Sports Cars - South Africa

South Africa

Revenue in the Sports Cars market is projected to reach US$163m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.74%, resulting in a projected market volume of US$182m by 2028.
Sports Cars market unit sales are expected to reach 2,167.0vehicles in 2028.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$84k.
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 South Africa has seen significant development and growth in recent years.

Customer preferences: South African customers have shown a strong preference for sports cars due to their sleek design, high performance, and prestige. Many consumers in South Africa view sports cars as a status symbol and a reflection of their personal style and taste. Additionally, sports cars are often associated with luxury and are seen as a symbol of success. As a result, there is a growing demand for sports cars among affluent individuals in South Africa.

Trends in the market: One of the key trends in the Sports Cars market in South Africa is the increasing popularity of electric and hybrid sports cars. With a growing focus on sustainability and environmental consciousness, more consumers are opting for electric or hybrid vehicles. This trend is also driven by government incentives and initiatives to promote electric vehicles in South Africa. Another trend in the market is the rise of customization options for sports cars. Customers are increasingly looking for unique and personalized features in their vehicles, such as custom paint jobs, interior finishes, and performance upgrades. Car manufacturers are responding to this trend by offering a wide range of customization options to cater to individual customer preferences.

Local special circumstances: South Africa has a unique automotive market with a mix of imported vehicles and locally manufactured cars. The local manufacturing industry plays a significant role in the Sports Cars market, with several manufacturers producing sports cars in South Africa. This local production allows for competitive pricing and quicker availability of sports cars in the market.

Underlying macroeconomic factors: The development of the Sports Cars market in South Africa is also influenced by underlying macroeconomic factors. Economic growth and increasing disposable income levels have contributed to the rising demand for sports cars. As the economy continues to grow, more individuals are able to afford luxury vehicles, including sports cars. In conclusion, the Sports Cars market in South Africa is experiencing growth and development due to customer preferences for high-performance vehicles, the popularity of electric and hybrid cars, the demand for customization options, the presence of a local manufacturing industry, and underlying macroeconomic factors such as economic growth and increasing disposable income levels.

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).