0
2020
Luxury Car Market

Luxury Car Market

by Vehicle Type (Hatchback, Sedan, and Sport utility vehicle) and Fuel Type (Gasoline, Diesel, and Electric): Global Opportunity Analysis and Industry Forecast, 2019-2026
Update Available On-Demand

Report Code: A05980
Pages: 196
Feb 2020 | 24820 Views
Author(s) : Lalit K , Vineet K
Tables: 79
Charts: 69
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Luxury Car Market Statistics -2026

The global luxury car market size was valued at $495.7 billion in 2018 and is projected to reach $733.2 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026. Asia-Pacific accounted for the highest share in 2018 and is expected to be the highest contributor to the global luxury car market, in terms of revenue, during the forecast period.

Luxury cars can be defined as passenger vehicles that are intended to provide passengers with advanced features, high quality, higher level of equipment, and enhanced comfort. Luxury cars are available in all vehicle categories such as hatchbacks, sports utility vehicle, sedans, and even minivans. In addition, luxury cars offer features such as automatic safety features, entertainment systems, and integrated seat massagers. Moreover, luxury cars are expensive compared to traditional automobiles and have typically high-end material and finishes on interior and exterior of the car.

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Factors such as rise in demand for luxury vehicles and increased demand for comfortable driving experience boost the growth of the luxury car market. However, high cost of luxury cars is anticipated to hinder the market growth. Further, production of electric luxury cars provides a remarkable growth opportunity for the market players operating in the luxury car market.

The global luxury car market is segmented on the basis of vehicle type, fuel type, and region. On the basis of vehicle type, it is divided into hatchback, sedan, and sports utility vehicle. By fuel type, it is categorized into gasoline, diesel, and electric. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Luxury Car Market
By Vehicle Type

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Sports utility vehicle (SUV) is projected as the most lucrative segments

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Key players including Volkswagen AG, Daimler AG, Lexus, Infiniti, BMW AG, Volvo Car, Audi AG, Aston Martin Lagonda, Tesla, and Ferrari N.V., and others hold major luxury car market shares.

Rise in demand for luxury vehicles

Luxury vehicles are almost an obligatory status symbol for ultra-rich individuals, as these are more expensive than other vehicles. In addition, luxury vehicle sales in developing countries is exhibiting remarkable growth. For instance, in 2017, the India luxury car market recorded sales of 20,000 units in the first half of the year. In addition, sales of these cars was 39,000 units, which was an increase of 17% from 2016 to 2017. Further, the growth of luxury vehicles sales is significantly faster than the overall passenger vehicle market. Thus, such rise in demand for luxury vehicles in developing countries is anticipated to boost the luxury car market growth.

Luxury Car Market
By Fuel Type

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Electric is projected as the most lucrative segments

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Growth in demand for comfortable driving experience

Consumers are inclined toward comfort while driving due to increase in their purchasing power. Luxury vehicles are majorly made by using latest technologies, best materials, and powerful engines. In addition, luxury vehicles offer technologies such as satellite radio, intelligent remote entry, and adaptive cruise control, which provides comfortable driving experience. Further, features such as active suspension, executive rear seats, remote start, and massaging seats are provided in luxury cars for enhanced comfortable driving experience. Thus, growth in demand for comfortable and luxurious driving experience is anticipated to propel the growth of the luxury car market.

Luxury Car Market
By Region

2026
Asia-pacific 
North America
Europe
Lamea

North America would exhibit the highest CAGR of 6.7% during 2019-2026.

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High cost of luxury cars

Luxury cars are significantly expensive compared to traditional vehicles, owing to their advanced and luxurious features such as superior quality parts and expensive material used in them. In addition, the cost of building a car with luxury options and features is higher than building a car with generic features. Furthermore, as luxury cars are sold in very low volumes, a good portion of the selling price goes toward the covering of its developmental costs, which, in turn, makes these types of vehicles even costlier. Thus, high cost of luxury vehicles is anticipated to hinder the market growth.

