Key regions: United Kingdom, Europe, United States, Germany, Worldwide
The Sports Cars market in BRICS is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Sports Cars market in BRICS have shifted towards more luxurious and high-performance vehicles.
Consumers are increasingly seeking cars that provide a thrilling driving experience, advanced technology features, and sophisticated design. This shift in preferences is fueled by rising disposable incomes and a desire for status and prestige among consumers in BRICS countries. Additionally, the growing popularity of motorsports and the influence of social media have also contributed to the increased demand for sports cars in the region.
Trends in the Sports Cars market in BRICS are shaped by both global and local factors. One key trend is the growing demand for electric and hybrid sports cars. As concerns about climate change and environmental sustainability continue to rise, consumers are looking for greener alternatives in the automotive industry.
This trend is driven by government initiatives and incentives to promote electric vehicle adoption, as well as advancements in battery technology that have improved the range and performance of electric sports cars. Another trend in the Sports Cars market in BRICS is the increasing popularity of luxury sports SUVs. These vehicles combine the sportiness and performance of a sports car with the practicality and versatility of an SUV.
The demand for luxury sports SUVs is driven by the desire for a combination of style, performance, and functionality among consumers in BRICS countries. Local special circumstances also play a role in shaping the Sports Cars market in BRICS. In Brazil, for example, high import taxes and strict regulations on vehicle imports have led to the development of a local sports car manufacturing industry.
This has resulted in a range of locally-produced sports cars that cater to the preferences and needs of Brazilian consumers. Similarly, in Russia, the government has implemented policies to support the domestic automotive industry, which has led to the growth of local sports car manufacturers. Underlying macroeconomic factors also contribute to the development of the Sports Cars market in BRICS.
Economic growth, rising disposable incomes, and a growing middle class in BRICS countries have increased the purchasing power of consumers and their ability to afford sports cars. Additionally, favorable financing options and low interest rates have made sports cars more accessible to a wider range of consumers in the region. In conclusion, the Sports Cars market in BRICS is experiencing growth and development driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
The demand for luxurious and high-performance vehicles, the growing popularity of electric and hybrid sports cars, and the increasing demand for luxury sports SUVs are shaping the market in BRICS. Additionally, local factors such as import taxes, government policies, and the development of local manufacturing industries also contribute to the growth and development of the Sports Cars market in BRICS.
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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