Hypercar Market Sales Forecast Reveal Positive Growth 11.60% CAGR Through 2031, Says TMR
Global hypercars market stood at 1,792 units in 2020. It is estimated to expand at a CAGR of 11.60% from 2021 to 2031
ALBANY , NY, US, December 20, 2021 /EINPresswire.com/ — According to the report, the global hypercars market is projected to surpass 5,821 units by 2031, expanding at a CAGR of 11.60% during the forecast period. A hypercar is a high performance superior car in terms of speed, performance, and fuel efficiency. Hypercars are rare in the market as compared to other supercars and account for only 1% of the total volume of cars across the world.
The increasing popularity of hypercars among automobile enthusiasts is a key factor that is expected to drive the market during the forecast period. Moreover, hypercars are witnessing an increasing integration of performance-enhancing technology such as using hydrogen gas instead of other fuels and carbon fibers as lightweight material. This technology integration is estimated to further boost the hypercars market. Furthermore, major manufacturers of hypercars are focusing on the development of advanced technology equipped hypercars that are fully electric, which is expected to propel the demand for electric hypercars during the forecast period.
The COVID-19 pandemic hampered the premium and sports car segments across the globe, as all manufacturing processes were stopped and supply chains were disrupted. Apart from cars manufacturing, the pandemic also hampered other original equipment manufacturing businesses, which provides several components that are required for assembly of hypercars. However, automotive companies are witnessing recovery and growth post COVID-19 pandemic, as all the restrictions were relaxed, which restarted manufacturing and supply chain processes.
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Increasing Demand for High-performance Vehicles
There is an increasing popularity of hypercars in consumers due to their advanced features and superior performance. These supercars are at the forefront of automotive engineering and design. Consumers across the globe are becoming attracted toward the ultra-modern, efficient, and high-performance vehicles. This is the major factor accelerate the demand for hypercars. The increasing spending capacity of consumers on exclusive vehicles having unique design and appearance is driving the hypercars market. The rising production of fuel-efficient, environment-friendly, and safe electric or hybrid vehicles is driving the global market. Some of the major features of hypercars such as lightweight properties, excellent aerodynamics, and efficient propulsion are driving the increasing demand of these vehicles.
Expansion of Hypercars Market
The adoption of hypercars is rising in developed countries due to increasing trend of organizing sports events and use of sports and premium cars in these events. Hypercars are integrated with advanced features such as energy absorption technology, nimble and accident handling technology, quick braking systems, and precision avoidance maneuvers, which enhances their safety and comfort level and consequently, fuels their demand. Moreover, manufacturers of hypercars use carbon fiber to manufacture chassis and other body products in order to reduce the weight of the hypercar, and carbon fiber body products are gaining traction all over the world.
Based on car type, the full-size segment held a prominent share of the hypercars market, in terms of volume, in 2020. There are very few electric and hybrid hypercars in the market, therefore, the full-size hypercar accounted for a notable share of the market. Moreover, compact and mid-size hypercars segments are estimated to expand at a rapid pace during the forecast period, as the adoption of electric vehicles is rising across the globe, due to rising fuel prices and emission regulations being enacted by governments across the globe.
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In terms of propulsion system, the conventional IC engine car segment held a prominent share of the hypercars market, in terms of volume, in 2020. The electric car segment is expected to expand at a rapid pace during the forecast period due to rising adoption of electric vehicles across developed and developing economies and increasing integration of several technological applications in the hypercars. Moreover, consumers are also changing their preferences form IC engine cars to electric cars, which is further estimated to boost the electric segment of the hypercars market.
Regional Analysis of Hypercars Market
In terms of region, the global hypercars market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe dominated the global hypercars market in 2020, due to rising adoption of premium cars and increasing sports events in the region. The U.K. and Germany are considered as leading countries in the hypercars market in Europe. Moreover, Europe also has more number of hypercars and related product manufacturers. Additionally, Europe witnessed high rate of adoption of electric vehicles and most consumers in Europe are shifting their preference toward electric vehicles, which, in turn, is projected to propel the demand for electric hypercars during the forecast period.
Hypercars Market Players
Prominent players operating in the global hypercars market include Ferrari, McLaren, Lotus Cars, Bugatti, Porsche, Koenigsegg Automotive AB, Aston Martin, Pagani, Lamborghini, Rimac, Mercedes, Gordon Murray Automotive, Zenvo Automotive, Alfa Romeo, W Motors, JLR, Dendrobium, Xing Mobility, Pininfarina, Aspark, Ariel, Tesla, and Hispano Suiza.
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Drivers of Hypercars Market
Demand for hypercars in the premium car sector is increasing due to rising integration of advanced technology and fuel-efficiency of these cars. Moreover, manufacturers of hypercars are using hydrogen gas instead of petrol and diesel, which is increasing vehicle speed and further boosting its demand. Furthermore, integration of cutting-edge technology such as active airbrakes, four-wheel steering, break steering four-wheel drive, and among others, is propelling the sports car segment of the hypercars market.
Increasing competition among sports and supercars is enhancing the development of the hypercars, in terms of speed, performance, fuel efficiency, and appearance. This increased competition is a key factor boosting the hypercars market. Furthermore, major manufacturers of hypercars are investing significantly in the development of their vehicles, in order to enhance their brand names in the market and to design top speed cars, as compared to their competitors. Moreover, rising disposable income of higher class consumers in developed countries is increasing their spending capacities on premium cars, which further propels the hypercars market.
Rising stringency of vehicle emission laws by governments across the globe is fueling the demand for electric vehicles and subsequently, augmenting the hypercars market. However, as per the UNECE Europe, automakers should meet electric vehicle regulations for electric range, energy consumption, EV recycle, battery performance, battery durability, battery recycling, battery re-use, wireless charging, on-board charging and off-board charging. These regulations are restricting hypercars manufacturers from manufacturing IC engine cars, and they are focusing on the development of high speed and enhanced power hypercars. The number of hypercars is estimated to increase in the next few years, which is also projected to be completely electric or gas-powered.
Rohit Bhisey
TMR
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