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.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/luxury-car-market-104453
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.
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
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)
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/luxury-car-market-104453
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
Speak to Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/luxury-car-market-104453
Explore Our Realted Trending Reports of Automotive Market:
Luxury Car Rental Market Size, Share, Growth Report, 2027
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
U.S.: +1 424 253 0390
U.K.: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
