Press Release Description
Luxury Car Market Size Reaches USD 1.3 Trillion in 2024, Expected to Surge to USD 2.12 Trillion by 2030
The Global Luxury Car Market size was valued at USD 1.3 trillion in 2024 and is projected to reach USD 2.12 trillion by 2030. Along with this, the market is estimated to grow at a CAGR of around 10.28% during the forecast period, i.e., 2025-30, 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 are likely to pave the way for more EVs (Electric Vehicles) during the forecast period.
Moreover, car brands have been competing to increase their luxury car brand market share in the past few years. Their consistent efforts to launch a new car or rigorous modification more often are the crucial elements likely to present the market with more remunerative opportunities for luxury car manufacturers. Apart from this, the luxury car market growth depends on more global audiences fulfilling their ambitions of owning premium cars. As a result, leading market players are going for collaborations & ventures to increase luxury car market size & volume worldwide.
Additionally, the increasing popularity of luxury electric cars is emerging as the key trend in the luxury car industry globally. As a result, a considerable portion of the global population has been inclined toward purchasing an electric luxury car, paving the way for more models to arrive in the coming years, particularly in the coming years. For example, luxury car manufacturers in India are ready to launch new variants of electric vehicles soon as they are trying to reach a share of EVs to 25% of their total sales in the country in the next couple of years. Interestingly, Audi, Mercedes, and other luxury electric cars made it to the top even when priced higher than petrol and diesel vehicles.
Despite a bright market outlook, there are some challenges to the growth & expansion of the Global Luxury Car Market. One of them is the high purchasing cost and expensive charges spent on maintenance. The financial burden incurred by such cars makes buyers question their affordability over mid-value cars, as luxury cars are equipped with advanced technologies and more premium features, usually associated with royalty. This may result in the sales being restricted to the privileged population only, thus hindering the possible growth & expansion of the luxury vehicle market, further states the research report, “Global Luxury Car Market Analysis, 2025.
Global Luxury Car Market Segmentation Analysis
ICE (Internal Combustion Engine) Drive Type Holds a Major Market Share
Based on the drive type, the market is further bifurcated into ICE (internal combustion engine) and electric vehicles. ICE segment currently leads 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). Thus, in the coming years, the electric vehicles (EVs) segment is anticipated to register steady revenue growth.
Asia-Pacific Leads the Global Luxury Car Industry
Asia-Pacific is anticipated to witness steady revenue growth in the coming years, with China as the most prominent and India as one of the fastest-growing countries. This revenue growth in the region is due to the mounting demand for luxury SUVs as these vehicles offer extra space & comfort. Additionally, the rapidly rising number of high- & ultra-high-net-worth individuals and the launch of various models with varied price ranges & easy financing schemes across the region are other factors for the market growth & expansion.
Moreover, the increasing inclination of the Chinese population to buy vehicles with craftsmanship & quality as top parameters, advanced technologies, digital interactions, connectivity, and ADAS, among other features, coupled with the rapidly growing adoption of EVs across the country, are other crucial factors projected to augment the Luxury Cars Market in Asia-Pacific in the coming years.
Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Volkswagen Group, Tata Motor Ltd., Tesla Inc., General Motors, Ford Motor Company., Audi AG, Toyota Motor Corporation, Porsche, BMW Group, and others are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping up across the regions?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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