Sports Car Market Size, Share, Growth, Trends, Analysis Report

Sports Car Industry Prospective:

The global sports car market size was worth around USD 110.25 billion in 2022 and is predicted to grow to around USD 134.58 billion by 2030 with a compound annual growth rate (CAGR) of roughly 2.54% between 2023 and 2030.

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Sports Car Market: Overview

Sports cars are a segment of the broader automobile industry. These vehicles are specially designed and focus on the powerful performance of the vehicle including attributes such as top speed and pick-up speed, acceleration, handling, racing capabilities, and the excitement or thrill of driving. Sports cars are similar to everyday passenger cars in terms of basic structure, but they are more expensive and designed to be used for specific purposes and cannot be used for mundane activities since they are meant to be driven with the intention of providing an exhilarating experience to the passengers. The concept of sports cars first emerged in Europe in the early 1900s and since then, such vehicles have been produced globally. Most sports cars are two-seater vehicles and showcase the layout of a roadster, however, the final design may differ depending on the manufacturer's designs. A key aspect of sports cars that distinguishes them from regular cars is the powerful engine and wheels. The engine is mostly located in the front of the car and uses rear-wheel drive. The sports car market currently caters to a limited set of audience mainly because sports cars are mostly associated with premium or luxury automobiles. In recent times, the demand and popularity of sports cars have increased and more consumers are expected to join the industry trend during the forecast period.

Key Insights:

• As per the analysis shared by our research analyst, the global sports car market is estimated to grow annually at a CAGR of around 2.54% over the forecast period (2023-2030)
• In terms of revenue, the global sports car market size was valued at around USD 110.25 billion in 2022 and is projected to reach USD 134.58 billion, by 2030.
• The sports car market is projected to grow at a significant rate due to the growing number of buyers considering sports cars as a sound investment
• Based on application segmentation, private was predicted to show maximum market share in the year 2022
• Based on type segmentation, gasoline power was the leading segment in 2022
• On the basis of region, Europe was the leading revenue generator in 2022

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Sports Car Market: Growth Drivers

Growing number of buyers considering sports cars as sound investment to drive market growth

The global sports car market is expected to grow owing to the increasing number of consumers considering sports cars as a long-term investment. These cars are made in limited numbers and are mostly owned by specific individuals. Certain brands and models of sports cars have registered appreciation in the overall value with time.

For instance, in August 2023, GM, a leading luxury automobile maker, announced that the much-anticipated 2024 Chevy Camaro ZL1 Collector’s Edition production will be limited to only 350 units out of which 300 will be meant for the US market only. The limited availability allows the product to gain an unmatched status symbol making it more desirable among the population.

In November 2023, the iconic 1962 Ferrari 250 became one of the world’s most expensive cars to be sold at an auction. The car is called chassis 3765 and was sold at a price of USD 51.7 million. Furthermore, many people buy these cars as collector’s items to be placed in museums specially dedicated to the automobile world.

Increasing cultural influence worldwide to help market growth momentum

The demand for sports cars is projected to be pushed further by the increasing cultural influence of brands manufacturing sports cars. These vehicles have become an integral part of the entertainment industry with several sports cars being used regularly in movies and television shows. There is a growing number of people who are avid followers of the cinema world and actively follow certain trends started by movies or other entertainment programs. For instance, in September 2022, Tom Cruise, an international movie star and celebrity, sold his personal old Nissan 300 ZX race car at a price of USD 100,000. Similar trends are also associated with other sports and movie industry personalities.

Sports Car Market: Restraints

High cost of cars and maintenance difficulties to restrict market growth

The global sports car industry growth will encounter several restrictions due to the inherent nature of these vehicles. The primary reason is that these cars are highly priced as compared to basic passenger cars. For instance, basic sports car models have a starting price of USD 25,000. High-end and exotic cars may cost more than USD 100,000 depending on the model and the brand. In addition to this, sports cars are difficult to maintain because of the advanced technology that forms the backbone of sports vehicles. For instance, they are made of super-advanced materials and boast of sophisticated launch control systems. They are also equipped with highly advanced electronic stability control (ESC) to avoid skidding when driving at high speeds. This further increases the total expense of owning a sports car. Although brands operating in the segment willingly want to target niche groups, it also affects the overall reach of sports cars.

