Market Research Report

Global Luxury Cars Market Research Report: Forecast (2024-2030)

Luxury Cars Market Report By Vehicle Type (Sedan, SUV and Hatchback), By Drive Type (IC Engine and Electric Vehicle), 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), By Engine Capacity (Upto 3,000 cc and Above 3,000 cc), and Others Read more

  • Automotive
  • Jul 2024
  • 198
  • PDF, Excel, PPT

Market Definition

Luxury cars are vehicles with the most advanced features & applications and exhibit top-quality materials to offer passengers extraordinary comfort & ease. These stand-apart vehicles have superior-quality interiors, leather seats, brilliant suspension, advanced sensors, cameras, & maps, among others, offering optimal safety & service and enhanced overall performance of a vehicle.

Market Insights & Analysis: Global Luxury Car Market (2024-30):

The Global Luxury Car Market size was valued at around USD 2.5 trillion in 2023 and is projected to grow at a CAGR of around 35.76% during the forecast period, i.e., 2024-30. The growth of the market is likely to be driven primarily by the booming automotive industry worldwide, backed by the burgeoning demand for autonomous vehicles, increasing urbanization, growing disposable incomes of people, and rising safety concerns among vehicle owners. Besides, government initiatives toward promoting the uptake of EVs (Electric Vehicles) as a green mobility option due to the growing environmental consciousness in light of alarming levels of carbon emissions are also instigating consumer inclination toward premium vehicles and, in turn, augmenting the Global Luxury Car Market share as disclosed by the recent luxury car market analysis.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 35.76%
Regions Covered North America: The US, Canada
Europe: Germany, Italy, France, the UK
Asia-Pacific: China, India, Japan 
South America: Brazil, Argentina
Middle East & Africa: Saudi Arabia, the UAE
Key Companies Profiled Volkswagen Group, Tata Motor Ltd, Tesla Inc, General motors Co, Ford Motors Co, Audi AG, Toyota Motors, Porsche, BMW Group and Others
Market Value In 2023 USD 2.5 Trillion

 

Moreover, the mounting demand for used luxury vehicles is another opportunistic area for the growth & development of luxury car brands. These cars are being sold frequently after one or two years of usage as owners seek upgrades & better variants. With easy finance options and economical entry prices to meet the growing demand, pre-owned luxury vehicles are gaining traction and, as a result, propelling the size & volume of the luxury vehicle market globally.

Global Luxury Car Market Driver:

Increasing Demand for Comfortable Driving Conditions & Added Premium Features – Expensive vehicles come with capabilities that make driving a better experience, such as intelligent remote entry, satellite radio, and adaptive cruise control. Other than this, contemporary innovations, premium materials, and robust engines are the essential components utilized in the manufacturing of luxury automobiles, making the majority of people inclined toward these luxury car brands. Besides this, luxury automobiles also have amenities like active suspension, executive rear seats, remote starting, and massaging seats for a better and more pleasant ride.


Global Luxury Cars Market Research Report: Forecast (2024-2030)

Furthermore, customers are becoming more intrigued by cutting-edge items offering comfort, such as champagne chillers, reclining seats, etc. Thus, incorporating the most luxurious and comforting features provides luxury brands with a growing opportunity to invest more in innovative variants and witness tremendous growth & expansion in the largest luxury car market in the world during the forecast period.

Global Luxury Car Market Key Driver Growth Opportunity:

Strengthening Collaborations & Ventures Among Several Car Brands to Offer Lucrative Growth Opportunities – Car brands have been competing to increase their luxury car brand market share over the years. Their consistent actions of launching 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 luxury car manufacturers are going for collaborations & ventures to increase car market share worldwide. For instance,

  • In March 2024, the Audi-marque joint venture between China's FAW Group and Germany's Volkswagen, FAW-Volkswagen Audi, shared plans to offer financial assistance to Chinese car dealers to assist them in shifting their inventory. According to the China Association of Automobile Manufacturers, the inventory-to-sales ratio for luxury car brands in China increased to 1.4% in February from 1.3% in January 2024.

Therefore, increasing collaborations & ventures among luxury car brands are anticipated to augment the luxury car market share in the coming years.

