Sports Cars - Eastern Asia

Eastern Asia

The Sports Cars market in Eastern Asia is poised to witness impressive growth, with projected revenue of US$5,917m in 2024.
This revenue is expected to exhibit an annual growth rate of -0.05% (CAGR 2024-2028), resulting in a projected market volume of US$5,906m by 2028.
Moreover, unit sales in the Sports Cars market are anticipated to reach 103.9k vehicles by 2028.
In 2024, the volume weighted average price of the Sports Cars market is expected to reach US$57k.
This demonstrates the strong demand and premium pricing associated with these high-performance vehicles.
Interestingly, when examining the international landscape, it is evident that United States will generate the highest revenue in the Sports Cars market.
In 2024 alone, United States is projected to generate a staggering US$32,260m in revenue.
This underscores the country's affinity for sports cars and its significant market share in this segment.
The demand for high-performance sports cars in Eastern Asia, particularly in Japan, is steadily increasing due to the country's strong automotive culture and appreciation for precision engineering.

Key regions: United Kingdom, Europe, United States, Germany, Worldwide

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Analyst Opinion

The Sports Cars market in Eastern Asia is experiencing significant growth and development in recent years.

Customer preferences: Customers in Eastern Asia have shown a strong preference for sports cars due to their sleek design, high performance, and status symbol. Sports cars are often associated with luxury, speed, and power, which appeals to the aspirations and desires of many consumers in the region. Additionally, the younger generation in Eastern Asia is increasingly drawn to the sporty and dynamic image that sports cars portray. As a result, there is a growing demand for sports cars in the region.

Trends in the market: One of the key trends in the Sports Cars market in Eastern Asia is the increasing popularity of electric sports cars. With the growing concern for the environment and the push for sustainable transportation, electric vehicles have gained traction in the market. The combination of high performance and eco-friendliness offered by electric sports cars has attracted a significant number of consumers in the region. This trend is expected to continue as more automakers invest in electric vehicle technology and expand their offerings in the sports car segment. Another trend in the market is the rise of luxury sports cars. Eastern Asia has seen a significant increase in the number of affluent individuals, and this has led to a surge in demand for high-end sports cars. Luxury sports car brands such as Ferrari, Lamborghini, and Porsche have become increasingly popular in the region, as consumers seek to showcase their wealth and social status through their choice of vehicle.

Local special circumstances: One of the unique aspects of the Sports Cars market in Eastern Asia is the strong influence of cultural factors. In countries like Japan and South Korea, where attention to detail and craftsmanship are highly valued, sports car manufacturers have tailored their offerings to cater to the local preferences. For example, Japanese automakers have focused on producing lightweight and agile sports cars that excel in handling and precision. This attention to detail and emphasis on quality has resonated with consumers in the region.

Underlying macroeconomic factors: The strong economic growth in Eastern Asia has played a significant role in the development of the Sports Cars market. As disposable incomes rise and the middle class expands, more consumers are able to afford sports cars. Additionally, the region's robust economic growth has attracted foreign investment and led to the establishment of a strong automotive industry. This has resulted in increased competition among automakers, driving innovation and product development in the sports car segment. In conclusion, the Sports Cars market in Eastern Asia is experiencing growth and development due to customer preferences for high-performance vehicles, the rising popularity of electric sports cars, the demand for luxury sports cars, and the influence of cultural factors. The strong macroeconomic factors in the region, including economic growth and increased consumer spending power, have also contributed to the market's expansion.

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).