Pune, India, July 11, 2023 (GLOBE NEWSWIRE) -- The global luxury car market size was valued at USD 1.05 trillion in 2022. The market is projected to grow from USD 1.17 trillion in 2023 to USD 2.55 trillion by 2030, exhibiting a CAGR of 10.5% during the forecast period.
Luxury automobiles are meticulously crafted to offer an exceptional driving experience, incorporating state-of-the-art technologies and luxurious features, catering to the needs of affluent customers who seek both comfort and high performance in their vehicles. Fortune Business Insights presents this information in their report titled "Global Luxury Car Market, 2023–2030."
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 10.5% | |
| 2030 Value Projection | USD 2.55 Trillion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 1.05 Trillion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 180 | |
Drivers & Restraints-
Market Observes Growth as Manufacturers Are Catering to Individual Preferences
Luxury car manufacturers offer an extensive selection of exclusive features and customization choices, catering to the specific needs and preferences of buyers. These offerings range from bespoke interiors and high-quality audio systems to Advanced Driver Assistance Systems (ADAS) and unique paint finishes. The availability of such exclusive features and customization options contributes significantly to the luxury car market share.
On the contrary, economic fluctuations result in the postponement of vehicle purchases, which may limit the luxury car market growth.
COVID-19 Impact-
The decline in Demand for Luxury Vehicles Amidst COVID-19 Pandemic
The outbreak of COVID-19 significantly impacted consumer confidence in non-essential expenditures, leading to a decline in demand for luxury automobiles. Economic uncertainties arising from job losses and financial constraints directly affected the purchasing power of potential buyers, causing them to postpone their plans to purchase luxury vehicles.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/luxury-car-market-104453
Segments-
The SUV Segment Dominates due to the Perfect Blend of Luxury and Utility
Based on vehicle type, the market is classified into sedan/hatchback, SUV, and sports/super luxury cars.
Luxury SUVs dominate the market by offering a blend of opulent features and functional versatility, enabling owners to indulge in a high-end driving experience that aligns with their lifestyle requirements.
Advanced Technologies Fuel the Rise of Luxury Electric Cars
Based on propulsion, the market is bifurcated into electric/hybrid and ICE.
Luxury electric and hybrid vehicles incorporate cutting-edge technologies, including high-capacity batteries and regenerative braking systems, to enhance their performance, efficiency, and overall driving experience.
High-Performing Drivetrains Drive the Market Growth
Based on components, the market is considered into the drivetrain, interior, body, electronics, and chassis. High-performance drivetrains in luxury vehicles is driven by the strong demand for exceptional power, acceleration, and dynamic handling capabilities.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage-
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights-
North America's Affluent Market Surges Demand for Luxury Vehicles
The notable presence of individuals with substantial disposable income and a significant number of ultra-high net-worth individuals in the U.S. supports the market growth in North America.
The market in Europe is driven due to the presence of established luxury car brands.
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Competitive Landscape-
Distinct Competitive Strategies of Key Players to Maintain Position
The leading companies in the market employ distinct selling propositions and strategies to establish differentiation. Competition among key players revolves around elements such as design, performance, technology, brand reputation, customer service, and pricing.
List of Key Players Covered in luxury car market Report:-
- Mercedes-Benz (Germany)
- Audi (Germany)
- BMW (Germany)
- Lexus (Japan)
- Porsche (Germany)
- Jaguar Land Rover (U.K)
- Cadillac (U.S.)
- Maserati (Italy)
- Volvo (Germany)
- Genesis (South Korea)
luxury car market Segmentation:-
By Vehicle Type
- SUV
- Sedan/Hatchback
- Sports/Super Luxury Cars
By Propulsion
- Electric/Hybrid
- ICE
By Component
- Drivetrain
- Interior
- Body
- Electronics
- Chassis
Key Industry Development:
April 2023 – Volkswagen launched and revealed an electric luxury sedan car, the Volkswagen ID.7, provided with a 435-mile battery range at the 2023 Auto Shanghai event.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Report Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions & Partnerships
- Latest Technological Developments
- Porters Five Forces Analysis
- Impact of COVID-19 on Global Luxury Car Market
- Global Luxury Car Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Vehicle Type
- SUV
- Sedan/Hatchback
- Sports/Super Luxury Cars
- Market Analysis, Insights and Forecast – By Propulsion
- Electric/Hybrid
- ICE
- Market Analysis, Insights and Forecast – By Components
- Drivetrain
- Interior
- Body
- Electronics
- Chassis
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-Pacific
- Rest of World
Toc Continue……
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