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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:
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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.
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