Sports Cars - Japan

Japan

Revenue in the Sports Cars market is projected to reach €3bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.20%, resulting in a projected market volume of €3bn by 2029.
Sports Cars market unit sales are expected to reach 59.6k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to €49k.
From an international perspective it is shown that the most revenue will be generated in the United States (€18,950m in 2024).

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

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Analyst Opinion

The Sports Cars market in Japan has been experiencing steady growth in recent years.

Customer preferences: Japanese customers have always had a strong affinity for sports cars, known for their sleek design and high performance. The market is driven by a younger demographic who are seeking a thrilling driving experience and are willing to invest in a high-quality sports car. Japanese consumers value reliability and durability, and they are willing to pay a premium for vehicles that offer these qualities.

Trends in the market: One of the key trends in the sports car market in Japan is the increasing demand for hybrid and electric sports cars. As the country focuses on reducing carbon emissions and promoting sustainable transportation, more consumers are opting for eco-friendly vehicles. The combination of sports car performance and environmental consciousness is appealing to a growing number of Japanese consumers. This trend is also reflected in the development of new models by major sports car manufacturers, who are investing in hybrid and electric technologies to meet the changing demand. Another trend in the market is the rise of customization options. Japanese consumers are known for their attention to detail and desire for personalization. Sports car manufacturers are responding to this demand by offering a wide range of customization options, allowing customers to tailor their vehicles to their individual preferences. This trend not only enhances the overall ownership experience but also creates a sense of exclusivity and uniqueness among sports car owners.

Local special circumstances: Japan has a unique car culture that heavily influences the sports car market. The country has a rich history of automotive engineering and craftsmanship, which has earned Japanese sports cars a reputation for quality and performance. This reputation, combined with the strong domestic market, has allowed Japanese sports car manufacturers to thrive both domestically and internationally. Additionally, the popularity of motorsports, such as drifting and Super GT racing, has further fueled the enthusiasm for sports cars in Japan.

Underlying macroeconomic factors: The Japanese economy has been recovering from a period of stagnation, and this has had a positive impact on the sports car market. As disposable incomes increase and consumer confidence improves, more individuals are able and willing to invest in luxury goods, including sports cars. Furthermore, low interest rates and favorable financing options have made it easier for consumers to purchase sports cars, contributing to the overall growth of the market. In conclusion, the Sports Cars market in Japan is experiencing growth due to the strong customer preference for high-performance vehicles, the increasing demand for hybrid and electric sports cars, the rise of customization options, the unique car culture in Japan, and the recovering economy. These factors are driving the market forward and creating opportunities for both domestic and international sports car manufacturers.

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).