From time immemorial, humans have always had an eye for unique, expensive, and high-performance objects. And this does not exclude automobiles. Supercars are examples of objects that fulfill these metrics.
Little wonder why they are the delights of several car aficionados, automobile car blogs, and conferences. And with the widespread popularity of cutting-edge automobile technology, the supercar industry is in for a lifetime experience of growth cum automobile-technological reforms. Keep reading to find out groundbreaking innovations in this segment of the automobile industry.
What Are Supercars?
Supercars can best be described as cars that combine the features of a luxury car and a sports car. Supercars are above the average vehicle in terms of aesthetic appeal, features, and functionality.
As a result of these features, they are often the exclusive preserve of a certain class of people.
Several pieces of evidence that prove this assertion is the manufacturing of a few units by the manufacturers, sales at special auctions, their high prices, and sale based on membership.
For instance, certain auto brands like Ferrari require their target audience (mostly elites) to have some Ferrari models in their auto collection before they qualify to purchase the latest models or upgraded versions. Unlike public notices of classic cars for sale, the sale of supercars is more private.
The Evolution Of Luxury Cars
The luxury car market has come a long way since the successful engineering of the first personal luxury car in 1958 — the Ford Thunderbird ( Second generation). The conversion of the Ford Thunderbird (second generation) from a sports car to a luxurious and comfortable car marked the beginning of the personal luxury car era. Furthermore, the upgrade of this car from a 2-seat automobile to one of 4 seats signified the branding of classic supercars as stylish, luxurious, and convenient.
It is interesting to note that when this shift occurred, this brand recorded a whopping 50% increase in sales. And this statistic is still true even to this very day as the luxury car market is worth a staggering sum of $0.54 trillion as of 2021. Current numerical projections predict a worth of $1.03 trillion in 2031.
Other innovations in the supercar industry include:
Supercars And The Power Window Trend
Supercars were one of the first classes of automobiles to incorporate the power window. The 1940 classic Packard 180 was the first car that boasted this perk. With power windows, the muscular strain which is usually experienced by people using cranks is eliminated. With a simple tap on some buttons, window movements can be regulated.
Supercars And Lane Safety
The fusion of technology and automobile design has improved the quality, functions, and benefits of automobiles. It has also improved its user experience through AI features. For instance, the lane-keep assist auto feature is a software that is targeted at ensuring drivers stay in their lane without veering to prevent an accident. The lane-keep assist feature is particularly useful during long drives and night drives.
Voice Recognition And Command Feature.
Another innovation found in most supercars is the voice recognition feature. It is no news that one of the intentions behind the invention of all luxury cars is ease and safety. So, several modern luxury cars brands like BMWs and Ferraris have voice recognition and command features. The reason for this AI addition is to reduce the rates of accidents caused by being distracted on the phone. Instead of fumbling with the phone while driving, a simple voice command to pick up calls and respond to messages reduces the likelihood of automobile mishaps.
Preservation Of Mother Earth.
One of the highlights of the 21st century is the constant awareness of the depleting state of the ozone layer and the need to go green. And this depletion is caused by the emission of greenhouse gasses like CO2, methane, and hydrofluorocarbons from sources like automobiles. With this in mind, luxury brands like Tesla, and BMW are making eco-friendly cars like the Tesla 3 and BMW i3 to preserve our environment.
A Deviation From The Norm
Rather than the internal combustion engine proliferating the mass car market, some brands are producing vehicles that use neat ethanol, natural gas, or batteries that can be charged for a fixed number of hours.
Predictions Based On Available Facts And Numbers
- Although generally car sales dropped during the COVID era, brands like Rolls Royce recorded a good number of sales. Reports showed that most luxury car lovers bought more models on the basis that life is short and transient During this period, a Rolls Royce dealership based in Sussex sold 5,586 units of cars.
- Also, the aforementioned projection on the luxury car market may increase as there is a widespread fear of future pandemics. And in a bid to reduce their interactions with the fickle public transport system in some climes, the sales of luxury cars have increased.
- According to Credit Suisse, there is a 50% increase in the number of ultra-high-net-worth individuals in the US whose financial valuations are within and above the range of $50 million. Currently, the US has 141,135 high-net-worth individuals. And this means only one thing, a prevalence in the ownership of ostentatious convertibles.
With the current valuation of the global luxury car market and various reputable financial projections, this exclusive market is only set to witness more growth. External factors like competition, investments, and improved user experience will also redefine the operations of this sect.