According to Data Bridge Market Research new Market report, global luxury car market will account to an estimated USD 101.41 billion in 2018 growing at a CAGR of 11.75% during the forecast period of 2019 to 2026.
Luxury vehicles are terms used for vehicles that can be defined as those that proved the most comfort, and have the most amounts of features which are not particularly necessary in the vehicles at a high amount of the vehicle price. The vehicle is produced with the highest precision, care and high quality equipment and materials.
The term given to these vehicles is subjective to individual perceptions and can be applied to a number of vehicle categories, but with increased modernization and advancements in the market. The features offered in the luxury cars and ordinary cars in terms of technicality are becoming increasingly similar.
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Global luxury car market is segmented on the basis of vehicle, drive type and geography.
By Vehicle (Hatchback, Sedan, SUV), Drive Type (IC Engine, Electric Vehicle) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).
FACTORS DRIVING GROWTH IN LUXURY CAR MARKET:
High demand for luxury cars:
According to car sales statistics, there has been a rise in the number of luxury car sales worldwide from the year of 2016 to the year 2017, the global leaders of luxury car sales namely Volkswagen AG, Mercedes Benz (Daimler AG), and BMW AG, have witnessed a rise in their numbers. Volkswagen AG witnessed sales of 10.29 million in 2016, and in 2017 that number rose to 10.74 million. Mercedes Benz witnessed sales of 2.08 million in 2016 and that number rose to 2.28 million in 2017. BMW witnessed sales of 2 million in 2016 and that number rose to 2.08 million in 2017. This rising number of vehicle sales is due to the rising levels of disposable income of the population and increased luxurious offerings present in the vehicles.
Few of the major competitors currently working in the luxury car market are Volkswagen AG, Daimler AG, BMW AG, Tata Motors, General Motors, AB Volvo, Ford Motor Company, Honda Motor Co. Ltd., ASTON MARTIN LAGONDA, Tesla, Nissan Motor Company, Toyota Motor Corporation, Fiat Automobiles, Ferrari S.p.A., Pagani Automobili, and SAIC Motor Corporation Limited.
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