Classic Car Market Research Report - By Condition (Concours, Excellent, Good, Fair, Poor), By Drive Train (Manual, Automatic, Semi-Automatic), By Type (Sports Car, Sedan, Coupe, Convertible, SUV, Truck), By Era (Pre-War, Post-War, Muscle Car, Modern Classic), By Engine Size (Less than 2.0L, 2.0L-3.0L, 3.0L-4.0L, 4.0L-5.0L, Over 5.0L) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Classic Car Market Overview:

As per MRFR analysis, the Classic Car Market Size was estimated at 52.35 (USD Billion) in 2022. The Classic Car Market Industry is expected to grow from 55.73(USD Billion) in 2023 to 97.8 (USD Billion) by 2032. The Classic Car Market CAGR (growth rate) is expected to be around 6.45% during the forecast period (2024 - 2032).

Key Classic Car Market Trends Highlighted

The classic car market is witnessing a surge in demand, driven by the passion for nostalgia, exclusivity, and investment potential. Key market drivers include the growing affluence of high-net-worth individuals, the desire for unique experiences, and the recognition of classic cars as alternative investments.

Recent trends have highlighted the increasing popularity of online auctions, with platforms like Bring a Trailer and RM Sotheby's facilitating the sale of classic vehicles. The digitalization of the market has expanded the reach of buyers and sellers, leading to greater transparency and accessibility. Furthermore, the rise of electric vehicles has sparked interest in classic conversions, providing an environmentally conscious approach to preserving automotive heritage.

Opportunities for growth lie in the diversification of classic car ownership. While traditional collectors remain a core market, new buyers are emerging from younger demographics, seeking vehicles that reflect their style and values. By catering to this evolving consumer base, the industry can unlock new markets and foster the next generation of classic car enthusiasts.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Classic Car Market Drivers

Rising Affluence and Disposable Income

A key factor that drives the increased demand for classic cars is the growing affluence of people and their increasing disposable income across the globe. With more people entering the middle and upper classes, more individuals are willing to acquire classic cars as a means of showing their personality, cherishing their work, and demonstrating their new social status. For instance, in emerging markets like China, India, and Brazil, the number of affluent people has been on the rise.As their level of affluence is increasing, they have a greater willingness to buy classic cars to replenish their collections and protect them against inflation. The increased demand for classic cars from these markets is expected to boost the market growth even further over the coming years.

Nostalgia and Emotional Appeal

Classic cars evoke a sense of nostalgia and emotional appeal that is unmatched by modern vehicles. They represent a simpler time when cars were more than just a mode of transportation. They were symbols of freedom, adventure, and style. This emotional appeal is a powerful driver of the classic car market, as many buyers are willing to pay a premium for a car that evokes fond memories or represents a particular era in their lives. The emotional connection that people have with classic cars is also a key factor in the growth of the collector car market.Many collectors are passionate about preserving and restoring classic cars, and they often form clubs and organizations to share their knowledge and enthusiasm with others.

Scarcity and Collectability

Classic cars are a limited resource, and their limitedness is a big part of what makes them valuable. Because the number of classic cars goes down over time, generally speaking, the value of the remaining ones goes up. Furthermore, rare and in-demand cars can sell for astronomical prices at classic car auctions and other kinds of similar events. Since there are so few of these vehicles in existence, they can also be thought of as collectibles since people are willing to pay more for cars that are scarce and valuable.Overall, collectability is a key part of the classic car market, and it will likely continue to be a major factor in the near future.

Classic Car Market Segment Insights:

Classic Car Market Condition Insights

The Classic Car Market is segmented by condition into Concours, Excellent, Good, Fair, and Poor. The Concours segment is the most valuable, with cars in this condition being in pristine condition and often having been restored to their original specifications. The Excellent segment is the second most valuable, with cars in this condition being in very good condition and having only minor flaws. The Good segment is the third most valuable, with cars in this condition being in good condition and having some minor flaws. The Fair segment is the fourth most valuable, with cars in this condition being in fair condition and having some major flaws.The Excellent segment is expected to grow at a CAGR of 6.38% from 2023 to 2032, reaching a value of USD 22.14 billion by 2032. 

