Electric Racing Car Market May Register an Impressive Growth Through 2027
Reduced
cost of electric vehicle batteries along with the depleting fossil fuels like
diesel and petroleum are expected to drive the growth of the Global Racing Car Market
in the upcoming five years.
According to TechSci report on, “Electric
Racing
Car Market - By Region, Competition Forecast &
Opportunities, 2027”, the Global electric racing car market may
flourish with an impressive CAGR during the forecast period of 2023-2027, on
the backbone of rosing environmental pollution. It has gained wide traction
over the recent years, as it has higher fuel economy, facilitates low or zero
carbon footprints, and has low maintenance. Moreover, stringent regulations
from the governments of various nations regarding the vehicle emission are
providing lucrative growth opportunities to the market leaders of electric
racing car manufacturers. Governments of several nations have extended tax
rebates and subsidies on both manufacturing and buying of electric cars, which
is currently strengthening the market growth. Furthermore, the reducing cost of
electric vehicle batteries is supplementing the sales of electric racing cars.
Due to technological advancements and the mass production of EV batteries, the
cost of electric racing cars has decreased over the past decade. This has
relatively reduced the cost of electric vehicles as electric car batteries are
one of the most expensive components that go into electric racing cars. In
2010, an EV battery was priced at approximately USD 1,100 per kWh. Whereas the
price of an EV battery has now reached to USD 120 per kWh. The price fall is
also due to the reduced cost of cathode material which goes into the
manufacturing of an EV battery. All the above-mentioned factors are expected to
drive the growth of the global electric racing car market in the coming
years.
Browse over XX market data Figures
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in-depth TOC on "Global Electric Racing Car Market"
The
global electric racing car market is segmented by type, battery capacity,
transmission, competitional landscape, and regional distribution. Based on
type, the market is further segmented into open seaters, top fuel dragsters,
rally cars, prototype race cars, and other. Among these, top fuel dragster cars
are expected to dominate the market in the coming years. This type of racing
cars are the quickest accelerating racing cars across the worlds. The latest
version of it has the capacity to reach the speed of 335 miles per hour and
finish the 1,000 foot runs in just 3,62 seconds. As a result, top fuel dragster
car is estimated to lead this segment and propel the global electric racing car
market over the coming years.
By
battery capacity, the market is bifurcated into <50 kWh, and >50 kWh. <50
kWh is expected to lead the market over the forecast years. this is primarily
because <50 kWh lasts long and are more durable. Moreover, long range
batteries with zero carbon emissions are much preferred by the racing
professionals to cover long racing tracks.
Based
on transmission type, the global electric racing car market is fragmented into manual
and automatic. Manual cars have dominated the market in the past decade.
However, the automatic racing cars recently started to gain traction because
they are comparatively easier to drive and does not require too much driver
input.
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.
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