Sports Cars - NAFTA

NAFTA

Highlights

Revenue in the Sports Cars market is projected to reach US$21bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.48%, resulting in a projected market volume of US$22bn by 2029.
Sports Cars market unit sales are expected to reach 245.3k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$85k.
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 NAFTA has been experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this growth.

Customer preferences in the Sports Cars market in NAFTA have been shifting towards more fuel-efficient and environmentally friendly vehicles. With rising concerns about climate change and the increasing cost of fuel, customers are looking for sports cars that offer better fuel efficiency without compromising on performance. Additionally, customers are also placing a greater emphasis on safety features and technology in their sports cars.

This has led to the development of hybrid and electric sports cars, as well as advancements in autonomous driving technology. Trends in the Sports Cars market in NAFTA have also played a significant role in its growth. One major trend is the increasing popularity of crossover sports cars.

These vehicles combine the performance and style of a sports car with the practicality and versatility of an SUV. Crossover sports cars have become particularly popular among younger buyers who are looking for a vehicle that can meet their active lifestyle needs while still providing a thrilling driving experience. Another trend in the Sports Cars market in NAFTA is the growing demand for luxury sports cars.

As the economy has improved, more customers are willing to invest in high-end sports cars that offer premium features and superior performance. Luxury sports car manufacturers have responded to this demand by introducing new models with advanced technology, luxurious interiors, and powerful engines. Local special circumstances in the Sports Cars market in NAFTA have also contributed to its growth.

NAFTA countries, including the United States, Canada, and Mexico, have a strong automotive manufacturing industry. This has allowed local manufacturers to produce sports cars that are tailored to the preferences and needs of the North American market. Additionally, NAFTA has also facilitated the import and export of sports cars between member countries, further fueling the growth of the market.

Underlying macroeconomic factors have also played a role in the development of the Sports Cars market in NAFTA. As the economy has improved and consumer confidence has increased, customers have been more willing to make big-ticket purchases, including sports cars. Low interest rates and favorable financing options have also made it easier for customers to afford sports cars, further driving demand in the market.

In conclusion, the Sports Cars market in NAFTA has been growing and developing due to shifting customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The market has seen a shift towards more fuel-efficient and environmentally friendly vehicles, as well as the increasing popularity of crossover and luxury sports cars. The strong automotive manufacturing industry in NAFTA countries has allowed for the production of sports cars tailored to the local market, and favorable macroeconomic conditions have made it easier for customers to afford these vehicles.

Overall, the future looks bright for the Sports Cars market in NAFTA.

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).