The Good segment is expected to grow at a CAGR of 6.31% from 2023 to 2032, reaching a value of USD 18.45 billion by 2032. The Fair segment is expected to grow at a CAGR of 6.24% from 2023 to 2032, reaching a value of USD 15.17 billion by 2032. The Poor segment is expected to grow at a CAGR of 6.17% from 2023 to 2032, reaching a value of USD 11.86 billion by 2032. The growth of the Classic Car Market is being driven by a number of factors, including the increasing popularity of classic cars as collector's items, the rising affluence of consumers in emerging markets, and the growing awareness of the historical and cultural significance of classic cars.The market is also being supported by the increasing number of classic car clubs and events, which are providing opportunities for enthusiasts to connect with each other and showcase their cars. The Classic Car Market is a market, with the largest markets being in North America and Europe. The Asia-Pacific region is expected to be the fastest-growing market for classic cars over the next ten years.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Classic Car Market Drive Train Insights

The Drive Train sub-segment is one of the crucial parts of the classic car market. The Drive Train segment directly influences the performance, characteristics of cars and vehicles, exhilarating driving experience, and value. The revenue of the Drive Train sub-segment in 2023 was USD 10.15 billion, reflecting its critical role in the market. The Drive Train segment comprises three integral sub-segments, including Manual, Automatic, and Semi-Automatic. The manual sub-segment allows for the traditional and engaging experience of classic cars and vehicles.The beneficial feature of this sub-segment is that the driver manually shifts gears, and it accounts for nearly 35% of the market revenue. A considerable number of amateur drivers and car enthusiasts prefer this sub-segment since they can feel the car receive tactile feedback and control. 

The Automatic sub-segment excludes the need for switching gears and simplifies the driving process, allowing automatic gear changes. This sub-segment occupies around 55% of the market revenue due to the convenience and simplicity of use. Semi-Automatic sub-segment combines the benefits of Manual and Automatic, facilitating operations while providing the part of the engagement.It accounts for around 10% of the market revenue since a portion of the drivers still prefer the manual gear shift. The future market growth of the Drive Train sub-segment is expected to be quite steady due to the rapid increase in popularity of classic car restoration, classic vintage cars, and highly-performing vehicles.

Classic Car Market Type Insights

The market of Classic Car Market is segmented into Sports Car, Sedan, Coupe, Convertible, SUV, Truck. Among these segments, the Sports Car segment is projected to hold the largest market share in 2023, with a market value of 14.34 billion U.S. dollars. The Sedan segment is expected to follow with a market value of 11.91 billion U.S. dollars. The Coupe segment is estimated to be worth 10.48 billion U.S. dollars, while the Convertible segment is projected to reach 8.96 billion U.S. dollars. The SUV segment is forecasted to have a market value of 7.53 billion U.S.dollars and the Truck segment is expected to be worth 6.72 billion U.S. dollars. The growth of the Classic Car Market is primarily driven by the increasing demand for luxury and vintage vehicles, rising disposable income, and growing interest in classic car restoration and collecting.

Classic Car Market Era Insights

The Classic Car Market is segmented by era into Pre-War, Post-War, Muscle Car, and Modern Classic. The Pre-War segment is expected to hold the largest market share in 2023, owing to the increasing demand for vintage and classic cars from collectors and enthusiasts. The Post-War segment is expected to witness significant growth over the forecast period, driven by the growing popularity of classic cars from the 1950s and 1960s. The Muscle Car segment is expected to gain traction, particularly in North America, due to the increasing demand for high-performance classic cars.The Modern Classic segment is expected to witness steady growth, driven by the increasing popularity of classic cars from the 1980s and 1990s.

Classic Car Market Engine Size Insights

The Engine Size segment of the Classic Car Market is highly fragmented, with a wide range of engine sizes available. The 'Less than 2.0L' segment is expected to witness significant growth in the coming years, owing to the increasing popularity of compact and fuel-efficient classic cars. The '2.0L-3.0L' segment is also expected to perform well, driven by the demand for classic cars with a balance of power and efficiency. The '3.0L-4.0L' segment is likely to remain stable, catering to enthusiasts seeking a more powerful driving experience. The '4.0L-5.0L' segment is expected to experience moderate growth, appealing to collectors and enthusiasts seeking high-performance classic cars.The 'Over 5.0L' segment is expected to see limited growth due to the high cost and maintenance requirements of these vehicles. Overall, the market for classic cars with different engine sizes is expected to grow steadily in the coming years, driven by increasing demand from collectors, enthusiasts, and investors.

