New York, US, June 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Hyper Car Market Information By Propulsion, by Application, and Region - Forecast till 2030”, The market for hyper cars to anticipate a rise from USD 49.7 billion in 2023 to USD 106.5 billion by 2032, at 10.00% CAGR over the appraisal period (from 2023 to 2032).
Hyper Car Market Overview
A hypercar is a supercar with extremely high performance that offers great driving capabilities. A hypercar is made up of aerodynamic parts, a body with low drag, and lightweight materials. A hypercar also features 800+ horsepower, a 0-60 time under 3 seconds, and a top speed between 215 and 270 mph. Additionally, the most majority of hypercars are limited-production, which means they are made in small batches of between 1 and 1000. Pagani Huayra, McLaren P1, Ferrari LaFerrari, Porsche 918 Spyder, and others are a few further well-known hypercars.
Hyper Car Market Competitive Landscape:
The major vendors in the hyper car industry are
- Rimac Automobili (South Korea)
- Automobili Lamborghini S.p.A (Italy)
- Koenigsegg Automotive AB (Sweden)
- Jaguar Land Rover Automotive PLC (US)
- BMW AG (Germany)
- Zenvo Automotive A/S (Denmark)
- Among others.
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Hyper Car Market USP Covered:
Hyper Car Market Restraints:
Due to their sophisticated and opulent characteristics, such as their use of pricey materials and parts of superior quality, hypercars are much more expensive than conventional automobiles. In addition, it costs more to construct a hypercar with high-end options and features than it does to construct a vehicle with standard features. Additionally, because hypercars are marketed in such small numbers, a significant amount of the purchase price goes towards paying for their research expenditures, which raises the price of these kinds of vehicles. The high price of hypercars is therefore expected to restrain market expansion.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 106.5 billion |
| CAGR during 2023-2032 | 10% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Propulsion, Application, and Region |
| Key Market Opportunities | Initiative from the government Global commercial sector development. |
| Key Market Dynamics | Stunning aerodynamics propulsion that is efficient weight control. |
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Hyper Car Market Drivers:
Due to their high levels of power output, acceleration, and torque, hypercars are becoming more and more popular among consumers. The demand for hypercars is also increasing as a result of the expanding automotive industry and increased use of cutting-edge technology to enhance driving performance. Additionally, hydrogen is being used by hypercar makers as a substitute for fuel and diesel, which helps to increase vehicle speed and increases demand for hypercars. The desire for hypercars is also being fueled by the incorporation of cutting-edge technologies like break steering, four-wheel drive, active airbrakes, and others.
In light of the growth in their spending power, consumers are more likely to want comfort when driving. The most recent technology, innovative materials, and potent engines are mostly used in the production of hypercars. Hypercars also feature features that make for a comfortable driving experience, like satellite radio, intelligent remote entry, and adaptive cruise control. Hypercars also provide options like adaptive suspension, executive rear seats, remote starting, and massaging seats for a more comfortable ride. Thus, it is projected that increased desire for a comfortable and opulent driving experience would fuel the expansion of the hypercar market.
Due to strict pollution regulations set by governments worldwide and a growing demand for fuel-efficient vehicles, sales of electric hypercars are growing at an impressive rate. Leading automakers like Tesla are releasing a wide range of new electric vehicles as demand for electric vehicles surges. Along with other luxury electric vehicles, top luxury and high-end luxury & performance car companies like Mercedes-Benz, Porsche, Royce, and Bugatti also announced the launching of their own electric hypercars to meet emission limits. For the companies in the hypercar market, the manufacture of electric hypercars to comply with strict emission rules thus offers a significant growth opportunity.
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Hyper Car Market COVID 19 Analysis
The COVID-19 pandemic had an undesirable impact on supply chains, which led to low sales of passenger cars and a brief suspension of vehicle production all across the world. Compared to automobile manufacturing in 2019, there was a 16% decrease in worldwide car production in 2020. Additionally, the global sales of automobiles decreased from 90.42 million units in 2019 to 77.97 million units in 2020, a decline of around 14% (Y-o-Y). The COVID-19 epidemic additionally compelled hypercar producers to cease the introduction and production of their new hypercars around the world. The development of electric and hybrid hypercars, however, has been seen since the pandemic, and this is what is anticipated to fuel the hypercar market's expansion during the course of the projection year.
Hyper Car Market Segmentation
By Propulsion
The three main categories in terms of propulsion are ICE vehicles, electric vehicles, and hybrid vehicles. The market was dominated by the hybrid vehicle category. Both an internal combustion engine and an electric motor power hybrid automobile. These cleaner cars provide drivers greater fuel efficiency than older models. A hybrid car has an electric motor in addition to a petrol or diesel engine, and the two systems work together to move the car forward. As a result, the vehicle's fuel economy is increased compared to a regular engine that burns only fuel. The engine's performance is improved by the electric power.
By Application
Hypercars have important applications in racing competitions, entertainment, and more. With a 41% market share in 2022, the racing competition segment was the market leader for hyper cars. Because racing competitors frequently employ Hyper Cars, the racing competition category is expected to develop the fastest in the Europe Hyper Cars market. A rise in sports car racing participants and increased racing competition in this region are elements promoting market expansion.
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Hyper Car Market Regional Insights
In addition to the surging product penetration, the rising purchase rates have allowed Europe and North America to be the most important markets for hypercars. Leading producers of the commodity in Europe include Germany, Italy, and the United Kingdom, which are actively fostering the expansion of the regional market. The industry's expansion is being aided by the strong presence of the key players in both the European and North American areas. Due to the presence of significant manufacturers like Ford and the growing demand from potential customers, the United States is anticipated to be a significant market for the product within North America.
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