Sports Cars - Portugal

Portugal

Revenue in the Sports Cars market is projected to reach €654m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.92%, resulting in a projected market volume of €793m by 2029.
Sports Cars market unit sales are expected to reach 10,870.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to €71k.
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 Portugal has been experiencing steady growth in recent years, driven by customer preferences for high-performance vehicles and the country's unique local special circumstances. Customer preferences in the Sports Cars market in Portugal are heavily influenced by the desire for luxury, style, and performance.

Portuguese consumers have a strong affinity for high-end brands and are willing to invest in sports cars that offer a combination of power, speed, and prestige. The market is characterized by a preference for sleek designs, advanced technology, and superior driving experiences. Trends in the Sports Cars market in Portugal reflect global patterns, with a shift towards more sustainable and electric options.

While traditional combustion engine sports cars still dominate the market, there is a growing demand for hybrid and electric models. This trend is driven by increasing environmental awareness, government incentives for electric vehicles, and advancements in electric vehicle technology. Sports car manufacturers are responding to this demand by introducing hybrid and electric models that offer both performance and sustainability.

Local special circumstances in Portugal contribute to the development of the Sports Cars market. Portugal's favorable climate and picturesque landscapes make it an ideal destination for sports car enthusiasts. The country's well-maintained roads and scenic routes provide ample opportunities for driving enthusiasts to enjoy their sports cars to the fullest.

Additionally, Portugal's growing luxury tourism industry attracts affluent visitors who may be interested in purchasing or renting sports cars during their stay. Underlying macroeconomic factors also play a role in the development of the Sports Cars market in Portugal. The country's improving economy and rising disposable incomes have increased consumer purchasing power, making sports cars more affordable for a larger segment of the population.

Additionally, low interest rates and favorable financing options have made it easier for consumers to finance their sports car purchases. In conclusion, the Sports Cars market in Portugal is driven by customer preferences for luxury, style, and performance, as well as global trends towards sustainability. The country's local special circumstances, including its favorable climate and well-maintained roads, contribute to the market's development.

Underlying macroeconomic factors, such as the improving economy and rising disposable incomes, also play a role. As the market continues to evolve, it is likely that we will see an increasing demand for hybrid and electric sports cars, as well as continued growth in the luxury tourism industry.

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).