Sports Cars - Southern Africa

Southern Africa

Highlights

Revenue in the Sports Cars market is projected to reach US$185m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.81%, resulting in a projected market volume of US$193m by 2029.
Sports Cars market unit sales are expected to reach 2.5k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$77k.
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 Southern Africa is experiencing steady growth and development, driven by the increasing demand from affluent consumers who seek luxury and high-performance vehicles.

Customer preferences: In Southern Africa, there is a growing preference for sports cars among consumers who value style, speed, and prestige. These customers are often looking for vehicles that provide a thrilling driving experience and make a statement about their social status. The popularity of sports cars is also fueled by the influence of popular culture, with movies and celebrities often featuring these high-performance vehicles.

Trends in the market: One of the key trends in the Sports Cars market in Southern Africa is the rising demand for electric sports cars. As global concerns about climate change and environmental sustainability grow, more consumers are looking for eco-friendly alternatives in the automotive industry. Electric sports cars offer a combination of high performance and lower carbon emissions, making them an attractive option for environmentally-conscious consumers. Another trend in the market is the increasing availability of sports car models from a wide range of automakers. In the past, sports cars were primarily associated with luxury brands such as Ferrari and Lamborghini. However, in recent years, mainstream automakers have also entered the sports car market, offering more affordable options without compromising on performance. This has expanded the customer base for sports cars in Southern Africa, attracting a wider range of consumers who may not have been able to afford luxury sports cars in the past.

Local special circumstances: One of the factors that contribute to the growth of the Sports Cars market in Southern Africa is the region's favorable climate and road conditions. With its sunny weather and well-maintained roads, Southern Africa provides an ideal environment for sports car enthusiasts to enjoy their vehicles to the fullest. The availability of scenic routes and tracks further enhances the appeal of sports cars in the region.

Underlying macroeconomic factors: The growing economy and increasing disposable income in Southern Africa are important macroeconomic factors that drive the development of the Sports Cars market. As the region experiences economic growth, more individuals are able to afford luxury and high-performance vehicles, leading to a higher demand for sports cars. Additionally, the rise of the middle class in Southern Africa has created a larger customer base for sports car manufacturers, as more people aspire to own these prestigious vehicles. In conclusion, the Sports Cars market in Southern Africa is witnessing growth and development due to the preferences of affluent consumers, the availability of a wide range of sports car models, the region's favorable climate and road conditions, and the underlying macroeconomic factors such as economic growth and increasing disposable income. As the demand for luxury and high-performance vehicles continues to rise, the Sports Cars market in Southern Africa is expected to further expand in the coming years.

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).