Sports Cars - Ireland

Ireland

Revenue in the Sports Cars market is projected to reach US$90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.10%, resulting in a projected market volume of US$110m by 2028.
Sports Cars market unit sales are expected to reach 2,262.0vehicles in 2028.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$47k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$32,260m in 2024).

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

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Analyst Opinion

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

Customer preferences: Irish consumers have shown a growing interest in sports cars, with a preference for high-performance vehicles that offer both style and speed. They are attracted to the sleek designs, powerful engines, and advanced technologies that sports cars offer. Additionally, there is a strong demand for luxury features and customization options, allowing consumers to personalize their vehicles to their own preferences.

Trends in the market: One of the key trends in the Irish sports cars market is the increasing popularity of electric and hybrid sports cars. As environmental concerns become more prevalent, consumers are looking for greener options even in the sports car segment. Electric and hybrid sports cars offer the same level of performance and excitement while also being more eco-friendly. This trend is expected to continue as advancements in electric vehicle technology continue to improve range and charging infrastructure. Another trend in the market is the rise of sports car leasing and subscription services. Many consumers are opting to lease or subscribe to sports cars rather than purchasing them outright. This allows them to enjoy the thrill of driving a sports car without the long-term commitment and financial burden of ownership. Additionally, leasing and subscription services often include maintenance and insurance, making them more convenient and cost-effective for consumers.

Local special circumstances: Ireland's relatively small size and well-maintained road infrastructure make it an ideal market for sports cars. The country's winding coastal roads and scenic landscapes provide the perfect backdrop for sports car enthusiasts to enjoy their vehicles. Additionally, Ireland's strong economy and high disposable income levels contribute to the demand for luxury goods, including sports cars.

Underlying macroeconomic factors: The strong performance of the Irish economy in recent years has played a significant role in the growth of the sports cars market. Low unemployment rates, rising wages, and increased consumer confidence have all contributed to higher purchasing power and a willingness to spend on luxury items such as sports cars. Additionally, favorable interest rates and financing options have made it easier for consumers to afford sports cars. In conclusion, the Sports Cars market in Ireland is experiencing growth due to customer preferences for high-performance vehicles, the increasing popularity of electric and hybrid sports cars, the rise of leasing and subscription services, and the country's favorable economic conditions. These factors, combined with Ireland's scenic landscapes and strong economy, make it an attractive market for sports car manufacturers and dealers.

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).