Global Luxury Car Market Challenge:

High Purchasing Costs & Exorbitant Maintenance Charges – One of the leading factors that hold the potential to hinder the growth of the luxury car brand market 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, consequently impeding the further growth & expansion of the luxury vehicle market in the coming years.

Global Luxury Car Market Trend:

Increasing Popularity of Luxury Electric Cars – The rising prominence of luxury electric cars is emerging as the key trend in the market. As a result, a considerable portion of the global population has diverged their interests 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 makers in India are all set to launch several electric vehicles soon as they bet on EVs accounting for up to 25% of their sales in the country in the next couple of years, up from low single-digit shares in 2022. Interestingly, Audi, Mercedes, and other luxury electric cars made it to the top even when priced higher than petrol and diesel vehicles.

Other than this, the benefits offered by the government, such as earning incentives by being a buyer, and the establishment of more charging stations along with Hydrogen fuel stations, have also swiftly elevated the sales of electric variants. Additionally, the more considerable lifespan of the vehicle compared to fossil-fuel cars, zero-emission vehicles through tax rebates and subsidies, and strengthening security features are some of the crucial aspects again encouraging the adoption of luxury electric cars. Thus, this emerging luxury car market trend is anticipated to augment the luxury car market share worldwide.

Global Luxury Car Market (2024-30): Segmentation Analysis

The Global Luxury Car Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Vehicle Type:

  • Sedan
  • SUV
  • Hatchback

Here, Luxury SUVs are projected to register a higher CAGR than their peers in the global market during 2024-30. It owes to the perceived safety, convenience, styling, and practicality offered by these cars, coupled with the ever-increased consumer requirements for enhanced safety & comfort due to the growing incidence of road accidents & fatalities worldwide. Luxury SUVs provide a very high degree of safety & security to commuters. To cater to the mounting consumer demand for these cars, more & more automakers are actively working on equipping their product offerings with the latest technologies in terms of both safety & security features. Hence, these luxury car market trends are making the SUV segment increasingly popular & in demand globally, which projects remunerative prospects for the luxury cars industry in the coming years.

Based on Drive Type:

Here, ICE currently dominates the Global Luxury Car Market with a major market share. However, the demand for such vehicles is likely to reduce gradually in the future owing to the growing penetration of EVs in light of stringent norms toward curbing carbon emissions across different countries worldwide. As governments & private associations are tightening emission regulations, the need for sustainable & environmentally friendly transportation like EVs is increasing at a significant pace, where incentives & subsidies are also being provided to buyers. Trends like autonomous driving, advanced telematics, personal voice assistance, and retinal recognition are further infusing EV sales globally, which indicates a lucrative future ahead for the Luxury Cars Market in the EV segment. According to the luxury car market analysis, the global car market share is anticipated to grow rapidly in the coming years because a high number of buyers would be inclined towards cars suitable as per sustainability norms.

Global Luxury Car Market (2024-30): Regional Projections

Geographically, the Global Luxury Car Market expands across:

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

Asia-Pacific is projected to witness the highest growth for the forecast period, 2024-30, with China as the most prominent and India as one of the fastest-growing countries. It owes to the mounting demand for luxury SUVs as they offer extra space & comfort. 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 also augmenting the size of the luxury car industry.

Moreover, the mounting interest of the Chinese population in buying 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 aspects projected to drive the Luxury Cars Market in Asia-Pacific in the coming years.

Global Luxury Car Industry Recent Development:

  • September 2023: The Toyota Motor Corporation introduced the new, high-end Century model. The goal was to introduce the new model by the end of 2023. The new Century model would provide complete worldwide customization.
  • In February 2023, Tesla Inc. successfully overtook the Bayerische Motoren Werke AG, alias BMW, and earned its position as the top-most luxury EV car-selling brand in the United States of America. In general, Tesla Inc. achieved this success with the help of the recent Model 3 EV vehicle, which transcended the sales of the BMW 3 Series and the Mercedes-Benz C-Class.
  • January 2023: In India, BMW unveiled the much-awaited i7 car. The Mercedes-Benz EQS, which debuted in 2022, would compete with the i7, which is based on the flagship 7-Series.