Production of electric luxury cars

The number of sales of electric vehicles are exhibiting remarkable growth, owing to stringent emission mandates by governments of various countries and rising need for fuel-efficient vehicles. As the sales of electric vehicles is spiking, many leading automakers like Tesla are introducing new range of electric vehicles. In addition, in 2019, leading luxury and high-end luxury & performance car brands such as Mercedes-Benz, Porsche, Royce, and Bugatti announced released their own luxury electric vehicles to meet emission standards. Thus, production of electric luxury vehicles to meet stringent emission standards provides a remarkable growth opportunity for the players operating in the luxury car market.

Key Benefits for Stakeholders

  • This study presents analytical depiction of the global luxury car market analysis along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall luxury car market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global luxury car market with a detailed impact analysis.
  • The current luxury car market is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers in the luxury car industry.

Luxury Car Market Report Highlights

Aspects Details
By Vehicle Type
  • Hatchback
  • Sedan
  • Sports utility vehicle
By Fuel Type
  • Gasoline
  • Diesel
  • Electric
By Region
  • NORTH AMERICA  (US, CANADA, MEXICO)
  • EUROPE  (UK, GERMANY, FRANCE, NETHERLANDS, NORWAY, REST OF EUROPE)
  • ASIA-PACIFIC  (CHINA, JAPAN, INDIA, SOUTH KOREA, REST OF ASIA-PACIFIC)
  • LAMEA  (LATIN AMERICA, MIDDLE EAST, AFRICA)
Key Market Players Volkswagen AG, DAIMLER AG, Lexus (TOYOTA MOTOR CORPORATION), Infiniti (Nissan Motor Corporation), BMW AG, Volvo Car, AUDI AG, ASTON MARTIN LAGONDA, Tesla, Ferrari N.V.
 

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Luxury cars can be defined as automobiles with high quality materials, advanced safety features, and luxurious & comfortable riding experience. In addition, features such as automatic safety, integrated seat massagers, and others are installed in luxury cars. Moreover, many leading luxury vehicle providers are introducing new range of luxury vehicles, which, in turn, is anticipated to propel the growth of the market.

Factors such as rise in demand for luxury vehicles and increased demand for comfortable driving experience propel the growth of the luxury car market. However, high cost of luxury cars is anticipated to hinder the market growth. Further, production of electric luxury cars provides a remarkable growth opportunity for players operating in the luxury car market.

Among the analyzed regions, currently, Asia-Pacific is the highest revenue contributor and is anticipated to exhibit remarkable growth during the forecast period, followed by Europe, North America, and LAMEA.

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FREQUENTLY ASKED QUESTIONS?

A. The new competitive developments in luxury cars includes business expansion and product launch.

A. The global luxury car market was valued at $495.65 billion in 2018, and is projected to reach $733.15 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026. Based on vehicle type, hatchback contributes around 17.8% to the global market. Whereas, Sedan and SUV contributes 34.4% and 47.8% to the luxury car market.

A. The report sample for luxuty car market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. Volkswagen AG, Daimler AG, Lexus, Infiniti, BMW AG, Volvo Car, Rolls-Royce plc, Aston Martin Lagonda, Tesla, and Ferrari N.V. are the leading players in luxury car market.

A. The data of the top market players of luxury car market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the luxury car marekt as well as their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

A. North America will provide more business opportunities for luxury cars in future.

A. Service providers of the luxury car industry includes Volkswagen AG, Daimler AG, Lexus, Infiniti, BMW AG, Volvo Car, Rolls-Royce plc, Aston Martin Lagonda, Tesla, and Ferrari N.V.

A. Business expansion and product launch are the key growth strategies of luxury cars industry players.

A. Unavailability of workforce due to government imposed lockdown and halt of manufacturing operations at automotive manufacturing facilities resulted in significant decline in the luxury car market. In addition, Tier-2 and Tier-3 supplier that are operating in the automotive supply chain experience a sever disruption in the operation due to decrease in demand for automobiles.

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