According to MarkNtel Advisors, the Global Luxury Cars Market is set to record around 5.12% CAGR during 2023-28. The globally booming automotive sector, owing to the surging demand for autonomous vehicles, increasing urbanization, growing disposable incomes of people, & rising safety concerns among vehicle owners, is the prime factor expected to drive the market through 2028.
Additionally, various government initiatives toward promoting green mobility owing to the alarming levels of carbon emissions are also instigating consumers to buy electric vehicles with premium features, i.e., propelling the growth of the market.
Furthermore, used luxury vehicles are also gaining ground worldwide with easy financing, economical prices, & AMCs. They are being sold frequently after one or two years of use as owners seek upgrades & better variants, i.e., another prominent aspect creating new avenues for the market to witness notable prospects in the coming years.
SUVs to Witness a Rapidly Increasing Demand through 2028
With increasing consumer requirements for enhanced safety & comfort in vehicles due to the growing incidence of road accidents & fatalities worldwide, SUVs are witnessing high demand globally as they offer superior safety, convenience, styling, & practicality. More & more automakers are actively working on equipping their SUVs with the latest technologies in terms of both safety & security in order to cater to the mounting consumer demand. Hence, in view of these aspects, luxury SUVs are becoming increasingly popular worldwide, i.e., stimulating the overall growth of the luxury cars industry.
Asia-Pacific Luxury Cars Market to Attain the Highest CAGR
Across Asia-Pacific, China is the most prominent market for luxury cars, and India is one of the fastest-emerging countries. The mounting demand for luxury cars, especially SUVs, in these countries owes to the improving disposable incomes of people, benefits of these vehicles like extra space & comfort, and the launch of various models with varied price ranges & easy financing schemes. More & more people in China are opting for vehicles equipped with advanced technologies, digital interactions, connectivity, & ADAS and keep craftsmanship & quality as top parameters. In addition, the mounting proliferation of EVs in both countries is another prominent aspect projected to drive the market during 2023-28.
The key companies in the Market include General Motors, Porsche, Audi AG, BMW, Mercedes-Benz, Bentley, Ford Motors Co., Volkswagen Group, Tesla Inc., and Tata Motors.
Key Questions Answered in the Research Report: