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The high-performance car market size is forecast to increase by USD 271.59 billion, at a CAGR of 7.79% between 2023 and 2028.
The several factors play a crucial role in the market's growth, such as the rising demand for luxury high-performance cars, the increasing demand for pre-owned high-performance cars to aid growth, and the rising number of high-net-worth individuals. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the rising demand for luxury high-performance cars. Luxury high-performance cars are preferred by end-users in developed countries as these provide better protection, advanced technologies, and increased comfort in comparison to non-luxury counterparts. In addition, high-performance luxury cars are equipped with advanced technologies and safety features.
Moreover, the perception of quality attached to a car brand is the primary factor influencing the sales of high-performance luxury vehicles. In addition, in order to create a distinctive driving experience, automakers are incorporating cutting-edge technologies into their high-performance luxury car models. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the use of AI for the development of autonomous high-performance cars. The global automotive industry is witnessing continuous innovations as companies in the market are using advanced technology and lightweight materials for manufacturing cars. In addition, the automotive industry is transitioning toward components for downsizing and using compact yet rigid materials for innovative automotive designs and configurations.
Moreover, the industry is also witnessing the integration of new processes, materials, and advanced technologies, which are allowing the optimization of the overall automotive design and functions. In addition, automotive vendors have been using sensors, such as automatic braking sensors and motorway lane sensors, that enable users to monitor blind spots besides providing adaptive control and self-parking capabilities. Hence, such factors are driving the market growth during the forecast period.
The limited range of high-performance electric cars is one of the key challenges hindering the smoothies market growth. EVs have a limited range, and buyers are worried about the average driving range generated by a single recharge cycle. In addition, high-performance EVs require more energy than regular EVs. Furthermore, the effective range of high-performance electric cars is lower than that of other EVs.
Moreover, batteries used in high-performance electric cars must be replaced once they expire. In addition, lithium-ion batteries are commonly used in EVs. Furthermore, the charge-carrying capacity of lithium-ion batteries reduces with every charging cycle. Therefore, batteries used in high-performance electric cars will exhaust faster than that of EVs. Hence, such factors are hindering the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ford Motor Co: The company offers high performance cars such as DBS Superleggera, Aston Martin Vantage, DB11 and Valkyrie AMR Pro
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 23 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The non-electric segment is estimated to witness significant growth during the forecast period. Most of the high-performance cars are embedded with gasoline engines. In addition, manufacturers of high-performance gasoline cars prefer gasoline fuels with high octane ratings to boost the performance of the vehicle significantly. Furthermore, gasoline engines are considerably lighter than diesel engines, thereby allowing the vehicle to attain high speeds in a short time.
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The non-electric segment was the largest segment and was valued at USD 380.04 billion in 2018. Moreover, diesel engines used in high-performance cars produce enormous heat that cannot be vented through tailpipes. In addition, these engines require improved heat management systems that can limit the increase in temperature in the vehicle engine. Furthermore, heavy alloys are required for making engines that can withstand high heat. In addition, these engines significantly increase the curb weight of the vehicle, which can cause understeering at high speeds due to improper distribution of vehicle weight. Hence, such factors are fuelling the market growth which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is dominated by the US because of the strong presence of several companies, including General Motors Co., Dodge (Stellantis NV), Tesla Inc., Ford Motor Co., and others. In addition, the manufacturers of high-performance cars operating in North America are continuously working on improving the technology and reducing the overall production cost of their vehicles. Moreover, growing awareness about the need to reduce vehicular emissions and supportive government regulations for sustainable mobility solutions are driving the adoption of electric vehicles in North America. Hence, such factors are driving the market growth in North America during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
High-performance cars stand at the pinnacle of the automobile industry, offering an unparalleled combination of pick-up speed, acceleration, and exceptional handling. These vehicles are designed to deliver a thrilling driving experience, often associated with racing capabilities, catering to enthusiasts who seek excitement on the road. Manufacturers invest heavily in the design of these cars, emphasizing premium features, including specialized wheels and advanced technological systems. Models like the Chevy Camaro ZL1 Collector's Edition exemplify the allure of limited availability, turning them into coveted collector's items and status symbols.
While the cultural influence of high-performance cars is significant, their popularity extends to global auctions, attracting high-income groups and contributing to the image of luxury automobiles. Despite the high cost and maintenance difficulties, technological advancements have introduced high-tech systems, including concept cars with innovative features like the two-rotor rotary electric vehicle (EV) system. However, the application of high-performance cars faces challenges on poorly constructed roads, with issues such as ground clearance and potholes impacting their performance. The market caters to both private and commercial segments, with high-income groups driving demand. With advancements in hybrid, electric, diesel, and petrol-powered models, high-performance cars continue to evolve, providing a blend of power, luxury, and efficiency in the global automotive landscape.
High-performance Car Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.79% |
Market Growth 2024-2028 |
USD 271.59 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.98 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aston Martin Lagonda Ltd., Bayerische Motoren Werke AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Koenigsegg Automotive AB, McLaren Group Ltd., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Porsche Automobil Holding SE, Renault SAS, Rimac Automobili, SAIC Motor Corp. Ltd., Stellantis NV, Tesla Inc., Toyota Motor Corp., Zenvo Automotive AS, Zhejiang Geely Holding Group Co. Ltd., Apollo Future Mobility Group Ltd., Aspark Co. Ltd., Ferrari NV, Pagani S p A, and Hennessey Special Vehicles LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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