According to the latest IMARC Group report, entitled “Luxury Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” the size of the global luxury car market reached a value of US$402.0 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$543.5 billion by 2027, exhibiting a CAGR of 5.07% during 2022-2027.
Luxury cars are premium vehicles that are equipped with technologically advanced features and luxurious interiors to offer better performance and innovative services to passengers or drivers. They include anti-hijacking, heartbeat monitors, folding seats, trunk hinges, top speed keys, starlight roofs, gear selectors, pop-up tweeters and air vent solutions. In addition to this, luxury cars are equipped with Bluetooth entertainment systems, leather seats, cameras, maps, upgraded suspension and engines, and sensors that reduce the risk of accidents by detecting nearby objects. Currently, luxury cars are commercially available in commercial and passenger vehicle types.
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Luxury Car Market Trends:
The growth of the global luxury car market can be attributed to the growing need for premium vehicles and changing consumer preferences towards branded SUVs over conventional modes of transportation due to their many luxury features. In addition, the large-scale integration of artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and the advent of personal voice assistance, autonomous driving, and retina recognition features are favoring market growth. Additionally, rising consumer awareness of the benefits of luxury automobiles, including safety, resale value, prestige, co-existing beauty and comfort, and cutting-edge technology, is driving market growth. Additionally, the growing popularity of used luxury vehicles due to easy access to financing and lower entry prices, and annual maintenance contracts are fueling market growth. In addition to this, the growing demand for luxury electric vehicles (EVs) due to growing environmental concerns and rising fuel prices are positively stimulating the growth of the market.
Scope of the report:
|Analysis Base Year||2021|
|segment coverage||Vehicle type, fuel type, price range, region|
|Covered region||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Covered Companies||AB Volvo, Aston Martin Lagonda Global Holding Plc, BMW AG, Daimler AG, Ferrari NV, Nissan Motor Company Ltd., Tesla Inc, Toyota Motor Corporation and Volkswagen AG|
Competitive landscape with key players:
The competitive landscape of the luxury car market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- ab volvo,
- aston martin lagonda global holding plc,
- bmw AG,
- Daimler Ag,
- ferrari nv,
- nissan Motor Company Ltd,
- tesla Inc,
- Toyota Motor Corporation
- Volkswagen AG.
Key Market Segmentation:
The report has segmented the luxury car market based on vehicle type, fuel type, price range, and region.
Breakdown by vehicle type:
- sports utility vehicle
Breakdown by Fuel Type:
Breakdown by price range:
- Basic level
- Medium level
Breakdown by region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
- Europe (Germany, France, UK, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, others)
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Key highlights of the report:
- Market performance (2016-2021)
- Market Outlook (2022-2027)
- market trends
- Market drivers and success factors
- Impact of COVID-19
- Analysis of the value chain
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as part of the customization.
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