Hyper Car Market Research Report - Global Forecast till 2032

Hyper Car Market Research Report Information By Propulsion (ICE Vehicle, Electric Vehicle, Hybrid Vehicle), By Application (Racing Competition, Entertainment And Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/AM/6473-HCR | 100 Pages | Author: Sejal Akre | March 2024         

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Hyper Car Market Overview:

Hyper Car Market Size was valued at USD 45.2 Billion in 2022. The hyper car market industry is projected to grow from USD 49.7 Billion in 2023 to USD 106.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.00% during the forecast period (2023 - 2032). Effective propulsion and weight management in cars are the key market drivers enhancing the market growth.

Hyper Car Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Hyper Car Market Trends

  • Increased competition among hyper car manufacturers propels market growth.

The increased market rivalry is driving the market CAGR for hyper cars. In comparison to their competition, renowned hyper cars manufacturers are investing extensively in the development of their vehicles in order to strengthen their brand names in the industry and design high-speed autos. Higher-income purchasers in industrialized countries are expanding their purchasing power on premium automobiles, boosting the Hyper Car market even more. This is propelling the Hyper Cars Market.

In addition, the growing sales of luxury vehicles are likely to propel the hyper car market forward in the next years. Because luxury brands are perceived to be more valuable than other corporations, businesses are aiming to increase their luxury vehicle sales at auto shows. A hyper car is currently one of the most technological and high-performance premium vehicles on the market. According to Auto News, luxury car brands in the United States delivered 2.2 million vehicles, accounting for 14.7% of total light-vehicle sales in the country. The luxury car business in the United States grew by 13% from 2016 to 2021, whereas the total industry grew by only 3.3%. As a result, rising sales of premium vehicles fuel the expansion of the hyper car market.

Furthermore, the industry is expanding due to an increase in demand for luxury hyper cars powered by conventional IC engines. In certain locations, conventional IC engine hyper cars are the most popular vehicles. However, the ongoing trend of fleet electrification is likely to prompt most OEMs to focus on the design of premium electric vehicles during the forecast period.

Hyper Car Market Segment Insights:

Hyper Car Propulsion Insights

The Hyper Car Market segmentation, based on propulsion includes ICE vehicle, electric vehicle, and hybrid vehicle. The hybrid vehicles category dominated the market. Hybrid vehicles are propelled by both an internal combustion engine and an electric motor. These greener automobiles provide drivers with better fuel economy than traditional vehicles. A hybrid car combines a petrol or diesel engine with an electric motor, and the two systems work together to propel the vehicle. This allows the car to consume less gasoline, resulting in improved fuel efficiency than a standard engine that only uses fuel. The electric power boosts the engine's performance. 

Figure 1: Hyper Car Market, by Propulsion, 2022 & 2032 (USD Billion)

Hyper Car Market, by Propulsion, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Hyper Car Application Insights

The Hyper Car Market segmentation, based on application, includes racing competition, entertainment and others. In 2022, the racing competition segment dominated the hyper car market with a 41% share. The racing competition category is predicted to grow the most in the Europe Hyper Cars market due to the widespread use of Hyper Cars among automotive racing players. Increased racing competitiveness and an increase in sports car racing players in this region are factors encouraging market growth.

Hyper Car Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. Europe hyper car area will dominate this market. Some of the leading brands, which are major producers of these and are based in Europe, are present in this region. Furthermore, because major automotive industry players are present in Europe, the cost of importing and exporting vehicles is significantly reduced. The hyper car market is likely to be driven by sustained demand for hyper cars from major European automakers over the forecast period.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Hyper Car Market Share By Region 2022 (USD Billion)

Hyper Car Market Share By Region 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America hyper car market accounts for the second-largest market share due to rising disposable income, a high level of living, and the growing popularity of hyper cars as a mode of transportation with superior performance qualities to other cars on the market. Further, the German hyper car market held the largest market share, and the UK hyper car market was the fastest-growing market in the North American region

The Asia-Pacific Hyper Car Market is expected to grow at the fastest CAGR from 2023 to 2032. This is Because of strong consumer expenditure on luxury automobiles and the growing penetration of top-brand hyper cars in countries. Moreover, China’s hyper car market held the largest market share, and the Indian hyper car market was the fastest-growing market in the Asia-Pacific region.

Hyper Car Key Market Players & Competitive Insights

Leading market players are investing heavily in R&D to expand their product lines, which will help the hyper car market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, hyper car industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global hyper car industry to benefit clients and increase the market sector. In recent years, the hyper car industry has offered some of the most significant advantages to medicine. Major players in the hyper car market, including Jaguar Land Rover Automotive PLC, a US-based company, BMW AG, a German company, Zenvo Automotive A/S, which is a company based in Denmark and others, are attempting to increase market demand by investing in research and development operations.

