The global Hypercar Market is estimated to be valued at US$ 49.7 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hypercars are high-performance luxury sports cars characterized by superior acceleration, braking, lateral G-forces and top speed. They mainly appeal to wealthy auto enthusiasts and incorporate cutting-edge technology.
Market key trends:
One of the main trends in the hypercar market is the rising focus on electrification. Several manufacturers are introducing fully electric or hybrid hypercar models to reduce emissions and improve performance. For instance, in 2021 Pininfarina introduced their all-electric Battista hypercar with a 120 kWh battery pack promising a range of over 300 miles on a single charge. In 2022, Lotus Cars launched their Evija electric hypercar with over 2000 horsepower making it one of the most powerful production cars globally. This shift towards electrification is expected to drive the hypercar market growth over the forecast period.
SWOT Analysis
Strength: Hypercars offer top speed, acceleration, and handling which make them desirable for enthusiasts. They feature cutting edge technologies and craftsmanship.
Weakness: Hypercars have extremely high costs starting at $1 million which makes them unaffordable for most. Their viability is also dependent on economic conditions.
Opportunity: Growing interest of HNIs and rising affluence in developing countries presents an opportunity to tap new markets. Technologies such as EVs can make hypercars more accessible.
Threats: Stricter emission regulations and safety standardsincrease costs of development. Economic slowdowns can sharply reduce discretionary spending on luxury items.
Key Takeaways
The Global Hypercar Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing disposable income and affinity of HNIs for ultra-luxury vehicles. Asia Pacific remains the fastest growing region due to rising affluence in China and India.
The global hypercar market size for 2023 is estimated at USD 49.7 Bn. Europe currently dominates the hypercar market owing to presence of major manufacturers in countries like Italy, UK and Germany. However, Asia Pacific is emerging as a major market with China witnessing increasing sales of high-end luxury brands.
Key players operating in the hypercar market are Audi AG, Lotus Cars Limited, Aston Martin Lagonda Global Holdings PLC, Koenigsegg Automotive AB, Bentley Motors Limited, Automobili Lamborghini S.p.A., McLaren Group, Bayerische Motoren Werke AG, h.c. F. Porsche AG, Pagani Automobili S.p.A., Ferrari N.V., Bugatti Automobiles S.A.S. Major players are focusing on technology innovation, limited series production and adopting hybrid-electric powertrains to make hypercars more sustainable.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