Sports Car Market: Opportunities

Growing technological advancements and integration of high-tech systems will lead to more opportunities

The global sports car market size is projected to be further impacted by the increasing investments in the development and manufacturing of technologically advanced sports cars. Companies operating in the sector are continuously working toward adding new features to the existing model and developing new variants to meet the demands of a dynamic consumer group. In May 2023, official reports indicated that Aston Martin, a British Manufacturer of luxury sports cars, is expected to launch 8 new front-engine sports cars during the next three years. These offerings will belong to a novel segment and will be named Ultra GT while promising high performance and luxury levels. On the other hand, in April 2016, the company had already launched Rapide, a 4-door sports car priced at INR 3.29 crore. Rapide is backed by a V12 engine and reaches from 0 to 100 kilometers in 4.6 seconds with a top speed of 306 kmph.

In a bid to offer novel products, another key player in the market Mazda Motor Corporation launched MAZDA ICONIC SP. It is a concept car falling in the compact sports vehicle category and is expected to feature a unique two-rotor rotary electric vehicle (EV) system. In December 2022, Nissan announced that its performance arm Nismo is currently working on the development of a new sports car model and will act as an indirect replacement for Nissan GTR.0

Sports Car Market: Challenges

Lack of supporting infrastructure for producing and using sports cars will create challenges in the future

Sports cars cannot be used like regular cars. They are meant to be driven on smooth roads since these vehicles run on powerful engines and reach top speeds above 300 kmph. However, the availability of such roads and driving space remains a primary concern for potential buyers of sports cars, especially in regions or places with heavy traffic and poorly constructed roads. The ground clearance of a sports car is relatively low which can also lead to severe damage to the vehicle if it is driven on roads with potholes or rough areas.

Sports Car Market: Segmentation

The global sports car market is segmented based on application, type, and region.

Based on application, the global market segments are private and commercial. In 2022, the highest growth was registered in the private segment driven by rising sales of performance cars for personal use. These vehicles form a part of status symbols and are mostly owned by high-income groups. For instance, in 2022, the 955 Mercedes-Benz 300 SLR Uhlenhaut Coupé was sold to an anonymous buyer for USD 135 million. The commercial segment is a flourishing segment. There are several companies that provide the experience of driving a luxury sports car using the renting method. The increased global tourism is a crucial segment driving factor.

Based on type, the sports car industry is divided into gasoline power, hybrid, diesel power, and electric vehicle. The highest revenue was generated in the gasoline power segment in 2022 since most sports cars currently run on gas. These variants enjoy the benefits of a mature and existing infrastructure that supports the use of gasoline-powered vehicles. However, several companies are now experimenting with electric and hybrid models influenced by the increasing demand for environmental consciousness. Sports cars typically use more fuel than traditional cars due to high-performance requirements. The petrol mileage of the Lamborghini Urus is 7.8 km/liter.

Sports Car Market: Report Scope

Sports Car Market: Regional Analysis

Europe to continue its growth streak during the projection period

The global sports car market is expected to be led by Europe during the forecast period. The region has been the pioneer in the sports car sector since the first initial versions of performance vehicles originated in European countries. It is presently home to some of the critically and commercially acclaimed producers of world-renowned sports car brands including Ferrari, Aston Martin, Audi, Lamborghini, McLaren Automotive, Porsche, and many more. While all the brands enjoy significant market share, specific brands such as Ferrari and McLaren have managed to revolutionize the entire ecosystem surrounding sports cars. In 2022, Lamborghini announced a total revenue of USD 2.59 billion as it recorded a jump of 22% from 2021. The presence of a supporting infrastructure in terms of manufacturing facility and skilled labor along with increasing investments in the existing market are helping in shaping the regional market. In October 2022, Ferrari announced that it would start accepting cryptocurrency in the form of payment for luxurious sports cars. This shows the evolving regional market patterns that will help in maintaining Europe’s dominance.

Sports Car Market: Competitive Analysis

The global sports car market is led by players like:

• Chevrolet (Corvette)
• Ferrari
• McLaren
• Porsche
• BMW (M Series)
• Lamborghini
• Jaguar (F-Type)
• Aston Martin
• Ford (Mustang Shelby GT500)
• Bugatti
• Lotus
• Mercedes-AMG
• Lexus (LC, RC F)
• Audi (S and RS models)
• Nissan (Nissan GT-R)

The global sports car market is segmented as follows:

By Application

• Private
• Commercial

By Type

• Gasoline Power
• Hybrid
• Diesel Power
• Electric Vehicle

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa