Global Electric Racing Car Market Report 2022: Rising Government Initiatives to Curb Carbon Emissions Driving Sector

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Nov 08, 2022, 16:15 ET

DUBLIN, Nov. 8, 2022 /PRNewswire/ -- The "Global Electric Racing Car Market, Type, Battery Capacity, Transmission Type, Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Electric racing car Market is anticipated to register growth with an impressive CAGR in the forecast period, 2023-2027. Electric racing car refers to a super-fast car that is primarily used by highly trained professionals on the prepared racing track. These cars are propelled by one or more electric motors and use the energy stored in the batteries or electric generators to convert fuel into electricity. Some of the electric racing cars also operate through solar panels. Compared to internal combustion engine (ICS) vehicles, electric cars are much quieter and have minimal or zero exhaust and carbon emissions.

The market growth can be attributed to the augmenting need for a sustainable mode of car racing. With the rising greenhouse effects and the increasing temperatures across the globe, the demand for more sustainable commuting solutions is on the surge. The degrading air quality due to rising carbon footprints has led to the rise in a number of respiratory disorders such as asthma, bronchitis, lung cancer, generic cough & cold, etc.

As a result, the global market for electric racing cars is estimated to grow at a rapid pace over the coming years. Moreover, the rising per capita income of the people, along with the increase in millionaires around the world, is providing a thrust to the market, as the high-income group is more enticed by such luxurious products.

Rising Government Initiatives to Curb Carbon Emissions is Fueling the Product Demand

The growing government support to accelerate the adoption of long-range, zero emission, electric racing cars through tax rebates and subsidies is providing a surge to the global electric racing car market. This has compelled the manufacturers to increase the production of electric racing cars and the installation of their fueling stations. Moreover, the depletion of crucial fossil fuel such as petrol and diesel are further pushing the need to manufacture and replace ICS vehicles with electric vehicles. To support this further, governments of various nations are extending financial support to several private companies to develop EV charging and hydrogen fueling stations. The governments of several companies are also offering incentives to electric racing car buyers. This will create opportunities for OEMs to expand their market size and revenue stream.

Reducing Cost of Electric Batteries Facilitates the Market Growth

A lot of companies are introducing new and technically advanced products in the electric car racing segment, which is making the global electric car racing market highly competitive. Moreover, the cost of electric batteries has reduced over the past decade due to technological advancements and the production of electric vehicle batteries in bulk. This, in turn, has decreased the cost of electric racing cars as electric batteries are one of the most priced components of the electric vehicle.

Market Segmentation

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:

<_0 />
>50 kWh

Global Electric racing car Market, by Transmission Type:

Manual
Automatic

Global Electric racing car Market, by Transmission Region:

North America
Europe
Asia Pacific
South America
Middle East & Africa

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Impact of COVID-19 on Global Electric Racing Car Market

5. Voice of Customer

6. Global Electric Racing Car Market Outlook

7. North America Electric Racing Car Market Outlook

8. Asia Pacific Electric Racing Car Market Outlook

9. Europe & CIS Electric Racing Car Market Outlook

10. South America Electric Racing Car Market Outlook

11. Middle East and Africa Electric Racing Car Market Outlook

12. Market Dynamics

13. Market Trends and Developments

14. Product Benchmarking

15. Competitive Landscape

16. Strategic Recommendations

Companies Mentioned

Tesla Inc.
BMW AG
Groupe Renault
Volkswagen Group (Audi)
Jaguar Land Rover
Subaru
S.E.A.T SA (Cupra)
Hyundai
ELMOFO
Faraday&Future Inc.

For more information about this report visit https://www.researchandmarkets.com/r/ribwke

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

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SOURCE Research and Markets