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Sports Cars - Albania

Albania
  • Revenue in the Sports Cars market is projected to reach US$5m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.70%, resulting in a projected market volume of US$5m by 2029.
  • Sports Cars market unit sales are expected to reach 150.0vehicles in 2029.
  • The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$33k.
  • From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

The Sports Cars Market segment includes passenger cars of an average footprint around 4.1m2 (44 ft2), an average mass around 1565kg (3450lbs). The vehicles in this segment – usually two-seaters – are highly dynamic and agile and are designed for high-speed driving. They are differentiated from so-called performance cars by their luxury features and high price. All key figures shown represent the sales of new sports cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models.

  • European Car Segment: S (Sports Coupes)
  • US Car Segment: Sports Cars, Two-seaters
  • Chinese Car Segment: Category B
  • Also known as: Sportscars

Example models: Aston Martin DB9, Bugatti Veyron, Chevrolet Camaro, Ferrari 812, Jaguar F-Type, Porsche Boxster.

In-Scope

  • Grand tourers
  • Supercars
  • Convertible Sports Cars
  • Roadster

Out-Of-Scope

  • Sport Utility Vehicles
Sports Cars: market data & analysis - Cover

Market Insights report

Sports Cars: market data & analysis

Study Details

    Unit Sales

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Analyst Opinion

    The Sports Cars market in Albania has been experiencing significant growth in recent years.

    Customer preferences:
    Albanian consumers have shown a strong preference for sports cars, with many aspiring to own these high-performance vehicles. The allure of speed, luxury, and prestige associated with sports cars has made them highly desirable among the Albanian population. Additionally, the younger generation in Albania has shown a particular affinity for sports cars, viewing them as a symbol of status and success. This demographic group is willing to invest a significant portion of their income in purchasing these vehicles, further driving the growth of the market.

    Trends in the market:
    One of the key trends in the Sports Cars market in Albania is the increasing demand for luxury sports cars from international brands. Albanian consumers are becoming more aware of global trends and are seeking out prestigious brands such as Ferrari, Lamborghini, and Porsche. This trend is driven by the desire for exclusivity and the perception that these brands represent the pinnacle of automotive engineering and design. Another trend in the market is the growing popularity of electric sports cars. As environmental concerns become more prominent, Albanian consumers are showing an increasing interest in electric vehicles, including sports cars. This trend is in line with the global shift towards sustainable transportation and the push for reducing carbon emissions. The availability of electric sports cars in the Albanian market has expanded in recent years, providing consumers with more options to choose from.

    Local special circumstances:
    One of the factors contributing to the growth of the Sports Cars market in Albania is the improving economic conditions in the country. As the economy continues to develop, the purchasing power of Albanian consumers is increasing, allowing them to afford luxury goods such as sports cars. Additionally, the rise of the tourism industry in Albania has attracted a wealthier clientele, including high-net-worth individuals who are more likely to purchase sports cars.

    Underlying macroeconomic factors:
    The Albanian government has implemented policies to attract foreign investment and promote economic growth. These policies have resulted in increased foreign direct investment and a growing middle class, both of which have had a positive impact on the Sports Cars market. The improving infrastructure in the country, including the development of better road networks, has also made sports cars more accessible and appealing to Albanian consumers. In conclusion, the Sports Cars market in Albania is experiencing significant growth due to customer preferences for high-performance vehicles, the increasing demand for luxury and electric sports cars, improving economic conditions, and supportive government policies. As these trends continue, it is expected that the market will continue to expand in the coming years.

    Technical Specifications

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation in which the vehicle can perform most driving tasks. In certain scenarios, human intervention is still needed.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Price

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

    Modeling approach:

    Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

    Additional notes:

    The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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