The global electric racing car market is expected to grow at a CAGR of 15% during the forecast period of 2023-2027. This growth is being driven by a number of factors, including the increasing environmental concerns, stringent government regulations, and the decreasing cost of electric vehicle batteries.
Environmental concerns are one of the major factors driving the growth of the global electric racing car market. Electric racing cars have higher fuel economy and emit zero or low carbon, which makes them a more environmentally friendly option than traditional gasoline-powered racing cars.
Stringent government regulations are also providing a boost to the growth of the global electric racing car market. Governments around the world are increasingly imposing stricter regulations on the emission of pollutants from vehicles. This is forcing automakers to develop and produce electric racing cars that meet these regulations.
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The decreasing cost of electric vehicle batteries is another factor that is expected to drive the growth of the global electric racing car market. The cost of electric vehicle batteries has been declining in recent years due to technological advancements and the mass production of these batteries. This has made electric racing cars more affordable, which is expected to boost their demand in the coming years.
The global electric racing car market is segmented by type, battery capacity, transmission, and region.
- By type: The market is segmented into open seaters, top fuel dragsters, rally cars, prototype race cars, and others. Top fuel dragsters are expected to dominate the market in the coming years. These cars are the quickest accelerating racing cars in the world and can reach speeds of up to 335 miles per hour.
- By battery capacity: The market is segmented into <50 kWh and >50 kWh. <50 kWh batteries are expected to dominate the market in the coming years. These batteries have a longer range and are more durable than >50 kWh batteries.
- By transmission type: The market is segmented into manual and automatic. Manual cars have dominated the market in the past decade, but automatic cars are gaining traction due to their ease of use.
- By region: The market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is expected to dominate the market in the coming years due to the increasing demand for electric vehicles in the region.
The global electric racing car market is a highly competitive market. The major players in the market include Tesla, Audi, Porsche, and BMW. These players are focusing on developing innovative electric racing cars and expanding their global footprint to gain a competitive edge in the market.
A list of major market players of the Global racing electric car market includes:
- Tesla Inc.
- BMW AG
- Groupe Renault
- Volkswagen Group (Audi)
- Jaguar Land Rover
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“The Asia Pacific electric racing car is expected to hold the largest market share during the forecast period. APAC market is led by courtiers like China, India, Japan, and South Korea. China is the world’s largest electric vehicle producer and user, therefore, it has dominance in the electric racing car market. China’s government has taken several initiatives such as subsidies and tax rebates for electric racing car buyers. Their government has also mandated the vehicle manufacturers to manufacture a certain number of electric vehicles and has extended large financial support for the installation of electric car charging stations. Europe is also expected to grow at a fast pace over the coming years due to the high purchasing power of the users. Stringent regulations regarding the environmental concern further fuels the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Electric Racing Car Market By Type (Open Seaters, Top Fuel Dragsters, Rally Cars, Prototype Race Cars, Others), By Battery Capacity (<50 kWh, >50 kWh), By Transmission Type (Manual, Automatic), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Global racing car market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global racing car market.
| Attribute | Details |
| Base Year | 2021 |
| Historical Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, volume in units, and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Type · Battery Capacity · Transmission Type · Region |
| Regional scope | North America, Europe, Asia Pacific, Middle east and Africa, South America |
| Key companies profiled | Tesla Inc, BMW AG, Groupe Renault, Volkswagen Group (Audi), and Jaguar Land Rove. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Report Scope:
In this report, Global Electric racing car Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Electric racing car Market, By Type:
- Open Seaters
- Top Fuel Dragsters
- Rally Cars
- Prototype Race Cars
- Others
- Global Electric racing car Market, By Battery Capacity:
- <50 kWh
- >50 kWh
- Global Electric racing car Market, By Transmission Type:
o Manual
o Automatic
- Global Electric racing car Market, By Transmission Region:
o North America
o Europe
o Asia Pacific
o South America
o Middle East & Africa
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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