WILMINGTON, DE / ACCESSWIRE / October 6, 2022 / Transparency Market Research Inc. - The last few years has witnessed a new trend among consumers who are preferring to purchase automobiles that are sustainable and efficient. Hypercars are products that have been found to meet these requirements and as a result, are witnessing a steady rise in demand among customers, globally.
As per a TMR Study, hypercars market, in terms of volume, stood at 1792 units in 2020. The number of units is estimated to reach 5821 units by the end of the forecast period, in 2031. Growth strategy such as launch of new hypercars is helping prominent market players in gaining a competitive edge over other market players and helping in creating revenue-generating opportunities. Leading market player McLaren, in March 2018, announced the launch of new hypercar containing active front and rear aerodynamics. Other strategies such as signing of collaborative agreements with other market players are assisting well-established hypercars market players in expanding their presence in overall market and improving their revenue.
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Key Findings of Hypercars Market Study
- Increasing Customer Need for Advanced Features in Vehicles Fueling Hypercars Demand: Hypercars are witnessing increased demand from consumers owing to the presence of advanced features and excellent performance of these vehicles. Rising purchasing power among consumers is fueling the demand for hypercars and triggering the growth in hypercars market. Furthermore, increasing production of eco-friendly, safe electric vehicles is also boosting the growth in global hypercars market
- Rising Demand for Full-Size Type Cars Propelling Overall Hypercars Market: Full-size car type segment held a major share of global hypercars market, in 2020. Production of full-size cars is high worldwide since these vehicles function on internal combustion engines. Rising demand for full-size type cars is boosting the growth in global hypercars market
- Increasing Number of Hypercars Functioning on Internal Combustion Engines Triggering Market Growth: Conventional internal combustion engine car segment accounted for a major share in overall hypercars market, in 2020. Large number of hypercars globally function on internal combustion engines since several original equipment manufacturers are focusing on improving the design of electric motor premium cars. Increasing use of petrol or diesel-based engines in hypercars is also assisting the growth of internal combustion engine segment
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Hypercars Market: Key Drivers
- Increasing awareness and demand for electric vehicles globally is one of the key driving factors of overall hypercars market
- Improved fuel efficiency of hypercars is triggering product demand and augmenting the growth in global market
- Imposition of stringent regulations in vehicle emissions by governments worldwide is fueling demand for electric vehicles and boosting the growth in hypercars market
Hypercars Market: Regional Market Insights
Globally, Europe emerged as the dominant region in the overall hypercars market in 2020. Increasing adoption of premium cars, rising number of sporting events, and growing awareness about supercars among individuals residing in countries such as Germany and the U.K. are the key factors that helped Europe emerge as the leader in hypercars market.
Hypercars Market: Key Players
The global hypercars market is competitive, with the presence of numerous prominent players. Prominent market players are investing in research and development activities to produce improved products that would meet requirements of consumers globally.
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The global hypercars market is segmented as follows:
Car Type
- Compact
- Mid-size
- Full-size
Propulsion System
- Electric Car
- Hybrid Car
- Conventional IC Engine Car
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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