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Global Luxury Car Market Size, Share, Growth, Outlook, Forecast: By Vehicle Type: Hatchback, Sedan, Sports Utility Vehicle, Multi-purpose Vehicle; By Drive Type: IC Engine, Electric; By Price Category: USD 80,000 to USD 149,000, Others; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Luxury Car Market Outlook
The global luxury car market size reached a value of USD 461.24 billion in 2022. The market is likely to grow at a CAGR of 4.90% during 2023-2028 to attain a value of USD 614.59 billion by 2028.
Increasing Demand for Electric Luxury Cars to Augment the Luxury Car Industry Growth
The luxury car market is growing faster due to the increasing technological advancements like the Internet of Things (IoT) and real-time information solutions being integrated into all-EV charging station systems for electric luxury cars. Leading manufacturers are also developing the latest smart mobility technologies, such retina recognition, autonomous driving, and personal voice assistance. The luxury car market growth is accelerated by the rise in demand for premium and upscale vehicles in addition to an increase in cars powered by diesel engines. Additionally, a rise in passenger car sales brought on by consumer desire for superior vehicles are one of the key luxury car market trends. The luxury car market also benefits from the expansion of the automotive industry, a boom in investments, and rising disposable income.
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Increasing Demand for Electric Luxury Cars to Augment the Luxury Car Market Growth
As per the luxury car market analysis, 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.
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 cars market forward.
Asia Pacific to Provide Significant Opportunities for the Luxury Car Market Growth
During the forecast period, the Asia Pacific is expected to be one of the most prominent of all regions, with one of the largest luxury car market in the world. 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. Within the Asia Pacific, the China luxury car market has high growth potential. 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
- Multi-purpose Vehicle
Based on drive type, the market can be segmented into:
- IC Engine
- 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
- Above USD 500,000.
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 Market
A strong market rivalry around the world due to the increasing globalisation and the rising demand for cars has been aiding the luxury vehicles market growth. This, in turn, has encouraged several companies to implement novel methods to improve customer driving experience, increasing the luxury car market share by brand. These techniques have helped them create a foothold in the market. Thus, the growing number of cross-industry collaborations has been positively impacting the luxury car market share worldwide.
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, increasing the luxury car brand market share. 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 increase the global luxury car market size in the coming years.
Key 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:
- 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.
- General Motors
- 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.
Key Highlights of the Report
| 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:
|
| Breakup by Vehicle Type |
|
| Breakup by Drive Type |
|
| Breakup by Price Category |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
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 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Sedan
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Sports Utility Vehicle
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Multi-purpose Vehicle
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.5 Global Luxury Car Market by Drive Type
8.5.1 IC Engine
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Electric
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Luxury Car Market by Price Category
8.6.1 USD 80,000 to USD 149,000
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 USD 150,000 to USD 299,000
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 USD 300,000 to USD 500,000
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Above USD 500,000.
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.7 Global Luxury Car Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Luxury Car Market Analysis
9.1 Market by Vehicle Type
9.2 Market by Drive Type
9.3 Market by Price Category
9.4 Market by Country
9.4.1 United States of America
9.4.1.1 Historical Trend (2018-2022)
9.4.1.2 Forecast Trend (2023-2028)
9.4.2 Canada
9.4.2.1 Historical Trend (2018-2022)
9.4.2.2 Forecast Trend (2023-2028)
10 Europe Luxury Car Market Analysis
10.1 Market by Vehicle Type
10.2 Market by Drive Type
10.3 Market by Price Category
10.4 Market by Country
10.4.1 United Kingdom
10.4.1.1 Historical Trend (2018-2022)
10.4.1.2 Forecast Trend (2023-2028)
10.4.2 Germany
10.4.2.1 Historical Trend (2018-2022)
10.4.2.2 Forecast Trend (2023-2028)
10.4.3 France
10.4.3.1 Historical Trend (2018-2022)
10.4.3.2 Forecast Trend (2023-2028)
10.4.4 Italy
10.4.4.1 Historical Trend (2018-2022)
10.4.4.2 Forecast Trend (2023-2028)
10.4.5 Others
11 Asia Pacific Luxury Car Market Analysis
