Due to the shifting preferences of individuals from Sedan to SUVs, coupled with an increased level of disposable income and higher living standards of consumers, the demand for luxury cars has intensified in the recent years. Luxury cars have been always a prominent part of the automotive segment. Ongoing research and development such as biometric integration, head-up displays, improved infotainment systems, etc., are attracting a large number of customers across the globe.
The MarkNtel Advisors’ research report “Global Luxury Cars Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting revenue and units sold, hotspots and opportunities available for automotive seats across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go-to-Market Strategies and identifying the blue ocean for its offerings.
Introduction of the luxury cars for upper middle income and middle-income groups with enhanced interiors as well as exteriors has catalyzed the demand for luxury cars. Technology integration with the help of the IT companies using various technologies such as remotely accessing the data via applications, real-time monitoring of the speed and navigation, voice recognition, and face recognition.
Moreover, due to changing customer behavior about buying cars, there has been a significant demand for fuel-efficient cars that run on electricity and consume low fuel. The adoption of electric vehicles in the world is increasing at a high rate. Electric vehicle functioning is usually introduced in sedan and hatchback luxury cars.
According to MarkNtel Advisors’ research report titled “Global Luxury Cars Market Analysis, 2020”, the revenue generated from the sales of luxury cars in 2019 exceeded USD 13 billion. The demand for luxury vehicles is anticipated to grow further in the coming years due to the rapid overhaul of magnificent interiors and aesthetics of cars. Improved seating systems such as fine material used in the seats, powered seats, ventilated seats, and buckets, in addition to the best-in-class sound system, head-up displays, integration of artificial intelligence, etc. are gaining considerable traction.
Due to the infusion of Information Technology, OEMs of the luxury cars and the brand owners are providing mobility cloud services where all the data such as the speed of the car, temperature, and heating system inside the cars are managed by the main server which is connected to the car. BMW provides open mobility cloud services to the customers which are supported by the Electronically Control Unit (ECU). BMW is set to launch the i3 electric vehicle model which has sensors and cameras inside the cars and no mirrors.
Moreover, the growth driver in the luxury car market in the coming future will be the retro-inspired coach building inside the car. The manufacturers will focus on the consumer's demand for designing the retro and traditionally inspired cars of premium quality which are hi-tech and have high-quality equipment designed to give a car a quality brand image and superior quality from other cars. These would be designed to provide the consumer with comfort; and the body of the vehicle will be known as the “Coachwork”.
The Asia-Pacific is an emerging economy where the adoption of electric luxury cars is at the highest rate. China has the highest number of registered Electric Vehicle luxury cars. India is considered to be the largest market for passenger cars, with production around 4,064,774 in 2018. North America, which generated a revenue of around USD 7,283 million, and Europe, which generated a revenue of around USD 5,667 million in 2019, are the leading manufacturers of luxury cars. The Middle East and Africa, especially Saudi Arabia, is the largest importer of luxury vehicles.
Major leading players of the Global Luxury cars market are Tata Motors, Volkswagen Group, Ford Motors, Porsche, BMW, Tesla Inc., and General Motors Company among others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR of Global Luxury Cars Market during 2020-25?
A. The market size of Global Luxury Cars market during 2020-25 is forecast to be around 6.5%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that Asia-Pacific will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in Global Luxury Cars Market?
A. Tata Motors, Volkswagen Group, Ford Motors, Porsche, BMW, Tesla Inc., and General Motors Company are few of the leading players in the Global Luxury Cars Market.
Q. Does the report scope cover Global Luxury Cars type and region wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Luxury Cars type and region wise statistics such as market size, market segmentation based on various subcategories.
