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Global Luxury Car Market: By Vehicle Type: Hatchback, Sedan, Sports Utility Vehicle; By Drive Type: IC Engine, Electric; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, EMR’s Key Indicators for Demand; Competitive Landscape; Industry Events and Developments
Global Luxury Car Market Outlook
The global luxury car market reached a value of about USD 439.28 billion in 2021. The market is further expected to grow at a CAGR of 5.20% in the forecast period of 2023-2028 to reach a value of approximately USD 595.43 billion by 2027.
Increasing Demand for Electric Luxury Cars to Augment the Luxury Car Industry Growth
Based on drive type, the electric segment is expected to grow at a significant rate in the forecast period. The segment's growth is expected to be driven by the factor that governments all over the world are strengthening automobile emission limits, as concern for the environment and environmental preservation grows.
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As a result, there is an increasing need for environmentally friendly and sustainable transportation, such as electric automobiles. Various governments are also providing increased subsidies and incentives to these car owners, which is expected to further propel the luxury car industry forward.
The Asia Pacific to Provide Significant Opportunities for the Luxury Car Industry Growth
During the forecast period, the Asia Pacific is expected to be one of the most prominent of all regions. The presence of a number of large-scale firms in this area has had a significant impact on the regional market growth. The luxury car manufacturers in the Asia Pacific have benefited from the ever-increasing population in nations such as India and China. The low costs and tax advantages connected with assembly and sale procedures across numerous regions account for the growing number of production units in these locations.
Luxury Car: Market Segmentation
Luxury cars are passenger vehicles that are designed to deliver advanced features, excellent quality, greater levels of equipment, and enhanced comfort to their occupants. Luxury cars are available in a variety of vehicle types, including hatchbacks, SUVs, sedans, and even minivans. Luxury cars also include equipment such as automatic safety measures, entertainment systems, and built-in seat massagers. However, these are costlier than ordinary automobiles and have high-end materials and finishes on both the interior and exterior of the vehicle.
By vehicle type, the market is divided into:
- Hatchback
- Sedan
- Sports Utility Vehicle
Based on drive type, the industry can be segmented into:
- IC Engine
- Electric
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Growing Collaborations Among Companies to Bolster the Growth of the Luxury Car Industry
A strong market rivalry around the world due to the increasing globalisation and the rising demand for cars has been aiding the industry growth. This, in turn, has encouraged several companies to implement novel methods to improve customer driving experience. These techniques have helped them create a foothold in the industry. In May 2020, Mercedes-Benz and CATL announced their strategic alliance, a step that is critical to the former's aspirations to develop next generation electric automobiles. This collaboration aims to create cutting-edge battery technology for the company’s electric luxury sedan Mercedes-Benz EQS. Thus, the growing number of cross-industry collaborations has been positively impacting the overall market growth.
Furthermore, the market for pre-owned luxury vehicles is steadily increasing because owners usually sell these vehicles after one or two years of use in order to upgrade to better models and modifications. The used luxury vehicle market is becoming increasingly systematised to satisfy rising demand, with easy access to financing, lower entry pricing, and annual maintenance contracts. These factors are expected to further aid the market growth in the coming years.
Key Industry Players in the Global Luxury Car Market
The report gives a detailed analysis of the following key players in the global luxury car market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Daimler AG
- Bayerische Motoren Werke AG
- Volvo Group
- Volkswagen Group
- Tata Motors Limited
- Fiat Chrysler Automobiles
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Vehicle Type, Drive Type, Region |
| Breakup by Vehicle Type | Hatchback, Sedan, Sports Utility Vehicle |
| Breakup by Drive Type | IC Engine, Electric |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Daimler AG, Bayerische Motoren Werke AG, Volvo Group, Volkswagen Group, Tata Motors Limited, Fiat Chrysler Automobiles, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Luxury Car Market Analysis
8.1 Key Industry Highlights
8.2 Global Luxury Car Historical Market (2018-2022)
8.3 Global Luxury Car Market Forecast (2023-2028)
8.4 Global Luxury Car Market by Vehicle Type
8.4.1 Hatchback
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Sedan
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Sports Utility Vehicle
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Luxury Car Market by Drive Type
8.5.1 IC Engine
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Electric
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Luxury Car Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Luxury Car Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Luxury Car Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Luxury Car Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Luxury Car Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Luxury Car Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Daimler AG
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Bayerische Motoren Werke AG
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Volvo Group
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Volkswagen Group
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Tata Motors Limited
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Fiat Chrysler Automobiles
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Luxury Car Market: Key Industry Highlights, 2018 and 2028
2. Global Luxury Car Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2022
3. Global Luxury Car Market Forecast: Breakup by Vehicle Type (USD Billion), 2023-2028
4. Global Luxury Car Historical Market: Breakup by Drive Type (USD Billion), 2018-2022
5. Global Luxury Car Market Forecast: Breakup by Drive Type (USD Billion), 2023-2028
6. Global Luxury Car Historical Market: Breakup by Region (USD Billion), 2018-2022
7. Global Luxury Car Market Forecast: Breakup by Region (USD Billion), 2023-2028
8. North America Luxury Car Historical Market: Breakup by Country (USD Billion), 2018-2022
9. North America Luxury Car Market Forecast: Breakup by Country (USD Billion), 2023-2028
10. Europe Luxury Car Historical Market: Breakup by Country (USD Billion), 2018-2022
11. Europe Luxury Car Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Asia Pacific Luxury Car Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Asia Pacific Luxury Car Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Latin America Luxury Car Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Latin America Luxury Car Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Middle East and Africa Luxury Car Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Middle East and Africa Luxury Car Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Global Luxury Car Market Structure
Key Questions Answered in the Report
In 2021, the global luxury car market attained a value of nearly USD 439.28 billion.
The market is projected to grow at a CAGR of 5.20% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 595.43 billion by 2027.
The major drivers of the industry, such as an increase in company collaborations, an increase in demand for pre-owned luxury automobiles, a rising trend of electric luxury cars, and an increase in demand for a comfortable driving experience, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the desire for electrified and autonomous vehicles consisting of artificial intelligence and machine learning features such as personal voice assistance, autonomous driving, and retina recognition.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major vehicle types considered within the market report are hatchback, sedan, and sports utility vehicle.
The significant drive types include IC engine and electric.
The major players in the industry are Daimler AG, Bayerische Motoren Werke AG, Volvo Group, Volkswagen Group, Tata Motors Limited, and Fiat Chrysler Automobiles, among others.
Analyst Review
The global luxury car market attained a value of USD 439.28 billion in 2021, driven by the growing cross-industry collaborations, a rising trend of electric luxury cars, and an increase in demand for a comfortable driving experience. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 5.20%. The market is projected to reach USD 595.43 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on vehicle type, the luxury car industry can be segmented into hatchback, sedan, and sports utility vehicle. On the basis of drive type, the market can be divided into IC engine and electric. The major regional markets for luxury car are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market are Daimler AG, Bayerische Motoren Werke AG, Volvo Group, Volkswagen Group, Tata Motors Limited, and Fiat Chrysler Automobiles, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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