Electric Classic Car Market Size - By Car (Closed, Convertible), By Application (Tourist Attraction, Large Amusement Parks, Closed Communities, Campuses), By End Users (Personal, Commercial), Growth Prospects, Regional Outlook & Forecast, 2024 - 2032

Electric Classic Car Market Size - By Car (Closed, Convertible), By Application (Tourist Attraction, Large Amusement Parks, Closed Communities, Campuses), By End Users (Personal, Commercial), Growth Prospects, Regional Outlook & Forecast, 2024 - 2032

The global electric classic car market is expected to record a CAGR of 10% during 2024-2032, driven by the increased demand for sustainable transportation options without compromising on style and nostalgia.

According to TravelPerk in 2024, over 3400 global companies are partnering with the Science Based Targets Initiative (SBTi) to reduce their carbon emissions in line with climate science. Moreover, key policy programs, like the EU's Fit for 55 and the US Inflation Reduction Act, are set to boost the share of electric vehicles in the coming decade and beyond. This awareness of environmental issues and the need for sustainable transportation solutions have prompted consumers to seek alternative fuel options, including EVs. These cars offer a way to enjoy classic automotive aesthetics while reducing carbon emissions and dependence on fossil fuels.

Secondly, advancements in EV technology have made it more feasible and practical to convert vintage cars into electric vehicles. Improved battery technology, regenerative braking systems, and more efficient electric motors have extended the range and performance capabilities of electric classic cars, making them more appealing to a wider audience.

The overall electric classic car market is classified based on car, application, end-users, and region.

The convertible car segment is poised to showcase decent growth till 2032, as they offer the perfect combination of open-air driving pleasure and eco-friendly transportation. These vehicles evoke a sense of freedom and nostalgia, appealing to enthusiasts who appreciate the timeless charm of convertible automobiles. Convertibles also benefit from the weight savings associated with removing the roof, which can improve performance and efficiency in electric vehicles.

The personal end-use segment is set to expand at a decent pace during 2024-2032, fueled by the rising demand to purchase electric classic cars for personal enjoyment. These cars offer a unique driving experience that combines the nostalgia of classic car ownership with the modern convenience of electric propulsion, thereby driving segment growth.

Asia Pacific electric classic car industry will showcase steady growth through 2032, driven by increasing urbanization, growing disposable incomes, and government initiatives to combat air pollution and reduce greenhouse gas emissions. Countries like China, Japan, and South Korea have seen a surge in electric vehicle adoption, creating opportunities for electric automakers and restoration specialists to expand their presence in the region.