Classic Car Market Regional Insights

The regional segmentation of the Classic Car Market offers valuable insights into the market's geographical distribution and growth potential. North America is expected to dominate the market in 2023, accounting for a significant share of the Classic Car Market revenue due to its large collector base and established classic car culture. Europe is another key region, driven by the presence of numerous classic car clubs and events. The Asia-Pacific region is projected to witness significant growth over the forecast period, fueled by rising disposable incomes and growing interest in classic cars among affluent individuals.South America, the Middle East, and Africa (MEA) are emerging markets with untapped potential for classic car sales. These regions are expected to contribute to the overall growth of the Classic Car Market in the coming years.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Classic Car Market Key Players and Competitive Insights:

Major players in the Classic Car Market industry are investing heavily in research and development to introduce innovative products and services. Leading Classic Car Market players are also focusing on expanding their reach through strategic partnerships and acquisitions. The development of the Classic Car Market is driven by the increasing demand for luxury and high-performance vehicles. The Classic Car Market Competitive Landscape is expected to remain highly competitive in the coming years.RM Sotheby's, a leading player in the Classic Car Market, is known for its high-profile auctions and exclusive offerings. The company has a presence with offices in London, New York, and Hong Kong. 

RM Sotheby's offers a wide range of services, including vehicle consignment, auction representation, and private sales. The company has a strong track record of success, having sold some of the most iconic classic cars in the world.Bonhams, a auction house, is another major player in the Classic Car Market. The company has a long history of selling classic cars, dating back to the 1950s. Bonhams offers a wide range of classic cars, from vintage to modern. The company has a strong presence in the UK, US, and Europe. Bonhams is known for its expertise in classic car valuation and its ability to attract high-net-worth collectors.

Key Companies in the Classic Car Market Include:

• BarrettJackson


• Mecum Auctions


• Silverstone Auctions


• Collecting Cars


• RM Sotheby's


• Motorcar Studio


• Hagerty


• Classic and Sports Car Club of America


• Worldwide Auctioneers


• Hemmings


• Gooding Company


• Sotheby's


• Bonhams


• Bring a Trailer

Classic Car Market Industry Developments

The classic car market is projected to reach USD 97.8 billion by 2032, exhibiting a CAGR of 6.45% during the forecast period. The market is driven by the increasing popularity of classic cars as collectible investments, the growing disposable income of high-net-worth individuals, and the rising demand for luxury and vintage vehicles. The Asia-Pacific region is expected to witness significant growth due to the increasing demand for classic cars in China and India. The market is also witnessing the emergence of new technologies, such as electric classic cars, which are gaining popularity due to their environmental benefits and performance capabilities.

Classic Car Market Segmentation Insights

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  Classic Car Market Condition Outlook

  
  
  
  
  • Concours
  
  
  • Excellent
  
  
  • Good
  
  
  • Fair
  
  
  • Poor
  
  
  
  

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  Classic Car Market Drive Train Outlook

  
  
  
  
  • Manual
  
  
  • Automatic
  
  
  • Semi-Automatic
  
  
  
  

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  Classic Car Market Type Outlook

  
  
  
  
  • Sports Car
  
  
  • Sedan
  
  
  • Coupe
  
  
  • Convertible
  
  
  • SUV
  
  
  • Truck
  
  
  
  

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  Classic Car Market Era Outlook

  
  
  
  
  • Pre-War
  
  
  • Post-War
  
  
  • Muscle Car
  
  
  • Modern Classic
  
  
  
  

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  Classic Car Market Engine Size Outlook

  
  
  
  
  • Less than 2.0L
  
  
  • 0L-3.0L
  
  
  • 0L-4.0L
  
  
  • 0L-5.0L
  
  
  • Over 5.0L
  
  
  
  

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  Classic Car Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa