Market Size of Automotive High Performance Electric Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive High Performance EVs Market Analysis
- The automotive high-performance electric vehicles market is currently valued at USD 148.4 billion. It is expected to reach USD 226.8 billion over the next five years registering a CAGR of 12.1% during the forecast period.
- The COVID-19 pandemic hampered the expansion of the automotive high-performance electric vehicle market, especially in the first half of the year 2020, as car production was disrupted due to lockdowns and travel restrictions worldwide. However, the market witnessed a significant increase in 2020, primarily attributed to rising consumer awareness and supportive government policies implemented by governing bodies. Nevertheless, the market will likely develop significantly throughout the forecast period due to increasing awareness of environmental issues and government initiatives.
- Over the long term, growing environmental concerns due to rising exhaust emissions, enactment of stringent emissions and fuel economy norms, and increasing government initiatives in the form of subsidies and benefits to increase the adoption rate of electric vehicles are expected to propel the demand for and growth of the high-performance electric vehicle market.
- Electric high-performance vehicles differ from other EVs in several ways, including their ability to travel over 150 miles on a single charge, high acceleration, and the ability to reach speeds of over 90 miles per hour with a faster acceleration of 0 to 60 miles per hour, as opposed to EVs, which can only travel between 40 and 65 miles per hour. While fully electric vehicles have significant drawbacks, such as lesser range and weight, they have the advantage of having all of their torque accessible from a standstill, which is not the case with fuel-powered cars. A high-performance electric vehicle (EHPV) is a vehicle that is powered by electricity and has advanced electric vehicle powertrain components as well as high-capacity Li-ion batteries.
Automotive High Performance EVs Industry Segmentation
High-performance electric vehicles are electric vehicles that can travel more than 150 miles on a single charge, accelerate quickly, and reach speeds of more than 90 miles per hour with faster acceleration from 0 to 60 miles per hour.
The automotive high-performance electric vehicle market is segmented by drive type (plug-in hybrid and battery or pure electric), vehicle type (passenger cars and commercial vehicles), and geography (North America, Europe, Asia-Pacific, and the Rest of the world).
The report offers market size and forecasts for automotive high-performance electric vehicles market in value (USD billion) for all the above segments. The report also provides market sizing and forecasts for all the above-mentioned segments.
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| Plug-in Hybrid | |
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Automotive High Performance Electric Vehicles Market Size Summary
The automotive high-performance electric vehicles market is experiencing robust growth, driven by increasing consumer awareness of environmental issues and supportive government policies. The market, which has been valued significantly, is poised for substantial expansion over the forecast period. This growth is fueled by the rising demand for fuel-efficient and low-emission vehicles, as well as the implementation of stringent emissions and fuel economy norms. High-performance electric vehicles (EHPVs) distinguish themselves from standard electric vehicles through their superior capabilities, such as extended range and rapid acceleration. The market's expansion is further supported by government incentives, including subsidies and tax benefits, aimed at boosting the adoption of electric vehicles.
The market landscape is characterized by the active participation of major automotive players like Tesla, Daimler, BMW, and Volkswagen, who are investing in advanced technologies to enhance the performance and affordability of electric vehicles. The United States and China are leading markets, with significant developments in electric vehicle production and adoption. In Europe, governments are promoting electric mobility through various incentives and policies. The demand for high-performance electric vehicles is particularly strong in the passenger car segment, driven by the increasing popularity of luxury electric vehicles among tech-savvy consumers. Despite challenges such as high ownership costs and inadequate charging infrastructure, the market is expected to continue its upward trajectory, supported by ongoing investments and innovations in the electric vehicle sector.
Automotive High Performance Electric Vehicles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in USD Billion)
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2.1 By Drive Type
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2.1.1 Plug-in Hybrid
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2.1.2 Pure Electric
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2.2 By Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Asia-Pacific
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2.3.2.1 China
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2.3.2.2 Japan
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2.3.2.3 India
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2.3.2.4 South Korea
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2.3.2.5 Rest of Asia-Pacific
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Rest of Europe
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2.3.4 Rest of the World
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2.3.4.1 Brazil
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2.3.4.2 South Africa
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2.3.4.3 Other Countries
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Automotive High Performance Electric Vehicles Market Size FAQs
What is the current Automotive High Performance Electric Vehicles Market size?
The Automotive High Performance Electric Vehicles Market is projected to register a CAGR of 12.10% during the forecast period (2024-2029)
Who are the key players in Automotive High Performance Electric Vehicles Market?
Tesla, Daimler AG, BMW, Volkswagen AG and General Motors Company are the major companies operating in the Automotive High Performance Electric Vehicles Market.
