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Global Luxury Car Market to Reach USD 595.43 Billion by 2027, Aided by the Rising Demand for Cars

According to a new report by EMR titled, ‘Global Luxury Car Market Report and Forecast 2022-2027’, the global luxury car industry reached a value of USD 439.28 billion in 2021. The industry is further expected to grow at a CAGR of 5.20% in the forecast period of 2022-2027 to reach a value of approximately USD 595.43 billion by 2027.

The industry's expansion has been aided by intense market competition worldwide due to increased globalisation and rising demand for automobiles. Owners typically sell these vehicles after one or two years of use to upgrade to better models and modifications. Therefore, the market for pre-owned luxury vehicles is continuously rising. The used luxury vehicle market is becoming more systematised to meet expanding demand, with easy access to financing, cheaper entry cost, and annual maintenance contracts. These factors are likely to help the market grow even more in the coming years. The presence of several large-scale companies in this area has had a considerable impact on regional market development. The luxury car manufacturers in the Asia Pacific have benefitted from the thriving population in nations such as India and China. Various governments also provide increased subsidies and incentives to these car owners, which is expected to propel the luxury car industry forward.

Several companies are implementing novel methods to improve customer driving experience. The techniques have helped them create a foothold in the industry. In May 2020, Mercedes-Benz (OTCMKTS: DMLRY) and CATL announced their strategic alliance, a step that is critical to the former's aspirations to develop next-generation electric automobiles. The purpose of this collaboration is to produce cutting-edge battery technology for the company's electric luxury sedan Mercedes-Benz EQS. Thus, the growing number of cross-industry collaborations has positively impacted the overall market growth.

Market Analysis by Vehicle Types, Drive Types, and Regions:

  • The various types of vehicles in the market are hatchback, sedan, and sports utility vehicles.
  • The drive types in the market include IC engines and electric.
  • The regional markets for the luxury car include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • Governments worldwide are strengthening automobile emission limits with the rising environmental concerns, which is likely to drive the market growth.
  • Various technological advancements are further propelling the market growth forward.
  • Luxury automobile component makers are focused on next-generation smart mobility technologies, including autonomous driving, personal voice assistance, and retina recognition, which are expected to improve luxury EV sales over the forecast period.
  • The growing living standards of people worldwide and increasing disposable income are boosting the market growth.

Key Offerings of the report:

  • The EMR report gives an overview of the global luxury car market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for vehicle types, drive types, and major regions of a luxury car.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global luxury car industry are Daimler AG, Bayerische Motoren Werke AG, Volvo Group, Volkswagen Group, Tata Motors Limited, and Fiat Chrysler Automobiles, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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