Sports Cars - Colombia

Colombia

Highlights

Revenue in the Sports Cars market is projected to reach US$227m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.73%, resulting in a projected market volume of US$235m by 2029.
Sports Cars market unit sales are expected to reach 4.2k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$56k.
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 Colombia has been experiencing significant growth in recent years, driven by changing customer preferences and favorable local circumstances.

Customer preferences: Colombian consumers have shown a growing interest in sports cars, driven by factors such as increasing disposable income and a desire for luxury and high-performance vehicles. Sports cars are seen as a symbol of status and success, appealing to a younger demographic who value style, speed, and innovation. Additionally, the popularity of motorsports and car culture in Colombia has contributed to the demand for sports cars.

Trends in the market: One of the key trends in the Sports Cars market in Colombia is the increasing demand for electric and hybrid sports cars. As the global automotive industry shifts towards sustainable and eco-friendly solutions, Colombian consumers are also embracing this trend. The government's efforts to promote electric vehicles through incentives and infrastructure development have further accelerated the adoption of electric sports cars in the country. Another trend in the market is the rise of luxury sports car rentals and sharing services. Many consumers who are unable to afford the high price tag of sports cars are opting to rent or share these vehicles for special occasions or as a way to experience the thrill of driving a sports car without the long-term commitment. This trend has created new opportunities for rental companies and car-sharing platforms in Colombia.

Local special circumstances: Colombia's unique geography, with its diverse landscapes and winding mountain roads, provides an ideal environment for sports car enthusiasts. The country's growing tourism industry also attracts car enthusiasts from around the world, who come to Colombia to experience the thrill of driving sports cars in scenic locations. This has led to an increase in sports car rental services catering to tourists.

Underlying macroeconomic factors: Colombia's improving economy and rising disposable income levels have played a significant role in the growth of the Sports Cars market. As more Colombians enter the middle class and experience an increase in purchasing power, they are more likely to invest in luxury and high-performance vehicles like sports cars. Additionally, favorable financing options and flexible payment plans offered by car manufacturers and dealerships have made sports cars more accessible to a wider range of consumers. In conclusion, the Sports Cars market in Colombia is experiencing growth due to changing customer preferences, including a growing interest in electric and hybrid vehicles, as well as the rise of luxury car rentals and sharing services. The country's unique geography and growing tourism industry also contribute to the demand for sports cars. Overall, the improving economy and rising disposable income levels in Colombia are driving the growth of the Sports Cars market.

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).