Luxury Car Market Size, Share, Trends, Growth 2024-2032

The Business Research Company’s Luxury Car Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Luxury Car Global Market Report 2023 evaluates luxury car market size, growth rate, drivers, trends, and major companies.

The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The global luxury car market is expected to grow from $535.18 billion in 2022 to $582.19 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The luxury car market is expected to reach $786.55 billion in 2027 at a CAGR of 7.8%.

The growing trend of electric luxury vehicles is expected to propel the growth of the luxury car market going forward. Electric luxury vehicles refer to a vehicle that utilizes exclusively battery-stored energy to be pushed by one or more electric traction motors. Rising environmental awareness and a desire for cutting-edge technology and innovation in luxury automobiles drive the rising demand for electric luxury cars. The surge in popularity of electric luxury automobiles is the main factor driving up demand in the luxury car market. For instance, in January 2023, according to Tesla Inc., a US-based automobile company, production and delivery totals for the model S/X and E/Y (luxury electric vehicles) for the fourth quarter were over 439,000 and over 405,000, respectively. Vehicle deliveries increased 40% yearly to 1.31 million in 2022, while manufacturing rose 47% annually to 1.37 million. Therefore, the growing trend of electric luxury vehicles is driving the growth of the luxury car market.

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The luxury car market segments in the report are:

1) By Vehicle: Hatchback, Sedan, Sports Utility, Multi-Purpose Vehicle

2) By Vehicle Class: Entry-Level Luxury, Mid-Level Luxury, Ultra Luxury

3) By Propulsion: Internal Combustion Engine (ICE), Electric

4) By Fuel: Gasoline, Diesel, Electric

The table of contents in TBRC’s luxury car market report includes:

Executive Summary
Luxury Car Market Characteristics
Luxury Car Market Trends And Strategies
Luxury Car Market – Macro Economic Scenario
Luxury Car Market Segmentation.

Global Luxury Car Market Competitive Benchmarking
Global Luxury Car Market Competitive Dashboard
Key Mergers And Acquisitions In The Luxury Car Market
Luxury Car Market Future Outlook and Potential Analysis
Appendix

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