Wednesday, July 24, 2024
BusinessGlobal Hypercar Markets - Increasing Sales of Luxury Cars Driving Growth

Global Hypercar Markets – Increasing Sales of Luxury Cars Driving Growth

The global hypercar market is expected to grow from $18.34 billion in 2021 to $26.16 billion in 2022 at a compound annual growth rate (CAGR) of 42.7%. The market is expected to grow to $94.99 billion in 2026 at a compound annual growth rate (CAGR) of 38%.

Major players in the hypercar market are Automobiles Ettore Bugatti, Automobili Lamborghini S.p.A, Daimler AG, Ferrari S.p.A, Zenvo Automotive, Koenigsegg Automotive AB, Maserati S.p.A, McLaren Group Ltd, Pagani Automobili S.p.A, Porsche AG, and Volkswagen AG.

The hypercar market consists of sales of hypercars by entities (organizations, sole traders, and partnerships) that manufacture hypercars. A hypercar is an ultra-modern, high-efficiency, and high-performance vehicle. Hypercar features an ultralight and ultra-aerodynamic design, as well as a hybrid-electric propulsion system that provides extremely high fuel efficiency and minimal emissions.

The main types in the hypercar market are hybrid, electric, and gasoline. The electric powertrain system in a hypercar is a mix of an internal combustion engine with electrical components like electric motor and power electronics. The various technologies involved are four-wheel drive, four-wheel steering, active airbrakes, brake steering. The various types of chassis involved are carbon fiber, steel, aluminum. The various applications involved are the club, private, and other applications.

Europe was the largest region in the hypercar market in 2021. The Asia Pacific is expected to be the fastest region in the forecast period.

The increasing sales of luxury cars are expected to propel the growth of the hypercar market in the coming years. Luxury brands have a greater perceived worth than other corporations, therefore businesses are aiming to improve their luxury vehicle sales during auto shows. A hypercar is one of the most advanced and high-performance luxury cars on the market recently.

According to the limelight report in 2019, in the USA, the luxury car market accounts for 6% of total vehicle sales. Mercedes-Benz topped the sales statistics in May 2021, selling a total of 198 luxury cars. Therefore, the increasing sales of luxury cars drive the growth of the hypercar market.

The launch of advanced cars is a key trend gaining popularity in the hypercar market. Major companies operating in the hypercar sector are focused on developing advanced hypercars to strengthen their position. For instance, in March 2020, Koenigsegg Automotive AB, a Sweden-based manufacturer of high-performance sports cars launched a hypercar Koenigsegg Gemara.

It is the world’s first four-seater hypercar, with a carbon fiber chassis powered by three electric motors with a total output of 1677 horsepower and a turbocharged 2.0-liter inline-three engine with 592 horsepower. It employs Freevalve technology, which activates intake and exhaust valves via solenoids. This combined with cylinder deactivation reduces fuel consumption, claiming that the three-cylinder is 20% more fuel-efficient than a typical 2.0-liter four-cylinder.

In March 2021, Porsche AG, a German automobile manufacturer has acquired an additional 8.5% stake in Rimac Automobili for the amount of $83.3 million. Before this, Porsche AG already owned a 15.5% stake in Rimac Automobili.

The deal would enhance Porsche AG with highly innovative series components including batteries and EV parts. Rimac Automobili is a Croatia-based electric hypercar manufacturer and EV component supplier for the automotive industry.

PR Newswire
Cision distribution by PR Newswire empowers communicators to identify and engage with key influencers, craft and distribute meaningful stories, and measure the financial impact of their efforts. Cision is a leading global provider of earned media software and services to public relations and marketing communications professionals.