Global Electric Racing Car Market, By Type (Open Seaters, Top Fuel Dragsters, Rally Cars, Prototype Race Cars, Others), By Battery Capacity (50 kWh), By Transmission Type (Manual, Automatic), By Region, Competition Forecast & Opportunities, 2027
New York, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Electric Racing Car Market, By Type, By Battery Capacity, By Transmission Type, By Region, Competition Forecast & Opportunities, 2027" - https://www.reportlinker.com/p06325872/?utm_source=GNW
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.
The Global Electric racing car Market is segmented by type, by battery capacity, by transmission type, regional distribution, and competitional landscape. Based on type, the market is differentiated open seaters, top fuel dragsters, rally cars, prototype race cars, and others. By battery capacity the market is bifurcated into <50 kWh and >50 kWh. Based on transmission type the market is fragmented into manual and automatic. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia Pacific, Middle East and Africa, South America.
Tesla Inc, BMW AG, Groupe Renault, Volkswagen Group (Audi), and Jaguar Land Rover are the leading market players responsible for the growth of Global Electric racing car Market.
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:
o Open Seaters
o Top Fuel Dragsters
o Rally Cars
o Prototype Race Cars
• Global Electric racing car Market, By Battery Capacity:
o <50 kWh
o >50 kWh
• Global Electric racing car Market, By Transmission Type:
• Global Electric racing car Market, By Transmission Region:
o North America
o Asia Pacific
o South America
o Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in Global Electric Racing Car Market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06325872/?utm_source=GNW
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