Sports Cars - North America

North America

The Sports Cars market in North America is poised to achieve a remarkable revenue of US$33,320m by the year 2024.
Moreover, it is anticipated that this market segment will experience a steady annual growth rate (CAGR 2024-2028) of -0.24%, leading to a projected market volume of US$33,000m by 2028.
In terms of unit sales, it is estimated that in North America will witness 356.0k vehicles Sports Cars market being sold by 2028.
Looking specifically at the year 2024, the volume weighted average price of Sports Cars market in this market segment is expected to reach an impressive US$92k.
Additionally, when considering the international panorama, it becomes evident that United States will play a major role in generating revenue, with an estimated US$32,260m expected in 2024.
North America is experiencing a surge in demand for high-performance sports cars, with American manufacturers dominating the market.

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

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Region comparison

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Analyst Opinion

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

Customer preferences: Customers in North America 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 and excitement, and many consumers are willing to pay a premium for these vehicles. Additionally, the popularity of sports cars is also driven by the desire for speed and power, as well as the thrill of driving.

Trends in the market: One of the key trends in the North American sports cars market is the increasing demand for electric sports cars. As environmental concerns become more prominent, consumers are seeking greener alternatives to traditional gasoline-powered vehicles. Electric sports cars offer the perfect combination of performance and sustainability, appealing to eco-conscious consumers who still want a thrilling driving experience. Another trend in the market is the rise of luxury sports cars. North America has a high concentration of affluent individuals who are willing to splurge on high-end sports cars. Luxury sports car manufacturers are capitalizing on this demand by introducing exclusive models with advanced features, premium materials, and personalized options. These luxury sports cars not only offer exceptional performance but also provide a sense of exclusivity and prestige.

Local special circumstances: North America has a well-developed infrastructure and a strong culture of car ownership, which contributes to the growth of the sports cars market. The region has an extensive network of highways and a car-centric lifestyle, making it an ideal market for sports car enthusiasts. Additionally, the popularity of motorsports, such as NASCAR and Formula 1, further fuels the demand for sports cars in North America.

Underlying macroeconomic factors: The strong economy in North America has played a significant role in the growth of the sports cars market. With a robust job market and increasing disposable income, consumers have more purchasing power to afford sports cars. Furthermore, low interest rates and attractive financing options have made it easier for consumers to finance their sports car purchases. In conclusion, the Sports Cars market in North America is experiencing growth due to customer preferences for sleek design and high performance, as well as the rise of electric and luxury sports cars. The region's well-developed infrastructure and strong economy also contribute 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).