New York, NY, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Luxury Vehicles Market - By Crop Type (Sedan, Station Wagon, Hatchback, Coupe, And Convertible Body Styles, Minivans, Crossovers, Sport Utility Vehicles (SUV), And Others), Size (Premium Compact Vehicles, Entry-Level Luxury/Compact Executive Vehicles, Mid-Size Luxury/Executive Vehicles, High-End Luxury/Full-Size Luxury Vehicles, And Ultra-Luxury Vehicles And Luxury SUV/Crossover Vehicles): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Luxury Vehicles Market size & share in terms of revenue was valued at USD 760.07 billion in 2022 and it is expected to surpass around USD 1672.43 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 10.36% during the forecast period 2023 to 2030.”
What are Luxury Vehicles? How big is the Luxury Vehicles Industry?
Luxury Vehicles Report Coverage & Overview:
[Content]
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- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Luxury Vehicles Market: Growth Dynamics
There has been a distinct period of time in the history of the automotive industry that was characterised by a collection of automobile models that were sold at extremely high prices due to the general consensus that they possessed superiority in design and engineering. These automobiles catered to consumers from rich backgrounds as well as people who placed a high value on their social position and prestige. As a direct consequence of this, a category of automobiles known as "luxury vehicles" was developed with the sole intention of appealing to the economically secure section of the population.
The manufacturers of luxury vehicles created a variety of models with the intention of deliberately catering to distinct socioeconomic groups, taking into consideration elements such as income and societal standing when doing so. The growing prosperity of consumers in both established economies and emerging economies has contributed to the rise in global demand for these luxury vehicles. This trend, when combined with developments in the technology features of luxury vehicles that have made them more reachable, has caused the global demand for these vehicles to increase.
The global market for luxury automobiles is expected to have a significant expansion over the course of the period covered by this prediction, mostly as a result of the increased demand from wealthy consumers in a variety of economies. The industry is undergoing technological advancements that are enhancing the variety of luxury automobiles that are currently available, and enhancements in terms of affordability are further supporting this boom.
The future holds the possibility that increased investments in the luxury automobile industry, along with increased research and development activities, technical advances, and new inventions, will open up new doors of opportunity for business growth. In a nutshell, the market for luxury automobiles is about to undergo a period of considerable change in the next years.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 760.07 billion |
| Projected Market Size in 2030 | USD 1672.43 billion |
| CAGR Growth Rate | 10.36% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Mercedes-Benz (Germany), Audi (Germany), Jaguar Land Rover (U.K.), Cadillac (U.S.), Maserati (Italy), Tesla, BMW (Germany), Lexus (Japan), Porsche (Germany), Volvo (Germany), Genesis (South Korea), Ferrari, Rolls-Royce, Bentley, Lamborghini, Porsche |
| Key Segment | By Vehicle Type, By Propulsion, By Component, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Luxury Vehicles Market: Segmentation Analysis
Categorized by vehicle type, the market comprises sedan/hatchback, SUV, and sports/super luxury cars segments. Among these, SUVs emerged as the frontrunners in the vehicle type category, commanding a significant market share in 2022. The allure of Sport Utility Vehicles (SUVs) lies in their capacious interiors, generous cargo capacity, and adaptable seating arrangements, making them an attractive choice for consumers valuing practicality and functionality. In the realm of luxury, SUVs seamlessly blend opulent features with practicality, enabling owners to relish a premium driving experience while accommodating their lifestyle requisites. This surge in demand contributes to the thriving growth of the luxury SUVs segment.
Porsche, in March 2023, announced its strategic plan to introduce a luxury electric SUV, tapping into the escalating demand for luxury vehicles in both the U.S. and China markets. Moving on, the sedan/hatchback category proffers substantial cargo space and passenger seating capacity, rendering them a favored option for buyers who prioritize utilitarianism and everyday convenience. In the realm of luxury vehicles, discerning consumers often opt for luxury sedans and hatchbacks due to their practical appeal.
Elevating the landscape, the growth of the sports/super luxury cars segment is attributed to the exceptional performance, cutting-edge technologies, and distinctive designs inherent in these vehicles. Renowned for their high-speed acceleration, precision handling, and advanced features, sports/super luxury cars cater to the desires of consumers seeking a blend of luxury and an extraordinary driving experience.
Segmented by propulsion, the market is divided into electric/hybrid and ICE categories. Electric/hybrid luxury vehicles are equipped with cutting-edge technologies, such as high-capacity batteries and regenerative braking systems, resulting in seamless acceleration and quiet operation. These features contribute to the growing demand for luxury electric cars within the market. In April 2023, Mercedes-Benz unveiled four new luxury electric vehicles (EVs) in India, a strategic move to capture a significant portion of the country's electric vehicle market. The company aims to secure 25% of India's total electric vehicle sales by the year 2027.
In contrast, ICE-based luxury vehicles offer an extensive array of customization options, enabling buyers to tailor their vehicles to precise preferences, spanning from engine specifications to exterior design elements. This customizable appeal has propelled the market growth of internal combustion engines (ICE) within the luxury vehicle segment.
