Sports Cars - Chile

Chile

Highlights

Revenue in the Sports Cars market is projected to reach US$429m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.03%, resulting in a projected market volume of US$452m by 2029.
Sports Cars market unit sales are expected to reach 7.6k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$59k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Chile has been experiencing steady growth in recent years, driven by increasing customer preferences for high-performance vehicles and a growing economy.

Customer preferences: Chilean consumers have shown a growing interest in sports cars, attracted by their sleek designs, powerful engines, and superior performance. The thrill and excitement associated with driving a sports car have made it a popular choice among car enthusiasts and individuals seeking a luxurious and stylish vehicle. Additionally, the younger generation in Chile has shown a particular affinity for sports cars, seeing them as a symbol of status and success.

Trends in the market: One of the notable trends in the sports cars market in Chile is the increasing demand for electric and hybrid sports cars. As global concerns over climate change and environmental sustainability grow, consumers in Chile are becoming more conscious of their carbon footprint. This has led to a shift towards eco-friendly vehicles, including sports cars. Manufacturers have responded to this trend by introducing electric and hybrid sports car models, offering both performance and environmental benefits. Another trend in the market is the rising popularity of luxury sports car brands. Chile's growing economy has resulted in an increase in disposable income, enabling more consumers to afford luxury vehicles. As a result, high-end sports car brands such as Ferrari, Lamborghini, and Porsche have gained traction in the Chilean market. The exclusivity and prestige associated with these brands have made them highly desirable among affluent consumers.

Local special circumstances: Chile's unique geography and climate contribute to the popularity of sports cars in the country. The long stretches of open highways and scenic mountain roads provide an ideal environment for driving sports cars and enjoying their performance capabilities. Additionally, the relatively mild climate in many parts of Chile allows for year-round use of sports cars, further enhancing their appeal.

Underlying macroeconomic factors: Chile's strong and stable economy has played a significant role in the growth of the sports cars market. A growing middle class, increasing disposable income, and low unemployment rates have all contributed to higher consumer spending on luxury goods, including sports cars. Furthermore, favorable government policies and low import duties on luxury vehicles have made sports cars more accessible to consumers in Chile. In conclusion, the Sports Cars market in Chile is experiencing growth due to increasing customer preferences for high-performance vehicles, the rising popularity of luxury sports car brands, and the availability of electric and hybrid models. Chile's unique geography and favorable macroeconomic factors also contribute to the market's development. As the economy continues to grow and consumer preferences evolve, the sports cars market in Chile is expected to further expand in the coming years.

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).