The global luxury vehicles market is anticipated to grow at a CAGR of 9.1 % during the forecast period (2022-2028). Luxury cars offer a high level of comfort and safety features for the drivers and passengers. The growing trend of electric cars across the globe creates the need for luxury cis catering growth to the market. Major manufacturers of luxury cars are introducing a wide range of electric vehicles for their vehicles due to growing environmental concerns and rising fuel prices, which accelerate the growth of luxury car markets in the forecast period.
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Luxury cars are mainly made using the latest technology, advanced building materials, and powerful engines. In addition, luxury cars offer technologies such as satellite radio, smart remote access, and adaptive cruise control, which provides a comfortable driving experience. In addition, features such as functional suspension, high back seats, remote seats, and massage chairs are offered in luxury cars for an improved driving experience. The benefits associated with the luxury cars are growing demand for a comfortable driving experience which is expected to fuel the growth of the luxury vehicle market during the forecast period.
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According to vehicle dealers, the demand for pre-owned luxury cars is steadily growing due to these cars are usually sold after a year or two year as they are used by owners for the sake of better models and improvements. With growing demand, the market for luxury used cars is becoming more systematic, with easier access to finance, and annual repair contracts. Additionally, the significant growth in the apparent offerings of luxury cars, the change in consumer preferences from sedans to SUVs, and the increase in consumer earnings have been increasing the demand for luxury vehicles across the globe. The rising import costs are expected to hinder the growth of the luxury vehicle market during the forecast period.
Some major players in the market include BMW, Daimler AG, Jaguar Land Rover Automotive PLC, Volkswagen Group, and Tesla Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance,
- In January 2021, Mercedes-Benz India announced its plans to introduce 15 products to the Indian market. The A-Class Limousine, the new GLA, and the AMG GT Black Series are some of the car models scheduled to launch in 2021.
- In August 2020 – Mercedes-Benz and CATL Joinedstrategic partnership Mercedes-Benz and CATL are part of a strategic partnership for the development of high-performance battery technology for Mercedes-Benz models with high volume. This will include all types from passenger cars to vans.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Vehicle Type
- By Propulsion Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- BMW, Daimler AG, Jaguar Land Rover Automotive PLC, Volkswagen Group, and Tesla Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Luxury Vehicles Market Report by Segment
By Vehicle Type
- Hatchback
- Sedan
- Sport Utility Vehicle
By Propulsion Type
- ICE
- Electric
Global Luxury Vehicle Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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