Research Support Specialist, USA
The global sports cars market size is expected to reach USD 65.6 billion by 2028, registering a CAGR of 1.0% over the forecast period, according to a new report by Million Insights. The market is driven by the increasing disposable income and simultaneous rise in affordability. Technological developments in lightweight materials, production lines, and others reduce the manufacturing cost and, in turn, increase product affordability among consumers. Moreover, increasing expansion and penetration by the key players in the different regions are anticipated to fuel the market growth over the forecast period. For instance, BMW launched a sports car production line in Mexico at the San Luis Potosi factory in September 2021. Also, a Chinese company, Qiantu Motor launched Qiantu K50 electric sports car in the U.S. in April 2019, in partnership with Mullen Technologies for homologating, assembling, and sales in North America.
The COVID-19 pandemic affected the market growth. Due to the restrictions and lockdowns imposed by governments, manufacturing factories halted production across the world impacting the market growth. Trade activities were also affected resulting in the shortages of auto components. In the future, slow growth and recovery of the market are expected with uncertainties as new COVID-19 strains are emerging. Electric-based sports cars are anticipated to witness the fastest growth over the forecast period. Various government initiatives for accelerating and increasing the adoption of Electric Vehicles (EVs) will drive the segment growth. For instance, The Electric Vehicles Initiative (EVI) is a multi-government policy forum for such activities launched in 2010 under the CEM, Clean Energy Ministerial. Under this forum, 15 countries around the world participated to increase the adoption of EVs.
The report “Sports Cars Market Size, Share & Trends Analysis Report By Fuel Type (Diesel, Electric, Petrol), By Region (North America, Asia Pacific, Central & South America, Europe, MEA), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global sports car market on the basis of fuel type and region: