The global sports cars market size is expected to reach USD 65.6 billion by 2028, registering a CAGR of 1.0% over the forecast period, according to a new report by Million Insights. The market is driven by the increasing disposable income and simultaneous rise in affordability. Technological developments in lightweight materials, production lines, and others reduce the manufacturing cost and, in turn, increase product affordability among consumers. Moreover, increasing expansion and penetration by the key players in the different regions are anticipated to fuel the market growth over the forecast period. For instance, BMW launched a sports car production line in Mexico at the San Luis Potosi factory in September 2021. Also, a Chinese company, Qiantu Motor launched Qiantu K50 electric sports car in the U.S. in April 2019, in partnership with Mullen Technologies for homologating, assembling, and sales in North America.
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The COVID-19 pandemic affected the market growth. Due to the restrictions and lockdowns imposed by governments, manufacturing factories halted production across the world impacting the market growth. Trade activities were also affected resulting in the shortages of auto components. In the future, slow growth and recovery of the market are expected with uncertainties as new COVID-19 strains are emerging. Electric-based sports cars are anticipated to witness the fastest growth over the forecast period. Various government initiatives for accelerating and increasing the adoption of Electric Vehicles (EVs) will drive the segment growth. For instance, The Electric Vehicles Initiative (EVI) is a multi-government policy forum for such activities launched in 2010 under the CEM, Clean Energy Ministerial. Under this forum, 15 countries around the world participated to increase the adoption of EVs.
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Sports Cars Market Report Highlights
• Europe was the dominant regional market in 2020 due to the strong presence of the key players in this region
• The growing popularity of Porsche, Mercedes, Jaguar, and Ferrari sports car models is accountable for high product sales in this region
• Moreover, higher disposable income as well as spending on luxury products, extensive distribution networks of key companies, and product affordability are estimated to drive the regional market further
• The Central & South America regional market is anticipated to register the fastest CAGR over the forecast period
• The rising disposable income levels, expansion of production by manufacturers, and increasing market accessibility are the key factors driving the regional market
• The petrol fuel type segment dominated the global market with the highest revenue share in 2020
• The widespread availability across the world, easy accessibility of spare parts, and better performance & aftersales services supported the segment’s high market share
Sports Cars Market Segmentation
Million Insights has segmented the global sports car market on the basis of fuel type and region:
- Sports Cars Fuel Type Outlook (Revenue, USD Million, 2017 – 2028)
- Petrol
- Diesel
- Electric
- Others
- Sports Cars Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America
List of Key Players of Sports Cars Market
- Stellantis NV
- Toyota Motor
- Renault
- Volkswagen
- Hyundai Motor Company
- Volvo Car Corp.
- Suzuki Motor Corp.
- General Motors
- Ford Motor Company
- BMW Group
- Peugeot S.A.
- Tesla
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