Global Luxury Car Market Size To Grow At A CAGR Of 5.20% In The Forecast Period Of 2023-2028
The ‘Global Luxury Car Market Size, Share, Growth, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global luxury car market, assessing the market on the basis of its segments like vehicle types, drive types, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Luxury Car Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 439.28 billion
• Forecast CAGR (2023-2028): 5.20%
• Forecast Market Size (2027): USD 595.43 billion
The demand for luxury cars is being catalysed by increasing disposable income, rapid urbanisation, and increasing car brand awareness. In addition, the increasing promotion and branding of luxury cars on social media platforms is further adding to the market growth. In addition, the increasing online presence of luxury car manufacturers is improving the visibility of such vehicles in front of consumers, supplementing their knowledge and encouraging them to purchase. This is further encouraging the luxury car market dynamics.
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The growing competition between luxury car brands is another key market driving factor. Strategic alliances, mergers and collaborations by major market players, aimed towards bolstering the comfort of the passengers, are expected to provide impetus to the market in the forecast period. The anticipated increase in car dealerships across the emerging economies, coupled with increasing investments towards developing high-class showrooms, is likely to bolster the global luxury car market.
Luxury Car Industry Definition and Major Segments
Luxury car refers to a type of vehicle which has above average features, greater comfort, and higher price, as compared to a conventional car. A luxury car can possess aesthetically appealing interiors and exteriors, lavish entertainment systems, and unique additional features. Luxury cars are expensive and are typically equipped with amenities and features that go beyond the basic car necessities.
Based on vehicle type, the market can be segmented into:
• Sports Utility Vehicle
On the basis of drive type, the market has been classified into:
• IC Engine
Based on region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Luxury Car Market Trends
The key trends in the global luxury car market include technological advancements in luxury cars which include the incorporation of artificial intelligence (AI) and advanced features such as self-parking or self-driving. The emergence of luxury electric vehicles is another crucial trend which conforms with initiatives by various governments to curb the emission of carbon as well as various other greenhouse gases.
In geographical terms, North America accounts for a significant share in the market. The advanced automotive infrastructure, as well as strong foothold of luxury car manufacturers across strong economies such as the United States, is boosting the market growth in the region.
Key Market Players
The major players in the luxury car market report are:
- Daimler AG
- Bayerische Motoren Werke AG
- Volvo Group
- Volkswagen Group
- Tata Motors Limited
- Fiat Chrysler Automobiles
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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