Global Sports Car Market - Forecasts from 2023 to 2028

The sports car market was valued at US$13.476 billion in 2021 and is expected to decline at a CAGR of -4.29% over the forecast period to US$9.915 billion by 2028.

The sports vehicles market has been supported by rising wealth, which has resulted in more people spending money on opulent items, and high-end goods, such as sports cars. The sports car's distinguishing attributes are its superior efficiency, visually appealing sleek design, and exceptional navigation. These vehicles are popular among young drivers because they look excellent on the road and are enjoyable to drive. A decent sports car with rapid acceleration and precise control is enjoyable to drive at any speed, even if it lacks power. This has also served as a positive influence on the sports car market. Further, sports car racing makes extensive use of sports cars. Sports car races are typically endurance events that traverse relatively long distances. In such events, the reliability and efficacy of the vehicle are typically given more importance than the driver's speed.

The target market for the sale of sports cars is quite constrained and limited as they are built and marketed at exorbitant prices. As such, due to a limited client base and the fact that few people can afford such vehicles, the sports cars have experienced a sharp fall in sales. Additionally, the market has been significantly influenced by the high R&D expenses associated with the creation and innovation of sports cars.

The global sports car market is driven by demand from the affluent population.

The surge in demand for high-end vehicles with intricate designs, as well as for diesel and electric automobiles will continue supporting the sports car market. Additionally, this sector also benefits from the automotive industry growth, a boom in investments, and rising number of high net worth individuals. Sports cars are popular among the opulent population as they meet the needs of the community in terms of driving experience, appearances, residual value, and uniqueness of the cars. The appearance of the car has been one of the elements influencing the increased demand for sports cars for the wealthy, essentially due to the existence of the belief that the better the car appears, the more likely it is to provide a fantastic driving experience. As such, the production of sports cars by some of the key firms in the sports car market has seen stable growth over the past few years.

Sports cars have a higher likelihood of becoming automobile antiques in the future as they have much better quality and aesthetics. Due to this, the cars' value rises with time. As a result, the wealthy populace finds them to be a particularly appealing investment. These cars also have a sense of individuality, which makes them popular with customers who buy them for their collections. This has aided the sports car market as well.

Key Developments

• In January 2023, General Motors, a major player in the sports vehicle market, unveiled the E-Ray, a first-generation electric Chevy Corvette. The starting price of the sports car is expected to be $104,000 and it is also anticipated to have an all-wheel drive. The E-Ray will be the fastest Corvette ever produced, according to the automaker. Similar to certain supercars including the current Corvette Z06 racing car, it will sprint from 0 to 60 mph in 2.5 seconds and complete the quarter mile in 10.5 seconds. The front axle of the E-Ray's hybrid system has an electric motor that adds 160 horsepower and 125 pound-feet of torque. Compared to a conventional internal combustion engine, it offers a much faster pick-up.
• In September 2022, Ferrari unveiled the first-ever four-door production model, Purosangue, and the deliveries are expected to start in the third quarter of 2023 in the United States. According to Ferrari, Purosangue will be the second most expensive production model after the SF90 hybrid sports vehicle.
• In 2020, the original Mustang was resurrected in the form of the Shelby GT500, as well as EcoBoost® and GT Mustang convertibles. Customers were given a choice of 18 different wheel styles and colors, as well as several additional options for customizing their cars.

North America accounts for major shares of the global sports car market.

By geography, the tank level monitoring market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

The North American market has been further segmented into the United States, Canada, and Mexico. The USA holds a dominating share in the regional sports market owing to high number of rich individuals and the presence of large companies. The US sportscar market is experiencing significant obstacles owing to the high import duties and tariffs imposed on the vehicles. For instance, the dutiable entrance tax rate for autos in the US was 2.5% as of 2021, according to reports from US Customs and Border Protection. Despite the market's declining growth curve, key players are investing in research and development for launching new sportscars as a measure to secure a better brand position and improve the brand image. Porsche reported 79,260 deliveries in North America in 2022, which is the same as 2021. Given the logistical and supply issues that the year began with, the company's performance was quite impressive in 2022.

Further, the increasing emphasis on decreasing emissions from the transportation sector in the United States is leading to more electric vehicles on the road. Hence, automakers are shifting their focus to create sustainable vehicles. To gain a competitive edge in the market, many companies are introducing new electric vehicle models. For instance, General Motors acknowledged the existence of a battery-powered Chevrolet Corvette in April 2022. Engineers at General Motors are developing the new vehicle at the company's EV facility in Warren, Michigan.

Market Segmentation

By Power Source

• Internal Combustion Engine
• Battery
• Hybrid

By Geography

• North America
  • United States
  • Canada
  • Mexico

• South America
  • Brazil
  • Argentina
  • Others

• Europe
  • United Kingdom
  • Germany
  • France
  • Italy
  • Spain
  • Others

• Middle East and Africa
  • UAE
  • Saudi Arabia
  • Others

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
  • Indonesia
  • Taiwan
  • Others