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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 2022-2027 to reach a value of approximately USD 595.43 billion by 2027.
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.
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 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:
Based on drive type, the industry can be segmented into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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.
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:
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.
|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.|
*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.
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
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
7 Industry Opportunities and Challenges
8 Global Luxury Car Market Analysis
8.1 Key Industry Highlights
8.2 Global Luxury Car Historical Market (2017-2021)
8.3 Global Luxury Car Market Forecast (2022-2027)
8.4 Global Luxury Car Market by Vehicle Type
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
8.4.3 Sports Utility Vehicle
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
8.5 Global Luxury Car Market by Drive Type
8.5.1 IC Engine
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
8.6 Global Luxury Car Market by Region
8.6.1 Market Share
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
184.108.40.206 United States of America
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
220.127.116.11 United Kingdom
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
18.104.22.168 Saudi Arabia
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
10 Market Dynamics
10.1 SWOT Analysis
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Daimler AG
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.2 Bayerische Motoren Werke AG
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.3 Volvo Group
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.4 Volkswagen Group
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.5 Tata Motors Limited
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.6 Fiat Chrysler Automobiles
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Luxury Car Market: Key Industry Highlights, 2017 and 2027
2. Global Luxury Car Historical Market: Breakup by Vehicle Type (USD Billion), 2017-2021
3. Global Luxury Car Market Forecast: Breakup by Vehicle Type (USD Billion), 2022-2027
4. Global Luxury Car Historical Market: Breakup by Drive Type (USD Billion), 2017-2021
5. Global Luxury Car Market Forecast: Breakup by Drive Type (USD Billion), 2022-2027
6. Global Luxury Car Historical Market: Breakup by Region (USD Billion), 2017-2021
7. Global Luxury Car Market Forecast: Breakup by Region (USD Billion), 2022-2027
8. North America Luxury Car Historical Market: Breakup by Country (USD Billion), 2017-2021
9. North America Luxury Car Market Forecast: Breakup by Country (USD Billion), 2022-2027
10. Europe Luxury Car Historical Market: Breakup by Country (USD Billion), 2017-2021
11. Europe Luxury Car Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Asia Pacific Luxury Car Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Asia Pacific Luxury Car Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Latin America Luxury Car Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Latin America Luxury Car Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Middle East and Africa Luxury Car Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Middle East and Africa Luxury Car Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Global Luxury Car Market Structure
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 2022 and 2027.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 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.
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 2022-2027, 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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