Hyper cars are cars which have exceeded the quality, performance, and efficiency of supercars. These cars marked its debut in 1992 with the launch of McLaren F1. These cars are designed with ultra-light components, low drag, and superior aerodynamic design to surpass normal road speeds. The global hyper car market report by Market Research Future (MRFR) comprises trends and drivers driving the market.
Market Outlook
The global hyper car market is estimated to exhibit 9.3% CAGR from 2020 to 2027 (forecast period). It is driven by the high need for ultralight and super speedy cars. Shifting focus on integrating the latest technology for car enthusiasts for improving torque, speed, and power output while uncompromising on comfort, affordability, and performance can spur market demand.
Increasing demand for luxury vehicles coupled with high need for unique and creative car designs are likely to induce market growth. The heated competition among market players offering latest innovations and development of novel products can positively impact market growth.
The integration of artificial intelligence in hyper cars can influence the sales of these cars. The software can assist drivers with their travel and maintain speeds according to speed limits specified by various countries. The interest of prime car makers for implementation of the technology in future hyper cars can augur well for the market in the coming years. Furthermore, crowdfunding exercises by major technology creators can bring various concept cars into fruition.
But high prices of hyper cars can impede the market.
Segmentation Analysis
The global hyper car market is segmented by propulsion and application.
By propulsion, it is segmented into electric vehicle, ICE vehicle, and hybrid vehicle.
By application, it is segmented into entertainment, racing competition, and others.
Regional Analysis
Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are major regions considered in the hyper car market report.
Europe is expected to dominate the market till 2027 due to sufficient investment of capital in research and development for manufacturing latest hyper cars. Preference of luxury cars, increasing purchasing power of individuals, and inclination towards modern cars are factors expected to drive the regional market growth. Introduction of European car delivery programs which deliver cars at the European branch of reputed car maker such as Audi can persuade customers with their purchase decisions.
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The APAC region is predicted to register the highest growth rate during the forecast period due to commercialization of hyper cars in Japan, India, and China. Rise of automotive majors establishing facilities in these countries primarily due to the large workforce and presence of skilled personnel for testing and conducting research can drive the market growth. Furthermore, high sales of vehicles despite strong headwinds and change in tax policies is likely to positively impact the hyper car market.
Competitive Outlook
Prominent names in the global hyper car market include McLaren Automotive, BUGATTI AUTOMOBILES S.A.S., Automobili Lamborghini S.p.A., Koenigsegg Automotive AB, Maserati, BMW AG, Pagani Automobili S.p.A., Ferrari S.p.A., Zenvo Automotive A/S, Jaguar Land Rover Automotive PLC, Aston Martin Lagonda Global Holdings plc, Rimac Automobili, Dr. Ing. h.c.F. Porsche AG., and others.
Industry News
Electric cars are entering the commercial space in a big way with major automotive manufacturers investing heavily in electric versions of their premium offerings. In 2020, British car maker Lotus and Chinese partner Geely have decided to collaborate on its latest creation, Evija. The car will enter mass production by 2020 with a limited number being made heightening its exclusivity.
Rimac Automobili, the Croatian manufacturer of the Rimac C Two, has received an offer of buying shares from Porsche AG. This is in response to high accolades gained by the company for its electric car which can reach speeds of 256 miles per hour. This in response to plans by Porsche to offer its own electric car to interested users.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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