Sports Cars - GCC

The revenue in the Sports Cars market is forecasted to reach US$1,528m in 2024.
This market segment is expected to exhibit an annual growth rate of 1.50% (CAGR 2024-2028), leading to a projected market volume of US$1,622m by 2028.
The unit sales in the Sports Cars market are anticipated to reach 24.0k vehicles in 2028.
The volume weighted average price of the Sports Cars market in 2024 is projected to be US$70k.
From an international standpoint, it is evident that United States will generate the highest revenue (US$32,260m in 2024) in this market segment.
It is worth mentioning that these figures pertain to the GCC region, where the Sports Cars market showcases significant potential and growth opportunities.
In the GCC, sports car enthusiasts are embracing the latest trend of customizing their vehicles with extravagant gold accents, reflecting the region's opulent and luxurious lifestyle.

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

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Analyst Opinion

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

Customer preferences: Customers in the GCC region have shown a strong preference for sports cars due to their sleek design, high performance, and status symbol. Sports cars are seen as a luxury item and a symbol of wealth and success. The younger generation, in particular, is attracted to the thrill and excitement that sports cars offer. Additionally, the hot climate in the region makes convertible sports cars a popular choice, allowing drivers to enjoy the open-air experience.

Trends in the market: One of the key trends in the Sports Cars market in GCC is the increasing demand for hybrid and electric sports cars. As the world shifts towards more sustainable and eco-friendly transportation options, customers in the GCC region are also becoming more conscious of their carbon footprint. Hybrid and electric sports cars provide a greener alternative without compromising on performance. This trend is expected to continue as more automakers introduce electric and hybrid models to cater to the growing demand. Another trend in the market is the customization of sports cars. Customers in the GCC region have a penchant for personalization and uniqueness. They seek to stand out from the crowd and express their individuality through their vehicles. Automakers are capitalizing on this trend by offering a wide range of customization options, allowing customers to tailor their sports cars according to their preferences and style.

Local special circumstances: The unique cultural and social landscape of the GCC region also plays a role in the development of the Sports Cars market. The region is known for its opulence and luxury lifestyle, and sports cars are a reflection of this lifestyle. The presence of a young and affluent population further fuels the demand for sports cars. Additionally, the availability of high-quality road infrastructure and a well-developed automotive industry in the GCC region contributes to the growth of the market.

Underlying macroeconomic factors: The economic prosperity of the GCC region has a significant impact on the Sports Cars market. The region is known for its oil wealth, which has led to high disposable incomes among the population. This affluence allows customers to indulge in luxury goods, including sports cars. Furthermore, the GCC region has a stable economy and a favorable business environment, attracting international automakers to establish a presence in the market. In conclusion, the Sports Cars market in GCC is driven by customer preferences for luxury and high-performance vehicles, the increasing demand for hybrid and electric cars, the trend of customization, and the unique cultural and social landscape of the region. The underlying macroeconomic factors, including high disposable incomes and a stable economy, further contribute to the growth of the market.

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).