July 24, 2024

The Hypercar Market Is Estimated To Witness High Growth Owing To Increasing Demand For Luxe Vehicles & Emerging Technologies

The Hypercar Market is estimated to be valued at US$ 15.2 Bn In 2022 and is expected to exhibit a CAGR Of 31.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Hypercars are high-performance supercars characterized by excellent engineering, design aesthetics and extremely high performance. They are often limited-production vehicles, with prices in the millions. Hypercar makers focus on designing very lightweight yet extremely powerful machines that dominate auto shows and speed records. Luxury and performance are their hallmarks.

Market Dynamics:

The hypercar market is experiencing high growth due to increasing demand for luxury vehicles as a status symbol among high net worth individuals and emerging technologies making vehicles lighter, more powerful and faster. Rising disposable incomes in developing countries and new players entering the market with innovative designs and features are also fueling market growth.

For instance, Automobili Lamborghini’s Sian roadster features an innovative supercapacitor that provides an instant power boost. Porsche’s 918 Spyder uses a plug-in hybrid powertrain combining a V8 engine and electric motors for a total output of 875 horsepower. Such innovative technologies are attracting customers and increasing sales volumes. However, low production volumes and high prices limit mainstream demand for hypercars.

Segment Analysis

The global hypercar market is dominated by the electric hypercar segment. Growing concerns regarding environmental pollution and stringent emission norms have propelled the demand for electric hypercars. Electric hypercars offer instant acceleration and torque along with zero emissions. Companies like Rimac Automobili and Karma Automotive are gaining popularity in the electric hypercar segment owing to their lightweight architecture and powerful battery packs providing a thrilling driving experience.

PEST Analysis

Political: stringent government regulations on vehicular emissions and rising focus on promoting electric vehicles will positively influence the hypercar market.

Economic: increasing expenditure power and disposal income of HNWI will drive the demand for lavish hypercars. However, recessionary pressures may limit their sales.

Social: growing popularity of supercars among young urban population as a status symbol will boost the market. Hypercars are increasingly seen as an aspirational purchase.

Technological: ongoing R&D in battery technologies, lightweight materials, and powertrain systems will enhance the performance of electric hypercars. Connected car technologies are also gaining ground.

Key Takeaways

The global Hypercar Market is expected to witness high growth, exhibiting CAGR of 31.1% over the forecast period, due to increasing electrification of vehicles. The market size is expected to rise from US$ 15.2 billion in 2021 to over US$ 120 billion by 2030.

Europe dominated the global hypercar market in 2021 with over 30% share, followed by North America. Presence of major manufacturers like Lamborghini, Bugatti, Ferrari, and Koenigsegg along with growing HNWI population drives the European market.

Key players operating in the hypercar market are Automobili Lamborghini, Bugatti, Ferrari, Daimler Group, Hennessey Performance Engineering (HPE), Koenigsegg, Pagani Automobili, Porsche, Zenvo Automotive, Mercedes-AMG GmbH, and McLaren. Companies are expanding their product portfolios and stepping up investments in electronics, connectivity, and autonomous driving technologies to cater to the evolving needs of customers.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it