industry, is not immune to the impact of a recession. During times of economic downturn, consumers tend to reduce their spending on luxury items, including high-performance sports cars like hyper cars. However, despite the challenges posed by a recession, the market has proven to be somewhat resilient. This is because hyper cars are typically purchased by ultra-high net worth individuals who are less affected by economic fluctuations. Moreover, the exclusivity and rarity of hyper cars can make them even more desirable during times of economic uncertainty.
Key Regional Development
According to recent market research, Europe has been identified as the leading market for hyper cars, and this trend is expected to continue in the forecast period. The primary factors behind this dominance are the high production rates of hyper cars and the growing demand for luxury vehicles in Germany and the United States. The market is also expected to witness increased competition, with new players entering the segment and established manufacturers expanding their hyper car portfolios.
Recent Developments Related to Hyper Car Market
- Italian luxury car manufacturer Isotta Fraschini has announced its plans to enter the hypercar segment with the launch of a new model. The company aims to make its debut in the World Endurance Championship (WEC) in 2023 with this new hypercar. Isotta Fraschini's decision to make its debut in this championship shows its ambition to establish itself as a serious player in the hypercar segment.
- Lotus Cars has recently announced that they have chosen Affinitiv Advertising to provide a comprehensive range of digital solutions. This partnership aims to enhance Lotus' digital presence and expand its reach to potential customers worldwide. The collaboration will enable the brand to deliver personalized experiences to its customers, enhance engagement, and drive conversions. Lotus Cars also plans to leverage Affinitiv's data-driven insights to optimize its digital campaigns and improve overall performance.
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Key Takeaway from Hyper Car Market Study
- The segment for hybrid-electric propulsion systems in four-wheeler vehicles is set to experience significant growth in the coming years due to a surge in demand. This increase in demand is expected to drive the market's size upwards.
- The market is likely to witness rise in production of mid-size and compact hypercars which will propel the industry's growth by attracting new customers and appealing to existing hyper car enthusiasts.
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