Pune, India, April 19, 2022 (GLOBE NEWSWIRE) — The global Luxury Car market size is projected to surpass around USD 655.0 billion by the end of 2027 and is expanding growth at a CAGR of 9.3% from 2020 to 2027. The Luxury Car market was worth USD 449.7 billion in 2019. The rising disposable income across the world will contribute to the growth of the market in the coming years, according to a report published by Fortune Business Insights, titled Global Luxury Car Market 2020-2027.
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.
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|Forecast Period 2021 to 2028 CAGR||9.3%|
|2027 Value Projection||USD 655.0 billion|
|Market Size in 2019||USD 449.7 billion|
|Historical Data for||2016-2018|
|No. of Pages||200|
|Segments covered||Vehicle Type (Hatchback, Sedan, and Sport Utility Vehicle), Propulsion Type (ICE and Electric)|
|Growth Drivers||Rising Adoption of the Electric Luxury Cars to Drive Growth|
|Increasing Demand for Pre-owned Luxury Cars to Aid Growth|
Covid-19 Pandemic has Halted Production of Vehicles; Luxury Car Manufacturers among the Worst-hit Categories
The recent coronavirus outbreak has had a massive impact on several economies across the globe. The efforts taken to curb the spread of the disease have limited the growth of the businesses across the world. Due to the rapid spread of the disease, several countries are looking to implement strict measures with a view to controlling the spread of the disease.
The coronavirus outbreak has created hesitancy among people across the world and due to lack f labor and workforce, production units across all major industrial sectors have come to a halt. The automobile industry is among the worst-hit sectors across the world. With people now becoming hesitant to spend on luxury products, the market will witness a negative impact from the Covid-19 pandemic.
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Increasing Number of Company Collaborations Will Emerge in Favour 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.
The presence of several large scale Luxury Car 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 Car across the world will have a huge impact on the growth of the global market in the coming years.
Rise in demand for Electric luxury vehicles
Electric Luxury Cars demand is increasing due to growing environmental concerns, and increased crude oil prices. Key companies in Luxury Cars manufacturing are launching new Electric Luxury Cars, this will boost the global Luxury Cars industry.
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Luxury Car Market is mainly segmented by Vehicle Type, Propulsion Type, and Region
- By Vehicle Type its categorized into Hatchback, Sedan, and Sport Utility Vehicle.
- By Propulsion Type it further segmented into ICE and Electric. Electric segment is forecasted to grow at highest growth rate in coming years.
- By Geography the market is divide by North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea and Rest of Asia- Pacific), and Rest of the World.
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.
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.
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List of the Key Companies Profiled:
- 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)
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisitions, and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
5. Global Luxury Car Market Analysis, Insights and Forecast, 2016-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Propulsion Type
5.3 Market Analysis, Insights and Forecast – By Vehicle Type
5.3.3 Sport Utility Vehicle (SUV)
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.3 Asia pacific
5.4.4 Rest of the World
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