New York, June 23, 2021 (GLOBE NEWSWIRE) — Hyper Car Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hyper Car Market Research Report, Propulsion, Application and Region – Forecast till 2027″ The global Market is projected to reach USD 115.4 billion by 2027 from an estimated USD 14.3 billion in 2020, at a CAGR of 34.5% from 2021 to 2027.
Highly efficient hyper cars provide safe and budget-friendly efficiency. Increase in the fuel economy accelerates the market demand. The automotive industry is moving towards making ultra-lightweight cars that are innovative and affordable, leading to increasing the global hyper car industry share.
Additionally, stricter government regulations to control vehicle emissions and pollution levels and government initiatives to promote hyper-car usages boost the market size.
Simultaneously, the government incentive programs to positively encourage manufacturers for hybrid electric vehicle production impact market growth. On the other hand, the high manufacturing cost of hybrid vehicles is a major factor impeding market growth.
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List of the Leading Players leading companies profiled in the global hyper car market report include-
- Rimac Automobili (South Korea)
- Automobili Lamborghini SpA (Italy)
- Koenigsegg Automotive AB (Sweden)
- Jaguar Land Rover Automotive PLC (the US)
- BMW AG (Germany)
- Zenvo Automotive A/S (Denmark)
Highly competitive, the hyper car market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategies like mergers & acquisitions, collaboration, expansion, and technology/product launch.
For instance, on March 23, 2021, Renault SA (France), one of the leading global automobile manufacturers, announced its plans to produce more hybrid vehicles by laying blocks for a new production plant in Spain for its hub hybrid vehicles. Renault would make new engines and two SUV models at its Valladolid factory, three new vehicles at this new plant. With this new plant, Spain would become a hub for hybridization and electrification.
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COVID 19 Impact on the Market
The onset of Coronavirus affected the hyper car industry severely. Lockdown mandates severely disrupted the supply chain, making manufacturers face various problems such as obtaining raw materials and components required for the production, attracting workers from quarantines, and delivering end products. As a result, many manufacturers cut down on their production output.
On the other hand, the rising demand for healthcare products offered significant opportunities, driving the uptake of electric vehicles in the logistic industry. Resultantly, the hyper car market rapidly returned to normal, witnessing the steadily increasing demand. Moreover, the hyper car market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
Governments in countries across the globe have realized the potential that hyper cars hold. As a result, many of them have initiated new policies and proposals, designing programs for e-mobility charging infrastructure. Such initiatives have further helped them meet their own goals to address climate change and net-zero carbon targets. Besides, hypercars have a set standard for speed and convenience.
Additional factors influencing the market growth include large-scale uses of these hypercars and increasing government initiatives to revolutionize mobility. Conversely, requirements of a large structure and high investments to develop charging stations or infrastructures are major growth impeding factors for the market. Nevertheless, increasing R&D investments to develop innovative hypercars would support the market growth throughout the review period.
The market is segmented into propulsion, applications, and regions. The propulsion segment is sub-segmented into electric vehicles, ice vehicles, hybrid vehicles, and others. The application segment is sub-segmented into racing competition, entertainment, and others. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
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Asia Pacific dominates the global hyper car market, mainly due to the rising popularity of alternative fuel vehicles. Besides, the underperforming and overburdened public transports system in India and China fosters market growth, resulting in a continual increase in private automobiles. Moreover, to tackle the increased fuel costs, the customers in this region prefer hybrid vehicles.
Moreover, the increased government backing support for the hybrid electric vehicle industry in the region fosters market growth. Advancements in EV technologies and devices used for electric vehicles, alongside increasing government initiatives and stringent policies, and affordable prices of electric vehicles are major driving forces behind the market revenue growth in the region.
Massive increase in production and sales of e-vehicles in the region create lucrative growth opportunities for the domestic hyper car market growth. Furthermore, increasing foreign direct investments and heavy investments by key players for advanced product developments are major factors impacting the hyper car market revenue.
Europe stands second in the global hyper car market, mainly due to stringent vehicle emission norms laid by the European Union and favorable incentives policies that have resulted in a higher preference for hybrid vehicles. Also, increasing R&D investments and a large potential consumer base create a huge demand for environment-friendly vehicles. Additionally, timelines for creating zero-emission zones in countries like the UK and France increase the demand for hybrid electric vehicles.
All these factors cumulatively allow the hypercar market to grow continually at the global level. Moreover, collective efforts by governments and environmentalists to control rising air pollution levels provide significant market opportunities. Rising government initiatives and incentives, subsidies, and schemes to encourage the manufacturing and sales of electric vehicles boost the hyper car market share. The European hyper car market is expected to grow at a notable growth rate during the review period.
North America is a sizable market for hybrid vehicles, witnessing the rising production and sales of hybrid cars. Besides, the increased demand for energy-efficient automobile solutions in the region drives the market growth. Growing investments from private and public organizations foster the market size. The stringent emission norms laid down by the United States Environmental Protection Agency (the US EPA) have resulted in a higher preference for hybrid vehicles.
Moreover, the proliferation and government support the development of electric vehicles to reduce operating costs push the regional market growth. Rapidly increasing awareness of the impacts of fossil fuel emissions on the environment creates substantial market demand. Furthermore, the increasing adoption of hypercars acts as major tailwinds for the regional market. The North American hyper car market is estimated to create a substantial revenue pocket during the assessment period.
Segmentation of Market covered in the research:
Information by Propulsion (ICE Vehicle, Electric Vehicle and Hybrid Vehicle), by Application (Racing Competition, Entertainment and others) and by Region (North America, Europe, Asia-Pacific and the Rest of the World)
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