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What does the future hold for the Hypercar Market?
The hypercar market size has grown exponentially in recent years. It will grow from $19.16 billion in 2023 to $25.6 billion in 2024 at a compound annual growth rate CAGR of 33.6%. The growth in the historic period can be attributed to increasing mergers and acquisitions, implementation of IoT technologies, a rise in disposable income, and increased consumer demand for enhanced user comfort, safety, and convenience. Furthermore, the hypercar market size is expected to see exponential growth in the next few years. It is projected to grow to $69.05 billion in 2028 at a compound annual growth rate CAGR of 28.2%.
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What is driving the growth of the Hypercar market?
The growth of the hypercar market can be attributed to the increasing sales of luxury cars. Luxurious brands are perceived as having a higher value than other corporations; consequently, businesses aim to boost their luxury vehicle sales during auto shows. A hypercar, one of the most advanced and high-performance luxury cars on the market recently, is expected to drive the growth. According to Auto News, U.S. luxury car brands delivered 2.2 million vehicles, accounting for 14.7% of total U.S. light-vehicle sales. The luxury car industry in the U.S grew by 13%, compared to 2021, while the overall industry grew by only 3.3%, indicating that the increase in luxury car sales drives the growth of the hypercar market.
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Who are the Key Players in the Hypercar Market?
Major companies operating in the hypercar market include Dr. Ing. hc F. Porsche AG, Daimler Group, Ferrari N.V., Maserati S.p.A, Automobili Lamborghini S.p.A, Lexus, McLaren Racing Limited, Bugatti Automobiles S.A.S., Zenvo Automotive A/S, Vazirani Shul, DC Avanti, and many more. These industry players have been influential in the growth and development of the hypercar market.
What are the Emerging Trends in the Hypercar Market?
Companies in the hypercar market are focusing on new technology developments to offer quality and efficient transportation services for customers. For instance, in 2021, Mercedes-AMG recently revealed its incredibly powerful Project ONE hypercar, which was modeled after Formula 1 race-ready vehicles. The vehicle brings fully-fledged Formula 1 hybrid technology to the road with a 1.6-liter turbocharged V-6 engine that amps out a stunning 670 horsepower from the rear wheels alone. It incorporates advanced technologies such as GPS, routing software, and apps, offering benefits like real-time tracking, proactive communications, and routing insights.
The hypercar market is segmented by:
1 Powertrain: Hybrid, Electric, Gasoline
2 Technology: Four-Wheel Drive, Four-Wheel Steering, Active Airbrakes, Brake Steering
3 Chassis Type: Carbon Fiber, Steel, Aluminum
4 Application: Club, Private, Other Applications
Which Regions Are Dominating the Hypercar Market?
Europe was the largest region in the hypercar market in 2023. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period, enhancing the growth of the overall hypercar market.
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