Pune, India, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to the report by Fortune Business Insights, the global Luxury Car market size to Grow from USD 449.7 billion in 2019 to USD 655.0 billion in 2027 at a CAGR of 9.3 in the 2021-2027 period. 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 emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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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.
As compared to conventional vehicles, luxury vehicles are very expensive in nature owing to their luxurious and advanced features, such as high-quality parts and expensive materials. Additionally, the cost of manufacturing cars with luxurious features and options is higher than the cost of manufacturing them with universal features. In addition to this, as the sales of luxury cars are very low, a large part of the selling price is used to pay for their development, making these types of cars more expensive. Therefore, the high cost of luxury vehicles is expected to hamper the market growth.
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Industry Developments:
July 2020 – Bayerische Motoren Werke AG Sets up Competence Centre for E-drive Production BMW Group is expanding its production capacity for electric drive by opening the Competence Centre in its largest production plant at Dingolfing. The company will be producing electric drive components such as high-voltage batteries, battery modules, and electric motors.
List of the Companies Operating in the 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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Global Luxury Car Market Segmentation:
By Vehicle Type:
- Hatchback
- Sedan
- Sport Utility Vehicle
By Propulsion Type:
- ICE
- Electric
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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