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Global Luxury Car Market – Industry Trends and Forecast to 2029

  • Automotive
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Luxury Car Market, By Vehicle Type (Hatchback, Sedan, Sport Utility Vehicle (SUV)), Drive Type (Internal Combustion (IC) Engine, Electric Vehicle), Fuel Type (Gasoline, Diesel, Electric) – Industry Trends and Forecast to 2029

 

Luxury Car Market

Market Analysis and Size

Luxury cars are gaining immense popularity among consumers due to the features such as entertainment systems, integrated seat massagers and automatic safety features. Luxury vehicles are known to possess high-end material and finishes of the car.

Global Luxury Car Market was valued at USD 134.15 billion in 2021 and is expected to reach USD 350.37 billion by 2029, registering a CAGR of 12.75% during the forecast period of 2022-2029. Passenger Car accounts for the largest ICE vehicle type segment owing to the increasing consumer preference for economic options. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Luxury vehicles can be defined as the type of vehicles that have the most amounts of features available in the vehicle at a high amount of price. They help in providing the drivers and passengers with a high amount of ease and also have the highest quality of materials in the vehicle production. The production process of these vehicles is carried out with the utmost quality.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Forecast Period

2022 - 2029

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Vehicle Type (Hatchback, Sedan, Sport Utility Vehicle (SUV)), Drive Type (Internal Combustion (IC) Engine, Electric Vehicle), Fuel Type (Gasoline, Diesel, Electric)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa

Market Players Covered

Ford Motor Company (US), General Motors (US), AUDI AG (Germany), Kia Motors Corporation (South Korea), Groupe Renault (France), Groupe PSA (France), SAIC Motor Corporation Limited (China), Tesla (US), Daimler AG (Germany), BMW AG (Germany), Hyundai Motor Company (South Korea), BYD Company Ltd. (China), Continental AG (Germany), TOYOTA MOTOR CORPORATION (Japan), Nissan Motor Co., LTD. (Japan), Volkswagen AG (Germany), AB Volvo (Sweden), Honda Motor Co., Ltd. (Japan), among others

Market Opportunities

  • Increase in the electric vehicle (EV) sales across the globe
  • Rise in technological advancements
  • Surge in demand of heavy and luxury vehicles

Drivers

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Electric Vehicle (EV) Sales

The increase in the electric vehicle (EV) sales across the globe acts as one of the major factors driving the growth of luxury car market. The consumer preference is rapidly inclining towards luxury passenger and commercial electric vehicle (EV) due to the rising environmental consciousness.

  • Technological Advancements

The rise in technological advancements, such as integration of all-EV charging stations systems with the Internet of Things (IoT) and real-time information solutions accelerate the market growth. The technologies provide real-time data about the availability of vacant spots and locate nearby charging stations.

  • Demand of Heavy and Luxury Vehicles

The surge in demand of heavy and luxury vehicles and rising along with the increase in diesel operated vehicles accelerate the market growth. Also, increase in the sales of passenger cars owing to the consumer preference toward economic vehicles assists in the expansion of the market.

Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the luxury car market.

Opportunities

Furthermore, rise in trend of electric luxury vehicle along with latest research and development initiatives extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in environmental concerns will further expand the market.

Restraints/Challenges

On the other hand, higher cost of these luxury cars and almost related offerings in lower category of vehicles as offered in luxury vehicles is expected to obstruct market growth. Also, rise in import tariffs projected to challenge the luxury car market in the forecast period of 2022-2029.

This luxury car market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on luxury car market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Luxury Car Market

The COVID-19 pandemic had a moderate impact on the luxury car market owing to the global lockdowns. Due to the incentives from governments, the demand for EVs and related markets increased in 2021. The number of private and public EV chargers is increased top charging station manufacturers and network operators. Government and market key players adopted new safety measures for developing the manufacturing practices. The advancements in the technology escalated the sales rate of the charging as it targeted the right audience. The increase in sales of electric vehicles across the globe is expected to further drive the market growth in the post-pandemic scenario.

Global Electric Vehicle Connectors Market Scope

The luxury car market is segmented on the basis of vehicle type, drive type and fuel type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Vehicle Type

  • Hatchback
  • Sedan
  • Sport Utility Vehicle (SUV)

Drive Type

Fuel Type

  • Gasoline
  • Diesel
  • Electric

Luxury Car Market Regional Analysis/Insights

The luxury car market is analyzed and market size insights and trends are provided by country, vehicle type, drive type and fuel type.

The countries covered in the luxury car market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the luxury car market because of the introduction of advanced technology along with rising number of research and development activities within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the prevalence of incentives in the form of subsidies from the government for the adoption of electric vehicle in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Luxury Car Market Share Analysis

The luxury car market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to luxury car market.

Some of the major players operating in the luxury car market are

  • Ford Motor Company (US)
  • General Motors (US)
  • AUDI AG (Germany)
  • Kia Motors Corporation (South Korea)
  • Groupe Renault (France)
  • Groupe PSA (France)
  • SAIC Motor Corporation Limited (China)
  • Tesla (US)
  • Daimler AG (Germany)
  • BMW AG (Germany)
  • Hyundai Motor Company (South Korea)
  • BYD Company Ltd. (China)
  • Continental AG (Germany)
  • TOYOTA MOTOR CORPORATION (Japan)
  • Nissan Motor Co., LTD. (Japan)
  • Volkswagen AG (Germany)
  • AB Volvo (Sweden)
  • Honda Motor Co., Ltd. (Japan)

Research Methodology: Global Luxury Car Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Expert Analysis, Import/Export Analysis, Pricing Analysis, Production Consumption Analysis, Climate Chain Scenario, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

This luxury car market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market.
The major players covered in the luxury car market report are Volkswagen AG, Daimler AG, BMW GROUP, Tata Motors, General Motors Company, AB Volvo, Ford Motor Company, Honda Motor Co. Ltd., ASTON MARTIN LAGONDA, Tesla, Nissan Motor Company, TOYOTA MOTOR CORPORATION, Lexus, FCA India Automobiles Private Limited, JAGUAR LAND ROVER LIMITED, Ferrari S.p.A., Mahindra & Mahindra Ltd., CADILLAC, Pagani Automobili, and SAIC Motor Corporation Limited among other domestic and global players.
The Luxury Car Market is to grow at a CAGR of 12.75% during the forecast by 2029.
The market value for Luxury Car Market is expected USD 350.37 billion by 2029.