The 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:
A hypercar is a modern-day incarnation of high performance sports car which are manufactured in low volume and main focus is placed on speed and performance instead of comfort and daily practicality. Hypercars are built for pure speed and acceleration only. Their state-of-the-art engineering and design pushes all performance boundaries to an extreme level.
Market key trends:
One of the key trends driving the growth of hypercar market is increasing focus of manufacturers on developing electric hypercars. Many manufacturers such as Pininfarina, Lotus, Ferrari etc. are heavily investing in research and development of fully electric hypercars as they can deliver enormous power and torque along with zero emissions. For instance, in 2021 Automobili Pininfarina revealed its all-electric hypercar "Battista" which can accelerate from 0-100 km/h in under 2 seconds. Growing environmental regulations regarding vehicle emissions are also propelling manufacturers to shift towards electric vehicles, thereby augmenting demand for electric hypercars.
Porter’s Analysis:
Threat of new entrants: The hypercar market has high barriers for new entrants due to requirement of high R&D investments, strong branding, and manufacturing capabilities.
Bargaining power of buyers: Buyers have moderate bargaining power due to high prices of hypercars. However, differentiated products provide less leverage to buyers.
Bargaining power of suppliers: Suppliers have low to moderate power due to availability of substitute components and intense competition among existing suppliers.
Threat of new substitutes: Threat is low due to high development costs and limited market.
Competitive rivalry: Intense due to presence of well-established manufacturers continuously upgrading products.
SWOT Analysis:
Strength: Differentiated high-performance vehicles with state-of-the-art technologies. Well-established brands with loyal customer base.
Weakness: High R&D and manufacturing costs resulting in high product prices catering to niche buyers. Stringent emission regulations in some regions.
Opportunity: Growing enthusiasm of high-net-worth individuals in emerging economies. Expanding customization and personalization options.
Threats: Economic slowdowns reducing discretionary spending. Short innovation cycles rendering products outdated quickly.
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 enthusiasm among affluent buyers for ultra-luxury vehicles.
Regionally, Europe dominates currently holding around 45% share due to presence of major manufacturers. Asia Pacific is expected to grow at fastest pace owing to rising high-net-worth population and engagement in racing culture in countries like China and India.
Key players operating in the hypercar market are Audi AG Aktiengesellschaft, 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. These companies continuously invest in developing cutting-edge technologies to offer unmatched performance and driving experience.
For More Insights, Read: https://www.newswirestats.com/hypercar-market-demand-growth-and-regional-outlook-by-2030/
