Press Release Description

High-Performance Paired with Aesthetics Drives the Global Luxury Car Industry

The Global Luxury Cars Market is projected to grow at a CAGR of 5.12% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The steady expansion of the global automotive sector, backed by the surge in autonomous vehicle demand accompanying the growing disposable incomes of people, has undoubtedly put the luxury car industry on the rise. Further, the urge to relish utmost comfort with a sprinkling of show-off features has surely given an edge to these models over regular cars. Another prominent factor fostering the market growth is the emerging demand for green mobility alternatives that is likely to pave the way for more EVs (Electric Vehicles) during the forecast period. Furthermore, the growing demand for used luxury vehicles is another opportunistic area for the luxury car market. These cars are being sold frequently after one or two years of usage as owners seek upgrades & better variants, fueling the sales of such premium vehicles during the forecast period, “Global Luxury Cars Market Analysis, 2023.”

ICE (Internal Combustion Engine) Type projected Dominance in The Historical Period

ICE currently rules the market for luxury vehicles worldwide. However, due to the increasing penetration of EVs and stricter regulations aimed at reducing carbon emissions in many nations around the world, the demand for such vehicles is projected to steadily decline in the future. Governments and commercial organizations are enforcing stricter emission rules, which is driving up demand for environmentally friendly and sustainable modes of transportation like electric vehicles (EVs), as well as the provision of incentives and subsidies to consumers

Global Luxury Cars Market

With China as A Prominent Contributor, Asia-Pacific Is Likely to Thrive Through 2028

The recent explosion in consumers' interest in buying vehicles with craftsmanship & quality as top parameters, connectivity, advanced technologies, digital interactions, and ADAS, among other features, has led to market expansion in China, substantially contributing to the market expansion across Asia-Pacific. With the active participation of the government in promoting the uptake of EVs, the major automakers are determined to switch to Eco-friendly vehicles, which is quite evident in the proposed luxury models. These factors are likely to push the market to bring more such models, thereby encouraging market growth across the region.

Competitive Landscape

The leading players in the Global Luxury Cars Market Are General Motors, Porsche, Audi AG, BMW, Mercedes-Benz, Bentley, Ford Motors Co., Volkswagen Group, Tesla Inc., and Tata Motors, others.

Key Questions Answered in the Research Report

  1. What are the current & future trends in the Global Luxury Cars Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across various countries, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Global Luxury Cars Market?
  5. What are the customer orientation, purchase behavior, & expectations from Luxury Cars manufacturers across various regions?

Market Segmentation:

  1. By Vehicle Type (Sedan, SUV and Hatchback),
  2. By Drive Type (IC Engine and Electric Vehicle),
  3. By Size of Vehicle (Premium compact segment cars, Entry level luxury/ Compact executive cars, Mid-size luxury/executive cars, High end luxury/full size luxury cars, Ultra luxury cars and luxury SUV/ crossover vehicle market, Performance luxury market),
  4. By Engine Capacity (Upto 3,000 cc and Above 3,000 cc),
  5. By Region (North America, South America, Europe, Middle East, Africa and Asia-Pacific),
  6. By Country (United States, Canada, Brazil, Argentina, France, Germany, UK, Italy, China, India, Japan, Saudi Arabia, South Africa)

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