The Business Research Company’s report on the Luxury Car Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the luxury car market in recent years?
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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What is the projected market size of the luxury car industry, and how is it expected to grow?
The luxury car market size has grown strongly in recent years. It will grow from $623.9 billion in 2024 to $672.26 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to the economic boom and affluent consumer base, globalization, and market expansion, brand prestige and heritage, changing lifestyles and urbanization, rise of emerging markets
The luxury car market size is expected to see strong growth in the next few years. It will grow to $920.17 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to electrification and sustainable luxury, subscription-based ownership models, global economic trends, focus on in-car connectivity and entertainment, regulatory changes and emission standards. Major trends in the forecast period include the digitalization of customer experience, autonomous driving technology, technological advancements in safety and comfort, innovation in design and engineering, rise of digital showrooms and virtual experiences.
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Who are the key players driving competition in the luxury car market?
Major companies operating in the luxury car market include Volkswagen Group, Toyota Motor Corporation, Stellantis N.V., Mercedes-Benz Group AG, Ford Motor Company, BMW AG, Hyundai Motor Group, Tesla Inc., Nissan Motor Co. LTD, Audi AG, Renault Group, Continental AG, Tata Motors Limited, Volvo Car Corporation, Mazda Motor Corporation, Subaru Corporation, Jaguar Land Rover Automotive PLC, Rolls-Royce plc, Ferrari N.V., Aston Martin Lagonda Group Limited, Acura, Brilliance Auto Group
What key trends are expected to drive the lung cancer diagnostic and screening market during the forecast period?
Technological advancements are a key trend gaining popularity in the luxury car market. Major companies operating in the luxury car market are adopting new technologies to sustain their position in the market. For instance, in December 2022, Bayerische Motoren Werke AG (BMW), a Germany-based automobile company, launched the XM SUV. The XM is the first M vehicle to include plug-in hybrid powertrain technology. It produces 489 hp and 800 pound-feet of torque thanks to a 4.4-liter twin-turbo V8 engine and an electric motor. BMW mates this engine to an 8-speed automatic transmission that uses the M xDrive system to distribute power to all four wheels.
Which key geographies are driving the growth of the luxury car market?
Asia-Pacific was the largest region in the luxury car market in 2024. The regions covered in the luxury car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the key segments driving growth in the luxury car market?
The luxury car market covered in this report is segmented –
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
Subsegments:
1) By Hatchback: Premium Hatchback, Luxury Compact Hatchback
2) By Sedan: Luxury Sedan, Executive Sedan, Sports Sedan
3) By Sports Utility: Luxury, Compact Luxury, Mid-Size Luxury, Full-Size Luxury
4) By Multi-Purpose Vehicle (MPV): Luxury, Premium
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What defines the structure and scope of the luxury car market?
Luxury cars refer to vehicles with more potent motors, quieter interiors, improved handling, sophisticated safety features, and electronic technology. It is used for a certain level of prestige and social status.
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