LONDON--(BUSINESS WIRE)--The global hypercar market is expected to post a CAGR of close to 38% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Car racing has gained immense popularity across the world in the recent years. With rising number of racing enthusiasts, an increasing number of racing events are being organized across the globe. This has further encouraged companies and automotive manufacturers to develop new models of hypercars. In addition, racing companies are collaborating with automakers to develop hybrid-electric hypercars. Thus, racing events are anticipated to increase the demand and volume sales of high-performance cars and hypercars, which, in turn, will drive the market growth during the forecast period.
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As per Technavio, use of AI for the development of autonomous hypercars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Hypercar Market: Use of AI for the Development of Autonomous Hypercars
Global automotive industry is witnessing continuous innovation as vendors are deploying advanced technological and lightweight materials, to manufacture modern cars. In addition, the automotive industry is shifting towards the use of downsized components using compact yet rigid materials for innovative automotive design configurations. Furthermore, the industry is also witnessing the integration of new processes, materials, and advanced technologies to further optimize the overall automotive design and function. This has also encouraged automotive manufacturers to use sensors to facilitate users in managing blind spots, and enable adaptive control, and self-parking capabilities. Furthermore, automotive vendors have also started using AI in vehicles to offer autonomous driving functions. In addition, hypercar manufacturers are also using AI in hypercars to offer driver assistance and blind-spot monitoring. Thus, the rising use of AI will drive the hypercar market growth during the forecast period.
“Factory expansions by hypercar manufacturers, partnerships among vendors and market participants, emergence of electric hypercars, and the introduction of new hypercars will boost the hypercar market growth during the forecast period,” says a senior analyst at Technavio.
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Global Hypercar Market: Segmentation Analysis
This market report segments the global hypercar market by powertrain type (gasoline and hybrid/electric) and geography (EMEA, Americas, and APAC)
EMEA led the hypercar market share in 2019, followed by Americas and APAC respectively due to the presence of major hypercar manufacturers in the region. Market participants are also partnering with retailers and distributors to sell their hypercars to a wide range of end-users.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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