Global Luxury Car Market to Reach USD 744.20 Billion by 2032, Aided by the Rising Demand for Cars

The market'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.

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

• The various vehicles types in the market are hatchback, sedan, sports utility vehicles, and multi-purpose vehicle.

• The drive types in the market include IC engine and electric.

• On the basis of price category, the market is divided into USD 80,000 to USD 149,000, USD 150,000 to USD 299,000, USD 300,000 to USD 500,000, and above USD 500,000.

• The regional markets for luxury cars 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 (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) 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 market are Ferrari S.p.A, Bugatti Automobiles, Rolls-Royce Motor Cars, Daimler AG, Automobili Lamborghini S.p.A., Koenigsegg Automotive AB, Aston Martin Lagonda Limited, Bentley Motors Limited, Horacio Pagani S.p.A, Dr. Ing. h.c. F. Porsche AG, Toyota Motor Corporation, Tesla, Inc., and General Motors, 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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