The global Classic Cars Market report explores the critical analysis of the Classic Cars industry using key parameters. The report consists of investment strategies, the need for investments in the Classic Cars industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the Classic Cars industry and how economic and non-economic barriers are helping the Classic Cars market grow. Moreover, the report analyzes the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.
Key Highlights of the report
How are the major segments performing in the Classic Cars Market?
In 2021, the electric segment will be the leading segment by function. Recent developments in lithium-ion electric batteries and increasing efficiency and charging cycles of electric batteries are positively affecting the demand for the electric segment.
In 2021, the passenger cars segment will be the leading segment by Vehicle. Increasing demand for vintage and classic passenger cars for daily commutation and status symbols is expected to expand the passenger cars segment further.
Which region dominated the Classic Cars Market?
In 2021, North America was one of the major contributors to the global classic cars market. Over the projected period, it is anticipated that the increased demand for classic passenger cars due to insurance prices for these vehicles are often lower because they are regarded as collectibles as well as increasing purchasing parity of US citizens and the rise in disposable income of US citizens are positively affecting the North American classic cars market.
What is the competitive environment of the Classic Cars Market?
The classic car industry's competitive environment offers information on the total economic profit made by suppliers and businesses, the sales and revenues produced in this sector, the classic car market share globally, the business organization overview, the introduction of new products, and the opportunities for the classic cars market. Major competitors are focused on market expansion and collaboration to gain a competitive advantage.
Executive Summary
What are the Technical developments being developed in the Classic Cars Market?
The market offers enormous growth opportunities to classic car suppliers for providing classic high-performance cars. The demand for classic high-performance cars is high compared to conventional vintage cars. Vintage cars with high speed and torque, such as the vintage Ford GT, have high demand. At the same time, these cars can also provide a better return on investments than their counterparts.
Which are the key investments by the players in the Classic Cars Market?
Various investments are made throughout the market by key players. For instance, In November 2019, Mercedes Benz organized one of the greatest car rallies of vintage cars in Mumbai, India. The sixth rally was the largest, with more than 100 vintage Mercedes Benz classic cars. Toyota has publicly announced the expansion of Toyota U Trust in the Asia Pacific region. Toyota U Trust seeks to provide potential consumers with the chance to trade in their old automobiles of any make for a brand-new Toyota by facilitating the sale, purchase, and exchange of Toyota and non-Toyota vehicles.
Some of the major players in the market are
Mercedes-Benz, Citroen Ds, Chevrolet, Lamborghini, Lincoln Continental, Cadillac, Toyota, Buick Riviera, Cadillac Eldorado Brougham and Buick Skylark.
What are the Major Driving Factors for the Classic Cars Market?
Due to expanding urbanization and rising consumer purchasing power, there is a surge in demand for vintage cars, which is one of the factors driving the market's expansion. Additionally, during the projected period, the market is anticipated to benefit greatly from the increase in global consumer purchasing power. Moreover, classic cars can also provide better returns on investments, further promoting the growth of the classic car market.
What are the Major Risks for the Classic Cars Market?
Increasing demand for electric vehicles in recent years due to advancements in electric mobility is expected to negatively impact the market, as vintage cars didn't work on electric propulsion. At the same time, vintage cars can also cause more pollution than recent vehicles as they cater to current emission norms. Hence, the high risk of pollution through classic cars is also expected to impede growth.
Which is the key Vehicle in the Classic Cars Market?
The passenger car category will be the largest segment in terms of Vehicles in 2021. The market for passenger automobiles is anticipated to grow further as demand for antique and classic cars increases for daily transportation and as a status symbol. Vintage passenger cars can also be considered a collectible, and hence insurance premium required to be paid is also lower on collectibles which is another advantage of classic passenger cars. Classic passenger cars also provide a better return on investments than other vehicles.
How is the Classic Cars Market performing in regions?
North America was one of the main contributors to the global market for classic cars in 2021. Because insurance costs for these vehicles are frequently lower since they are considered collectibles, it is estimated that the demand for vintage passenger cars would increase over the projected time. The market for historic automobiles in North America is benefiting from rising disposable income and purchasing power among US consumers. A well-established dealer network for classic cars by major players such as Mercedes Benz, Toyota, Cadillac and others is further promoting the market's growth in the region.
Classic cars are most popular in Europe and North America. At the same time, Europe is the second largest market. The Asia Pacific is expected to grow fastest as many players are expanding and organizing classic car rallies to increase awareness and popularity regarding vintage cars.
What is the regulatory landscape for the Classic Cars Market?
The regulatory landscape for the market is that governments follow emission and permissible vehicle life norms. Each country follows a separate emission norm regulated by its respective transportation departments. Vintage cars should also satisfy the current emission norms and other requirements before running on roads.
What is the Market Size of the Classic Cars regarding value?
The global Classic Cars Market is anticipated to grow at a substantial CAGR of 8.7% in the upcoming years. The global Classic Cars industry was estimated to be worth USD 31.1 billion in 2021 and was expected to be worth USD 51.3 billion by 2028.
What are major players planning for the future of the Classic Cars Market?
The key players in the Classic Cars market are investing heavily in expanding classic cars in markets such as Asia Pacific countries. Europe and North America are matured vintage car markets. At the same time, the popularity of vintage cars is increasing in Asia Pacific developing countries such as India, Thailand and Indonesia. Hence, major players are focused on expansion in the Asia Pacific region in the coming years.
Segmentation of Global Classic Cars Market-
Global Classic Cars Market – By Function
Electric
Pneumatic
Hydraulic
Global Classic Cars Market – By Vehicle
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Global Classic Cars Market – By Region
North America
US.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-east Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East and Africa
Frequently asked questions about the global classic cars market.
Classic Cars Market also suffered from the COVID-19 pandemic, which resulted in a decline in revenue generated in 2020.
North America accounted for the highest global classic cars market share.
Increasing demand for vintage cars as collectibles and increasing demand in Asia Pacific countries are the major factors driving the market's growth.
Electric segment had a major share in 2021. Besides, it is also projected to witness the fastest growth.
The Passenger Car segment had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period.
