NEW
YORK, June 20, 2024 /PRNewswire/ -- The
global hypercar market size is estimated to grow by
USD 122.38 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 41.11% during the forecast
period. Increase in racing events is driving market
growth, with a trend towards introduction of new
hypercars. However, high costs associated with manufacturing
and ownership poses a challenge. Key market players include
Aston Martin Lagonda Ltd., Ajlani Motors, Aspark Co. Ltd., Czinger
Vehicles, Ferrari NV, Horacio Pagani S p A, HPE Design LLC,
Koenigsegg Automotive AB, Mahindra and Mahindra Ltd., McLaren Group
Ltd., Mercedes Benz Group AG, Rimac Automobili, SPANIA GTA
TECNOMOTIVE SL, SSC North America LLC, Stellantis NV, Tesla Inc.,
Toyota Motor Corp., Volkswagen AG, Zenvo Automotive AS, and
Zhejiang Geely Holding Group Co. Ltd..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Powertrain Type
(Gasoline and Hybrid/Electric), Application (Private and Racing),
and Geography (North America, APAC, Europe, Middle East and Africa,
and South America)
|
Region
Covered
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
Aston Martin Lagonda
Ltd., Ajlani Motors, Aspark Co. Ltd., Czinger Vehicles, Ferrari NV,
Horacio Pagani S p A, HPE Design LLC, Koenigsegg Automotive AB,
Mahindra and Mahindra Ltd., McLaren Group Ltd., Mercedes Benz Group
AG, Rimac Automobili, SPANIA GTA TECNOMOTIVE SL, SSC North America
LLC, Stellantis NV, Tesla Inc., Toyota Motor Corp., Volkswagen AG,
Zenvo Automotive AS, and Zhejiang Geely Holding Group Co.
Ltd.
|
Key Market Trends Fueling Growth
The hypercar market is experiencing significant growth due to
advancements in powertrain technology, rising motorsports interest,
increasing sponsorships for racing events, and expanding
viewership. In April 2022, Ferrari
introduced the 296 GTS convertible hybrid supercar, while Maserati
plans to launch an MC20 mild-hybrid Supercar in India, marking their entry into the electric
vehicle market. These new hypercar releases will broaden the
selection of advanced vehicles, boosting global hypercar
adoption.
The hypercar market is experiencing significant growth with
various innovative technologies being adopted. The use of advanced
materials like carbon fiber and lightweight metals is becoming
common. The industry is also focusing on increasing power and
reducing emissions. For instance, electric hypercars are gaining
popularity due to their high performance and sustainability.
Exclusive brands are investing in research and development to
create unique features such as vehicle dynamics and aerodynamics.
The market is expected to grow with the entry of new players and
increasing consumer demand for high-performance vehicles. The
future of hypercar market looks promising with advancements in
technology and consumer preferences shifting towards sustainable
and high-performance vehicles.
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Report
Market Challenges
• The hypercar
market is experiencing growth as vendors invest in advanced vehicle
designs, driving customer demand. However, factors such as using
Formula One engines and extensive prototype development result in
high costs for manufacturers. These expensive vehicles, with prices
starting at USD2 million and reaching
USD3 million, also have costly
servicing. For instance, an oil change for a Bugatti Veyron costs
over USD20,000. These factors may
challenge the market's growth during the forecast period.
• The hypercar
market is experiencing significant growth, with numerous players
introducing advanced technologies and innovative designs. However,
this market faces several challenges. High production costs due to
the use of lightweight materials and complex engineering are major
hurdles. Additionally, stringent regulations regarding emissions
and safety standards add to the expenses. Furthermore, the high
price point of hypercars limits their accessibility to a niche
market. Competition from electric vehicles and traditional luxury
car brands also poses a threat. Despite these challenges, the
allure of speed, power, and exclusivity continues to drive demand
in the hypercar market.
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challenges - Download a Sample Report
Segment Overview
This hypercar market report extensively covers market
segmentation by
- Powertrain Type
- 1.1 Gasoline
- 1.2 Hybrid/Electric
- Application
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Gasoline- The hypercar market experiences
robust growth, driven by increasing consumer demand for
high-performance vehicles. Major automakers and new entrants invest
heavily in research and development to produce innovative models.
These vehicles offer superior speed, power, and design, catering to
the affluent clientele's preferences. The market's expansion is
fueled by technological advancements and the growing trend towards
sustainable performance.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The hypercar market represents the pinnacle of automotive
innovation, showcasing high performance vehicles that are not only
luxurious but also secure and comfortable. Powerful engines with
impressive horsepower and torque deliver exhilarating acceleration,
propelling these vehicles from 0 to 60 mph in mere seconds. The
latest technologies and advanced materials, such as carbon fiber
and lightweight alloys, contribute to both high efficiency and
sustainability. These ultra-lightweight components also reduce
drag, enhancing the overall environmental friendliness of these
supercars. Limited production ensures exclusivity, while
intelligent remote entry, satellite radio, and adaptive cruise
control add to the convenience and comfort while driving. The
rising automotive industry continues to push the boundaries of what
is possible in the realm of hypercars.
Market Research Overview
The Hypercar Market refers to the segment of the automotive
industry that specializes in high-performance, high-speed vehicles.
These vehicles are characterized by their advanced technology,
sleek designs, and exceptional power and acceleration capabilities.
The market for hypercars is driven by a growing demand for luxury
and high-performance vehicles, as well as advancements in
automotive technology. Hypercars often feature innovative
engineering solutions, such as electric powertrains, aerodynamic
designs, and lightweight materials. The market for hypercars is
global in scope, with consumers in various regions showing strong
interest in these vehicles. The hypercar market is expected to
continue growing in the coming years, driven by increasing consumer
affluence and a desire for unique, high-performance driving
experiences.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Powertrain Type
-
- Application
-
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio