Sports Cars - Sri Lanka

Sri Lanka

Highlights

Revenue in the Sports Cars market is projected to reach US$29m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -5.42%, resulting in a projected market volume of US$22m by 2029.
Sports Cars market unit sales are expected to reach 350.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$65k.
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 Sri Lanka is experiencing significant growth and development. Customer preferences are shifting towards more luxurious and high-performance vehicles, leading to an increased demand for sports cars in the country. This trend is driven by several factors, including the growing affluence of the middle class, changing lifestyles, and the desire for status symbols.

Customer preferences: In Sri Lanka, there is a growing desire among consumers to own high-end and luxurious vehicles. Sports cars are seen as a symbol of wealth and success, and many individuals aspire to own these vehicles to showcase their status. The younger generation, in particular, is drawn to the sleek design, powerful engines, and advanced technology that sports cars offer. Additionally, the thrill and excitement associated with driving a sports car appeals to many individuals who seek a unique and exhilarating driving experience.

Trends in the market: One of the key trends in the Sri Lankan sports car market is the increasing demand for electric and hybrid sports cars. As the country focuses on promoting sustainable and eco-friendly transportation, there is a growing interest in electric and hybrid vehicles. Sports car manufacturers have recognized this trend and are introducing electric and hybrid models to cater to the changing preferences of consumers. These vehicles offer the same level of performance and luxury as their traditional counterparts while being more environmentally friendly. Another trend in the market is the rise of luxury sports car rentals. Many individuals in Sri Lanka aspire to experience the thrill of driving a sports car but may not be able to afford to purchase one. Luxury sports car rental services have emerged to cater to this demand, allowing consumers to rent sports cars for special occasions or even for short-term use. This trend has opened up opportunities for individuals to experience the excitement of driving a sports car without the need for long-term ownership.

Local special circumstances: Sri Lanka's growing tourism industry has also contributed to the development of the sports car market. The country attracts a large number of high-net-worth tourists who are willing to spend on luxury experiences, including renting sports cars during their visit. This has created a niche market for sports car rental services, further driving the growth of the market.

Underlying macroeconomic factors: The improving economic conditions in Sri Lanka have played a significant role in the development of the sports car market. With a rising GDP per capita and increasing disposable income, more individuals have the financial means to afford sports cars. The country's stable economic growth and low inflation rates have also created a favorable environment for investment in the automotive sector, leading to the introduction of a wider range of sports car models in the market. In conclusion, the Sports Cars market in Sri Lanka is experiencing growth and development driven by changing customer preferences, including a desire for luxury and high-performance vehicles. The market is witnessing trends such as the demand for electric and hybrid sports cars and the rise of luxury sports car rentals. Local special circumstances, such as the growing tourism industry, are also contributing to the market's development. Overall, the improving macroeconomic conditions in Sri Lanka have created a favorable environment for the growth of the sports car market.

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).