According to the report, the global hypercar market is projected to surpass 1.4 million units by 2030, expanding at a CAGR of ~6%, in terms of volume, during the forecast period. Increase in global warming across the globe is driving vehicle manufacturers to develop efficient vehicle technologies for their vehicles, which is anticipated to shift the trend toward electric vehicles, thus compelling automakers to produce electric hypercars. Moreover, rise in disposable income is expected to propel the hypercar market. Business trends enabled through e-Commerce and logistics, advancements in manufacturing technologies and machinery, foreign direct investments, and government initiatives to improve the living standards of the population in the country are fueling economic growth globally. Various government policies and investment are aimed at enhancing the living standards of the population across several countries. Governments have adopted several measures to increase per capita income of their population.
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Expansion of Hypercar Market
The surge in demand for high performance vehicles across the globe is projected to boost the hypercar market during the forecast period. China witnessed an increase in both IC-engine and electric propulsion enabled vehicles. North America recorded high penetration of utility vehicles in 2018, which continued in 2019, leading the region to account for significant share of the market in 2019.
Based on propulsion, the electric propulsion segment is anticipated to expand at a high CAGR. This is primarily due to rise in the production of electric hypercars across the globe. Increase in the adoption of electric vehicles in major developing countries, including the U.S., China, Germany, and Japan is expected to propel the hypercar market across the globe. In terms of engine size, the compact segment is anticipated to account for a notable share of the market. The demand for lightweight vehicles, owing to the demand for fuel-efficient vehicles, prompted by enactment of emission regulation, is driving the adoption of compact engine-sized hypercars.
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Regional Analysis of Hypercar Market
In terms of region, the global hypercar market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is projected to be highly lucrative market, globally, during the forecast period. This is primarily due to the presence of prominent consumer base, technological awareness, high disposable income, and developed road infrastructure in countries in Europe such as Germany, Spain, Italy, and the U.K. Additionally, the cost of import and export of vehicles is reduced significantly, owing to the presence of major players in the automotive industry in Europe. Consistent demand for hypercars from prominent automakers based in Europe is anticipated to further boost the hypercar market during the forecast period.
A few of prominent players operating in the global hypercar market include Automobili Lamborghini S.p.A., Bugatti Automobilies S.A.S., Daimler AG, Ferrari S.p.A., Hennessey Performance, Koenigsegg Automotive AB, Maserati, Mazzanti Automobili, McLaren Group Companies, Pagani Automobili S.p.A., Porsche, Rimac, Ultima Sports Ltd., and Zenvo Automotive.
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