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, and progressive sensors, cameras, & maps, among others, which offer optimal safety & service and enhanced overall vehicle performance.
The Global Luxury Cars Market is expected to grow at around 5.12% during the forecast period, i.e., 2023-28. 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 market expansion.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: US, Canada|
|Europe: Germany, Italy, France, UK|
|Asia-Pacific: China, India, Japan|
|South America: Brazil, Argentina|
|Middle East & Africa: Saudi Arabia, UAE|
|Key Companies Profiled||Volkswagen Group, Tata Motor Ltd, Tesla Inc, General motors Co, Ford Motors Co, Audi AG, Toyota Motors, Porsche, Others|
|Unit Denominations||USD Million/Billion|
Moreover, the mounting demand for used luxury vehicles is another opportunistic area for the luxury car industry. These cars are being sold frequently after one or two years of usage as owners seek upgrades & better variants. With easy finance options, economical entry prices, & AMCs of such vehicles, the as well as In order to meet the growing demand, pre-owned luxury vehicles are gaining traction and, as a result, propelling the overall market growth.
Based on Vehicle Type:
Here, luxury SUVs are projected to register a higher CAGR than their peers in the global market during 2023-28. 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 trends are making luxury SUVs increasingly popular & in demand globally, which project remunerative prospects for the luxury cars industry in the coming years.
Based on Drive Type:
Here, ICE currently dominates the Global Luxury Car Market. 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.
Geographically, the Global Luxury Cars Market expands across:
Of all regions globally, Asia-Pacific is projected to witness the highest growth of the Luxury Cars Market for 2023-28, with China as the most prominent driver 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.
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.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Luxury Cars Market is projected to register around 5.12% CAGR during 2023-28.
A. The increasing prevalence of EVs, rising disposable incomes, and the burgeoning demand for autonomous vehicles worldwide are the prime aspects expected to drive the Luxury Cars Market during 2023-28.
A. General Motors, Porsche, Audi AG, BMW, Mercedes-Benz, Bentley, Ford Motors Co., Volkswagen Group, Tesla Inc., and Tata Motors are the key companies participating in the Luxury Cars Market.
A. SUVs would emerge as an area of remunerative opportunities for the leading players in the Luxury Cars Market during 2023-28.
A. Asia-Pacific would generate lucrative prospects for the Luxury Cars Market over the coming years.