Categorized by component, the market is divided into drivetrain, interior, body, electronics, and chassis sectors. The prevalence of a demand for high-performance drivetrains, capable of delivering exceptional power, acceleration, and dynamic handling qualities in luxury vehicles, establishes the dominance of this segment within the market. The burgeoning growth of the electronics segment is primarily attributed to the advancements in connectivity and digital services, the integration of ADAS (Advanced Driver Assistance Systems) technology, autonomous driving technology, and the incorporation of IoT (Internet of Things) in luxury vehicles. These elements collectively propel the growth of the electronics segment. For instance, in February 2023, Mercedes-Benz collaborated with Google to create a branded navigation system using novel in-car geospatial data and navigation capabilities from the Google Maps Platform.
On the other hand, the interior, body, and chassis segments are projected to cater to the demands of comfort, ergonomics, safety, styling, and design inherent in luxury vehicles, which significantly contribute to their brand image and prestige. These considerations motivate manufacturers to continually innovate and develop new technologies relevant to these segments, thereby fueling the expansion of the market.
The global Luxury Vehicles market is segmented as follows:
By Vehicle Type
- SUV
- Sedan/Hatchback
- Sports/Super Luxury Cars
By Propulsion
- Electric/Hybrid
- ICE
By Component
- Drivetrain
- Interior
- Body
- Electronics
- Chassis
- Porsche
Browse the full “Luxury Vehicles Market - By Crop Type (Sedan, Station Wagon, Hatchback, Coupe, And Convertible Body Styles, Minivans, Crossovers, Sport Utility Vehicles (SUV), And Others), Size (Premium Compact Vehicles, Entry-Level Luxury/Compact Executive Vehicles, Mid-Size Luxury/Executive Vehicles, High-End Luxury/Full-Size Luxury Vehicles, And Ultra-Luxury Vehicles And Luxury SUV/Crossover Vehicles): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2023 – 2030” Report at https://www.zionmarketresearch.com/report/luxury-vehicles-market
Competitive Landscape
Some of the main competitors dominating the global Luxury Vehicles market include -
- Mercedes-Benz (Germany)
- Audi (Germany)
- Jaguar Land Rover (U.K.)
- Cadillac (U.S.)
- Maserati (Italy)
- Tesla
- BMW (Germany)
- Lexus (Japan)
- Porsche (Germany)
- Volvo (Germany)
- Genesis (South Korea)
- Ferrari
- Rolls-Royce
- Bentley
- Porsche
- Lamborghini
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Luxury Vehicles market is likely to expand at a CAGR of around 10.36% during the forecast period (2023-2030).
- In terms of revenue, the Luxury Vehicles market size was valued at around US$ 760.07 billion in 2022 and is projected to reach US$ 1672.43 billion by 2030.
- Based on type segmentation, SUVs dominated the vehicle type segment, holding a substantial market share in the year 2022.
- Based on propulsion analysis, Enhanced Capabilities in Electric Vehicles Drive Advancements in the Sector's Growth.
- The market segment's supremacy is propelled by the desire for high-performance drivetrains in luxury vehicles, providing impressive power, acceleration, and agile handling attributes.
- On the basis of geography/region, the “North America” region was the leading revenue generator in 2022.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Luxury Vehicles industry?
- What are the main driving factors propelling the Luxury Vehicles Market forward?
- What are the leading companies in the Luxury Vehicles Industry?
- What segments does the Luxury Vehicles Market cover?
- How can I receive a free copy of the Luxury Vehicles Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Vehicle Type, By Propulsion, By Component, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
Major markets for luxury vehicles include the U.S., China, Japan, Canada, India, and various European countries. The global luxury vehicles market is anticipated to experience favorable expansion in the foreseeable future. The surge in disposable income stands as a pivotal driver for worldwide market growth. Moreover, automotive manufacturers and financial institutions offer diverse loan schemes, facilitating customers in upholding their societal status. This aspect contributes to heightened demand for luxury vehicles in developing nations, thereby positively influencing the global luxury vehicles market's growth trajectory. Conversely, the upsurge in fuel prices within developing countries like India could serve as a market constraint, impeding the overall global market growth.
The European region encompasses the United Kingdom, Germany, France, the Netherlands, Norway, and other European countries. Luxury car manufacturers within Europe are establishing fresh production facilities dedicated to luxury car manufacturing, thus amplifying the European market's momentum. Furthermore, the introduction of a new lineup of environmentally conscious luxury vehicles contributes to the market's expansion. The escalating desire for luxury vehicles and a heightened demand for enhanced driving comfort are driving the growth of the luxury vehicle market. Additionally, the proliferation of electric luxury cars is on the rise, responding to the robust global appetite for electric vehicles.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
By 2021, it had secured its position as the most favored luxury electric vehicle (EV) in China. Moreover, the backing of government initiatives and regulatory measures is projected to elevate the uptake of electric luxury cars, thereby propelling market expansion throughout the forecasted period.
To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/luxury-vehicles-market
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