Lotus vehicles Limited is a British automobile company based in Norfolk, England that produces sports vehicles and racing cars known for their light weight and excellent handling. Lotus was previously active in Formula One racing, winning the Formula One World Championship seven times through Team Lotus. Colin Chapman founded and owned Lotus Cars for many years. Following his death and a period of financial instability, it was purchased by General Motors, followed by Romano Artioli and DRB-HICOM via its subsidiary Proton. Geely, a Chinese multinational, currently owns the majority of the company, with Etika Automotive as a minority shareholder. Lotus Engineering, an outgrowth of Lotus Cars, has facilities in the United Kingdom, the United States, China, and Malaysia. In August 2021, Lotus Cars has announced that they have selected Affinitiv Advertising to provide a full suite of digital solutions. This collaboration aims to strengthen Lotus' digital presence and broaden its reach to potential customers worldwide. The partnership will allow the company to provide personalized experiences to its customers, increase engagement, and drive conversions. Lotus Cars also in tends to use Affinitiv's data-driven insights to optimize its digital marketing and overall performance.

Isotta Fraschini was an Italian luxury vehicle manufacturer who also produced trucks and marine and aviation engines. Cesare Isotta and the brothers Vincenzo, Antonio, and Oreste Fraschini founded the company in Milan, Italy, in 1900. In 1955, it merged with engine manufacturer Breda Motori and was renamed F.A. Isotta Fraschini e Motori Breda. Cesare Isotta and Vincenzo Fraschini, the company's founders, have been importing Mors and Renault autos as well as Aster proprietary engines since 1899. In January 2023, Isotta Fraschini, an Italian luxury automobile maker, has revealed plans to enter the hypercar market with the debut of a new model. With this new hypercar, the business hopes to make its World Endurance Championship (WEC) debut.  The choice of Isotta Fraschini to compete in this championship demonstrates the company's desire to establish itself as a serious participant in the hypercar market.

Key Companies in the hyper car market include

Hyper Car Industry Developments

In August 2020, Bugatti debuted the Bugatti Divo at the elite automotive event "The Quail: A Motorsports Gathering" in Monterey, California. It is powered by Bugatti's legendary eight-liter W16 engine, which produces 1,500 PS. The model's aerodynamics have been fine-tuned extensively, as have the suspension and chassis settings. As a result, the Divo weighs 35 kilograms (77 pounds) less and generates 90 kilograms (198 pounds) more downforce than the conventional Chiron2. The Divo's lateral acceleration has been increased to 1.6 g. It had a top speed of 380 km/h (236 mph).

In September 2019, Mercedes-AMG GmbH announced the introduction of the Mercedes-AMG One Hypercar, which has 1000hp and an eight-speed, paddle-operated gearbox. It's a load-bearing section that, like an F1 car, supports the rear suspension and helps conserve weight.

In May 2019, The SF90 Stradale, a plug-in hybrid electric vehicle, has been introduced in series production by Ferrari. Its 90° V8 turbo engine has the maximum power output of any 8-cylinder and is capable of producing 780cv. Three electric motors—one at the back known as the MGUK (Motor Generator Unit, Kinetic) because it was adapted from a Formula 1 application—and two at the front—provide the remaining 220cv. The MGUK is situated between the engine and the new 8-speed dual-clutch transmission on the rear axle.

Hyper Car Market Segmentation:

Hyper Car Market by Propulsion Outlook

  • ICE Vehicle

  • Electric Vehicle

  • Hybrid Vehicle

Hyper Car Market by Application Outlook

  • Racing Competition

  • Entertainment

  • Others

Hyper Car Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 45.2 Billion
Market Size 2023 USD 49.7 Billion
Market Size 2032 USD 106.5 Billion
Compound Annual Growth Rate (CAGR) 10.00% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Propulsion, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Rimac Automobili, which is a South Korean company, Automobili Lamborghini S.p.A is based in Italy, Koenigsegg Automotive AB, a company based in Sweden, Jaguar Land Rover Automotive PLC, a US-based company, BMW AG, a German company, Zenvo Automotive A/S, which is a company based in Denmark
Key Market Opportunities Initiative from the government Global commercial sector development.
Key Market Dynamics Stunning aerodynamics propulsion that is efficient weight control.

Frequently Asked Questions (FAQ) :

The Hyper Car Market size was valued at USD 45.2 Billion in 2022.

The global market is projected to grow at a CAGR of 10.00% during the forecast period, 2023-2032.

Europe had the largest share of the global market

The key players in the market are Jaguar Land Rover Automotive PLC, a US-based company, BMW AG, a German company, Zenvo Automotive A/S, which is a company based in Denmark.

The racing competition category dominated the market in 2022.

Hybrid vehicles category had the largest share of the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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