Luxury Car Market Projected to Reach US$655 Billion by 2027 | Fortune Business Insights
PUNE, INDIA, January 30, 2023 (GLOBE NEWSWIRE) —
Luxury car market size
It is expected to reach US$655 billion by 2027. The global market size in 2019 he was valued at US$449.7 billion. Increasing demand for electrified self-driving vehicles and increasing adoption of luxury EV vehicles are driving the market growth. Increasing disposable income across the globe will contribute to the growth of the market in the coming years.
Luxury cars offer a higher level of interior, comfort and performance than regular cars. Rising disposable income in several countries around the world provides a platform for companies operating in the market. A large investment in a luxury car can be attributed to several reasons, among which comfort and quality stand out. The presence of several large luxury car makers will favor the 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, and together they hold a dominant market share. Rising demand for luxury cars across the globe will have a significant impact on the growth of the global market in the coming years.
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Important points:
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Luxury car makers such as BMW AG, Audi, Lexus, Mercedes-Benz and Volvo maintain positive growth in the Chinese market.
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Sedan gains top share on the back of high production and sales volume
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Growing demand for luxury used cars to boost growth
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Increasing Adoption of Luxury Electric Vehicles to Drive Growth
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Adoption of electrified and self-driving cars is an important trend
Drivers and Restraints-
Increase in corporate collaborations favorable to market growth
The report includes several factors that have contributed to the growth of the overall market in recent years. Considering the increasing demand for the products, there is a healthy market competition all over the world. Intense market competition has pushed companies to adopt new strategies that help them establish a foothold in the market. In August 2020, Mercedes-Benz and his CATL announced a strategic partnership. This is the result of the former effort to introduce electric vehicles. The partnership aims to develop cutting-edge battery technology for use in future electric vehicles from Mercedes-Benz. An increase in such corporate collaborations will have a significant impact on the growth of the overall market in the coming years.
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Regional Insights:
Asia-Pacific dominates.Presence of some large players favors market growth
This report analyzes ongoing market trends across North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Among all regions, the Asia-Pacific market is projected to dominate in the coming years. The presence of multiple large manufacturers in the region has had a significant impact on the growth of the regional market. The ever-growing populations of countries such as India and China are impacting companies operating in the Asia-Pacific luxury vehicle market. Increased production in these regions is due to lower costs and tax savings associated with assembly and sales procedures in some countries. As of 2019, the Asia-Pacific market was worth US$231.8 billion, and this value is projected to rise at a considerable pace over the next few years.
List of prominent luxury car manufacturers active in the global market:
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Daimler AG (Stuttgart, Germany)
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Bavarian Motor Works AG (Munich, Germany)
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Volvo Car Corporation (Gothenburg, Sweden)
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Volkswagen AG (Wolfsburg, Germany)
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Tata Motors Limited (Mumbai, India)
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Toyota Motor Corporation (Toyota, Aichi, Japan)
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Industry development:
January 2019 – The partnership between Mercedes-Benz and Farasis Energy Co. Ltd. aims to safely supply battery cells for Mercedes-Benz’s electrification strategy. Key fundamentals of the agreement include the industrialization and development of advanced battery technology and the ambitious goal of achieving cost competitiveness. Farasis secures safety through construction of planned capacity,
table of contents:
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prologue
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Research scope
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market segmentation
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research method
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definitions and assumptions
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executive summary
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market dynamics
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market driver
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market constraints
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market opportunity
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key insight
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Mergers, Acquisitions and Partnerships
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Distributor Analysis – For Key Players
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Analysis of growth and penetration
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Porter’s Five Forces Analysis
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PEST analysis
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vendor landscape
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Global Luxury Vehicle Market Analysis, Insights and Forecasts, 2016-2027
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Main Findings/Summary
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Market Analysis, Insights & Forecasts – By Drive Type
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ice
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Electrical
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Market Analysis, Insights & Forecasts – By Vehicle Type
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hatchback
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sedan
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Sport utility vehicle (SUV)
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Market Analysis, Insights & Forecasts – By Region
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North America
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Europe
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Asia Pacific
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rest of the world
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North America Luxury Car Market Analysis, Insights and Forecasts, 2016-2027
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Main Findings/Summary
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Market Analysis – By Promotion Type
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ice
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Electrical
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Market Analysis – By Vehicle Type
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hatchback
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sedan
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Sport utility vehicle (SUV)
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Market Analysis – By Country
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we
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Canada
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Mexico
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European Luxury Car Market Analysis, Insights and Forecasts, 2016-2027
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Main Findings/Summary
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Market Analysis – By Promotion Type
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ice
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Electrical
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Market Analysis – By Vehicle Type
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hatchback
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sedan
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Sport utility vehicle (SUV)
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Market Analysis – By Country
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England
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Germany
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France
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rest of europe
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Asia Pacific Luxury Vehicle Market Analysis, Insights and Forecasts, 2016-2027
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Main Findings/Summary
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Market Analysis – By Promotion Type
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ice
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Electrical
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Market Analysis – By Vehicle Type
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hatchback
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sedan
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Sport utility vehicle (SUV)
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Market Analysis – By Country
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Japan
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China
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India
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Korea
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Rest of Asia Pacific
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Other Global Luxury Vehicle Market Analysis, Insights and Forecasts, 2016-2027
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Main Findings/Summary
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Market Analysis – By Promotion Type
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ice
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Electrical
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Market Analysis – By Vehicle Type
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hatchback
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sedan
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Sport utility vehicle (SUV)
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Competitor analysis
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major industry developments
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Global Market Share Analysis (2019)
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competition dashboard
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Comparative Analysis – Key Players
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Company overview (overview, products and services, SWOT analysis, recent trends, strategies,
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Financials (based on availability))
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Daimler AG
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Bayern Motor Works AG
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Volvo Car Corporation
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Volkswagen AG
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Tata Motors Limited
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Toyota Motor Corporation
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