Gain a Competitive Edge with Our Global Luxury Car Market Report

  1. Global Luxury Car Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & market share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. Global Luxury Car Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Global Luxury Car Market is expected to grow at a compound annual growth rate (CAGR) of around 35.76% during 2024-30.

   A. The Global Luxury Car Market size was valued at around USD 2.5 trillion in 2023.

   A. The increasing demand for comfortable driving conditions & added premium features are anticipated to drive the Global Luxury Car Market during 2024-30.

   A. The top companies in the Global Luxury Car Market are Volkswagen Group, Tata Motor Ltd., Tesla Inc., General Motors, Ford Motor Company., Audi AG, Toyota Motor Corporation, Porsche, BMW Group, and others.

   A. The ICE (Internal Combustion Engine) segment held the largest share of the Global Luxury Car Market.

   A. The Asia-Pacific region would present growth prospects in the Global Luxury Car Market during 2024-30.

   A. The increasing popularity of luxury electric cars is one of the key trends shaping the growth of the Global Luxury Car Market.

   A. High purchasing costs & exorbitant maintenance charges are possible restraints affecting the growth of the Global Luxury Car Market.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Executive Summary
  3. Expert Verbatim- What our Experts Say?
  4. Global Luxury Cars Market Analysis, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Vehicle Type
        1. Hatchback
        2. Sedan
        3. SUV
      2. By Drive Type
        1. IC Engine
        2. Electric Vehicle
      3. By Size of Vehicle
        1. Premium compact segment cars
        2. Entry level luxury/ Compact executive cars
        3. Mid-size luxury/executive cars
        4. High end luxury/full size luxury cars
        5. Ultra luxury cars and luxury SUV/ crossover vehicle market
        6. Performance luxury market
      4. By Engine Capacity
        1. Upto 3,000 cc
        2. Above 3,000 cc
      5. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East and Africa
        5. Asia-Pacific
      6. By Company
  5. North America Luxury Cars Market Analysis, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Drive Type
      3. By Size of Vehicle
      4. By Engine Capacity
      5. By Country
    3. United States Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
    4. Canada Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
  6. South America Luxury Cars Market Analysis, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Drive Type
      3. By Size of Vehicle
      4. By Engine Capacity
      5. By Country
    3. Brazil Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
    4. Argentina Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
  7. Europe Luxury Cars Market Analysis, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Drive Type
      3. By Size of Vehicle
      4. By Engine Capacity
      5. By Country
    3. Germany Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
    4. Italy Automotive Seat Luxury Cars s Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
    5. France Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
    6. United Kingdom Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
  8. Middle East Luxury Cars Market Analysis, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Drive Type
      3. By Size of Vehicle
      4. By Engine Capacity
      5. By Country
    3. Saudi Arabia Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
    4. UAE Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
  9. Africa Luxury Cars Market Analysis, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Drive Type
      3. By Size of Vehicle
      4. By Engine Capacity
      5. By Country
    3. South Africa Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
  10. Asia-Pacific Luxury Cars Market Analysis, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Drive Type
      3. By Size of Vehicle
      4. By Engine Capacity
      5. By Country
    3. China Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
    4. India Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
    5. Japan Luxury Cars Market Analysis, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenue
        2. Units Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Drive Type
        3. By Size of Vehicle
        4. By Engine Capacity
  11. Global Luxury Cars Market Policies, Regulations, Product Standards
  12. Global Luxury Cars Market Trends & Insights
  13. Global Luxury Cars Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  14. Global Luxury Cars Market Hotspot & Opportunities
  15. Global Luxury Cars Market Key Strategic Imperatives for Success & Growth
  16. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Brand Specialization
      3. Target Markets
      4. Target End Users
      5. Research & Development
      6. Strategic Alliances
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Volkswagen Group
      2. Tata Motor Ltd
      3. Tesla Inc
      4. General motors Co
      5. Ford Motors Co
      6. Audi AG
      7. Toyota Motors
      8. Porsche
      9. BMW Group
      10. Others 
  17. Disclaimer


Luxury Cars Market Segmentation Slide