The latest market report published by Credence Research, Inc., “Global Classic Cars Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Classic Cars Market generated revenue of around USD 31.1 billion in 2021 and is anticipated to grow a CAGR of over 8.7% during the forecast period from 2022 to 2028 to reach around USD 51.3 billion in 2028.
One of the factors driving the market’s growth is the spike in demand for vintage cars, which is caused by growing urbanization and rising consumer spending power. Additionally, it is estimated that the industry will profit significantly from the rise in global consumer spending power during the forecasted period. The capacity of historic cars to offer superior returns on investments is another factor supporting the expansion of the classic car sector. Increasing demand for classic cars as a collectible also promotes the market’s growth.
Browse Global Classic Cars Market report-https://www.credenceresearch.com/report/classic-cars-market
The global classic cars market is bifurcated into Function, Vehicle and Geography. Based on function, the market is categorized into electric, hydraulic, and pneumatic. The global market is segmented based on vehicles: passenger cars, light commercial vehicles, and heavy commercial vehicles. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America was one of the major contributors to the world market for antique automobiles in 2021. The market for vintage passenger automobiles is predicted to rise throughout the projected time because insurance premiums for these vehicles are typically lower since they are considered collectibles. The market for vintage cars is growing in North America as US customers’ disposable income and purchasing power increase. Major competitors like Mercedes Benz, Toyota, Cadillac, and others have well-established dealer networks for antique automobiles, helping the area’s market flourish.
Why Buy This Report-
- The report provides a qualitative and quantitative analysis of the global classic cars market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global classic cars market segmentation based on function and vehicle.
- Major countries in each region with their import/export statistics
- The global classic cars market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
The Global Classic Cars Market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|By Function (2016–2028; US$ Bn)|
|By Vehicle (2016–2028; US$ Bn)|
|By Geography Segment (2016–2028; US$ Bn)|