Luxury Car Market Size Projected to Reach USD 655.0 Billion by 2027 | Fortune Business Insights
According to Fortune Business Insights, the global luxury car market size is projected to reach USD 655.0 billion by 2027 from its value USD 449.7 billion in 2019, at CAGR of 9.3% during forecast period.
Pune, India., Jan. 30, 2023 (GLOBE NEWSWIRE) -- The luxury car market size to hit USD 655.0 billion by 2027. The global market size was valued USD 449.7 billion in 2019. Increasing demand of electrified autonomous cars and rising adoption of Luxury EV cars to boost the market growth. The rising disposable income across the world will contribute to the growth of the market in the coming years.
A luxury car provides an improved level of interior, comfort, and performance which is usually higher than a basic car. The rising disposable income in several countries across the world has given the platform for the companies operating in the market. The massive investments in luxury car can be attributable to several reasons, among which comfort and quality stand out. The presence of several large scale luxury cars manufacturers will emerge in favor of growth of the market in the coming years. Companies such as BMW and Mercedes-Benz have completely changed the face of the global luxury car market, with these companies together accounting for a dominant market share. The increasing demand for luxury cars across the world will have a huge impact on the growth of the global market in the coming years.
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Key Takeaways:
Luxury vehicle automakers such as BMW AG, Audi, Lexus, Mercedes-Benz, and Volvo have upheld positive growth in the Chinese market.
Sedan Segment to Hold the Largest Share Fueled by Its High Production & Sales
Increasing Demand for Pre-Owned Luxury Cars to Aid Growth
Rising Adoption of the Electric Luxury Cars to Drive Growth
Introduction of Electrified and Autonomous Cars is a Crucial Trend
Drivers & Restraints-
Increasing Number of Company Collaborations Will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing demand for the product, there is a healthy market competition across the world. The strong market competition has encouraged companies to adopt newer strategies that have helped them establish a stronghold in the market. In August 2020, Mercedes-Benz and CATL announced that they have formed a strategic partnership; a step that is consequential to the former’s efforts to introduce electric vehicles. This partnership is aimed at the development of a cutting-edge battery technology for use in Mercedes-Benz’s upcoming electric cars. Increasing number of such company collaborations will have a huge impact on the growth of the overall market in the forthcoming years.
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Regional Insights:
Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies Will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The presence of several large scale manufacturers in this region has had a huge impact on the growth of the regional market. The constantly increasing population in countries such as India and China have given the for the companies operating in the luxury car market in Asia Pacific. The increasing production units in these regions is attributable to the low-costs and tax savings associated with assembly and sale procedures across several countries. As of 2019, the market in Asia Pacific was worth USD 231.8 billion and this value is projected to rise at considerable pace in the coming years.
A list of prominent Luxury Cars manufacturers operating in the global market:
Daimler AG (Stuttgart, Germany)
Bayerische Motoren Werke AG, (Munich, Germany)
Volvo Car Corporation (Gothenburg, Sweden)
Volkswagen AG (Wolfsburg, Germany)
Tata Motors Limited (Mumbai, India)
Toyota Motor Corporation (Toyota, Aichi, Japan)
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Industry Developments:
January 2019 – Mercedes-Benz’s partnership with Farasis Energy Co. Ltd. is aimed at delivering a safe source of battery cell supply for Mercedes-Benz’s electrification strategy. The key fundamentals of the agreement include the industrialization and development of highly advanced battery technology, as well as the ambitious goal of achieving cost competitiveness. While Farasis has secured safety through planned capacity construction.
Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Merger, Acquisitions, and Partnerships
Distributor Analysis – For Major Players
Growth and Penetration Analysis
Porter’s Five Forces Analysis
PEST Analysis
Vendor Landscape
Global Luxury Car Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Propulsion Type
ICE
Electric
Market Analysis, Insights and Forecast – By Vehicle Type
Hatchback
Sedan
Sport Utility Vehicle (SUV)
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia pacific
Rest of the World
North America Luxury Car Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis – By Propulsion Type
ICE
Electric
Market Analysis – By Vehicle Type
Hatchback
Sedan
Sport Utility Vehicle (SUV)
Market Analysis – By Country
U.S.
Canada
Mexico
Europe Luxury Car Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis – By Propulsion Type
ICE
Electric
Market Analysis – By Vehicle Type
Hatchback
Sedan
Sport Utility Vehicle (SUV)
Market Analysis – By Country
U.K.
Germany
France
Rest of Europe
Asia Pacific Luxury Car Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis – By Propulsion Type
ICE
Electric
Market Analysis – By Vehicle Type
Hatchback
Sedan
Sport Utility Vehicle (SUV)
Market Analysis – By Country
Japan
China
India
South Korea
Rest of Asia Pacific
Rest of the World Luxury Car Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis – By Propulsion Type
ICE
Electric
Market Analysis – By Vehicle Type
Hatchback
Sedan
Sport Utility Vehicle (SUV)
Competitive Analysis
Key Industry Developments
Global Market Share Analysis (2019)
Competition Dashboard
Comparative Analysis – Major Players
Company Profiles (Overview, Products & Services, SWOT analysis, Recent developments, strategies,
financials (based on availability))
Daimler AG
Bayerische Motoren Werke AG
Volvo Car Corporation
Volkswagen AG
Tata Motors Limited
Toyota Motor Corporation
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