Luxury cars have become a vital part of the global automotive market, with its prominence snowballing gradually. Luxury cars have always acted as a status symbol for individuals. These cars generally have improved interior and aesthetics with enhanced technology deployed inside the car. Moreover, the cars high innovative technology in the seating system which contains high-quality material and fabric used, cameras, anti-lock brakes, airbags, real-time navigators, heated seats, ventilated seats, powered seats, and massage seats. The customization options are available in the luxury cars of remote sensing, heat management, rain-sensing, and automatic parking. The manufacturers generally manufacture cars with high horsepower. OEMs manufacturers of luxury cars are trying to unveil the cars into the upper-middle-class income group by familiarizing mid-sized cars to improve their customer base and stay in the competition. Moreover, the resale cost of these cars is generally very high. Mercedes Benz, BMW, Audi, etc. are few of the is the largest producer of luxury vehicles across the globe in 2019. The growth of luxury vehicles is boosting at a steady rate in the upper-middle class and upper-class sections. The total revenue generated by luxury cars is estimated to be around USD 13,810 Million in 2019.
In North America revenue generated from the United States was around USD 7,283 Million.
According to MarkNtel Advisors’ research report “Global Luxury Cars Market Analysis, 2020”, the global market is set to soar at a CAGR of around 5.12% during the and expected to increase further. One of the major factors to drive the demand for luxury cars is that the OEM manufacturer of the luxury cars segment uses the next-generation technologies in the premium segment such as remote sensing, powered technology, automatic sensing of rain, autonomous driving, automatic parking and retina recognition. China had the highest registration of luxury cars in 2019. Sales in other parts of Asia-Pacific such as India, Japan, Australia, Singapore, etc., are also picking up. The presence of OEMs caters to the demand for luxury cars which boosts the sales in the region.
The manufacturers in Asia-Pacific especially in China and India has seen a robust growth due to the penetration of the cars into the market. China has been the largest manufacturers of BMW and Audi in the sedan segment. China has been continuously manufacturing and innovating the luxury cars within the uplifting the opportunities in the market. Mercedes Benz India saw a fair growth in sales during 2015-19. North America and the Middle East region ranks second in the regional segment while the Middle East has the largest number of imported luxury cars. North America dominates the market by having the largest electric vehicle manufacturing. Due to the snowballing demand for fuel-efficient vehicles, the mandate for the Electric Vehicle is anticipated to intensify in the coming years with less emission of fuel and environment-friendly technology used in the cars.
The leading market players in the luxury car segment are General Motors, Porsche, Audi AG, Mercedes Benz, Bentley, General Motors, Volkswagen Group and Tata motors group among others.
1. By Drive Type (IC Engine, Electric Vehicle)
2. By Vehicle Type (Hatchback, Sedan, SUV)
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 Application (Domestic luxury cars, Commercial luxury cars)
5. By Region (North America, South America, Europe, Middle East, and Africa and Asia-Pacific)
6. By Countries (China, India, Japan, South Korea, Indonesia, Canada, the United States, Germany, Spain, Italy, United Kingdom, Brazil, Argentina and South Africa and Saudi Arabia)
7. By Competitors (Tata Motors, Tesla, Toyota Motors Corporation, General Motors, BMW, Audi AG, Porsche)
Key questions answered in the study:
1. What are the current and future trends of the Global Luxury Cars industry?
2. What are the major application areas and their end-users?
3. Which region would grow at the fastest pace and why?
4. What are the key growth drivers and challenges for the Global Luxury cars industry?
5. What are the changing demands of the consumers and why?
6. What are the strategic initiatives taken by the leading players and Who are the leading players?
7. Which economy has the highest rate of adoption and Why?