Automotive High Performance Electric Vehicles Market Size

Statistics for the 2023 & 2024 Automotive High Performance Electric Vehicles market size, created by Mordor Intelligence™ Industry Reports. Automotive High Performance Electric Vehicles size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Automotive High Performance Electric Vehicles Industry

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Automotive High-performance Electric Vehicles Market Summary
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

Automotive High-performance Electric Vehicles Market 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 Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)