11.1 Market by Vehicle Type
11.2 Market by Drive Type
11.3 Market by Price Category
11.4 Market by Country
11.4.1 China
11.4.1.1 Historical Trend (2018-2022)
11.4.1.2 Forecast Trend (2023-2028)
11.4.2 Japan
11.4.2.1 Historical Trend (2018-2022)
11.4.2.2 Forecast Trend (2023-2028)
11.4.3 India
11.4.3.1 Historical Trend (2018-2022)
11.4.3.2 Forecast Trend (2023-2028)
11.4.4 ASEAN
11.4.4.1 Historical Trend (2018-2022)
11.4.4.2 Forecast Trend (2023-2028)
11.4.5 South Korea
11.4.5.1 Historical Trend (2018-2022)
11.4.5.2 Forecast Trend (2023-2028)
11.4.6 Australia
11.4.6.1 Historical Trend (2018-2022)
11.4.6.2 Forecast Trend (2023-2028)
11.4.7 Others
12 Latin America Luxury Car Market Analysis
12.1 Market by Vehicle Type
12.2 Market by Drive Type
12.3 Market by Price Category
12.4 Market by Country
12.4.1 Brazil
12.4.1.1 Historical Trend (2018-2022)
12.4.1.2 Forecast Trend (2023-2028)
12.4.2 Argentina
12.4.2.1 Historical Trend (2018-2022)
12.4.2.2 Forecast Trend (2023-2028)
12.4.3 Mexico
12.4.3.1 Historical Trend (2018-2022)
12.4.3.2 Forecast Trend (2023-2028)
12.4.4 Others
13 Middle East and Africa Luxury Car Market Analysis
13.1 Market by Vehicle Type
13.2 Market by Drive Type
13.3 Market by Price Category
13.4 Market by Country
13.4.1 Saudi Arabia
13.4.1.1 Historical Trend (2018-2022)
13.4.1.2 Forecast Trend (2023-2028)
13.4.2 United Arab Emirates
13.4.2.1 Historical Trend (2018-2022)
13.4.2.2 Forecast Trend (2023-2028)
13.4.3 Nigeria
13.4.3.1 Historical Trend (2018-2022)
13.4.3.2 Forecast Trend (2023-2028)
13.4.4 South Africa
13.4.4.1 Historical Trend (2018-2022)
13.4.4.2 Forecast Trend (2023-2028)
13.4.5 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 PESTEL Analysis
14.3.1 Political
14.3.2 Economic
14.3.3 Social
14.3.4 Technological
14.3.5 Environment
14.3.6 Legal
14.4 Key Indicators for Demand
14.5 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Ferrari S.p.A
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Bugatti Automobiles
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Rolls-Royce Motor Cars
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Daimler AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Automobili Lamborghini S.p.A.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Koenigsegg Automotive AB
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Aston Martin Lagonda Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Bentley Motors Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Horacio Pagani S.p.A
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Dr. Ing. h.c. F. Porsche AG
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Toyota Motor Corporation
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Tesla, Inc.
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 General Motors
15.2.13.1 Company Overview
15.2.13.2 Product Portfolio
15.2.13.3 Demographic Reach and Achievements
15.2.13.4 Certifications
15.2.14 Others
16 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 Million), 2018-2022
3. Global Luxury Car Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
4. Global Luxury Car Historical Market: Breakup by Drive Type (USD Million), 2018-2022
5. Global Luxury Car Market Forecast: Breakup by Drive Type (USD Million), 2023-2028
6. Global Luxury Car Historical Market: Breakup by Price Category (USD Million), 2018-2022
7. Global Luxury Car Market Forecast: Breakup by Price Category (USD Million), 2023-2028
8. Global Luxury Car Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Luxury Car Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Luxury Car Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Luxury Car Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Luxury Car Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Luxury Car Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Luxury Car Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Luxury Car Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Luxury Car Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Luxury Car Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Luxury Car Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Luxury Car Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Luxury Car Market Structure
Key Questions Answered in the Report
In 2022, the global market for luxury cars attained a value of USD 461.24 billion.
The market is projected to grow at a CAGR of 4.90% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 614.59 billion by 2028.
The major drivers of the luxury car market expected to aid the market growth are an increase in company collaborations, heightening purchasing power, rising trend of electric luxury cars, and an increase in demand for comfortable driving experiences.
The key market trends guiding the growth of the market include the surging demand for pre-owned luxury automobiles and the desire for electrified and autonomous vehicles utilising artificial intelligence and machine learning features.
North America, Europe, and Latin America are the major regions in the global luxury car market.
The significant drive types include IC engine and electric.
The major players in the 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 various vehicle types in the market are hatchback, sedan, sports utility vehicle, and multi-purpose vehicle.
Engines, transmissions, sound systems, telematics, safety features, and interior materials are frequently of greater quality in luxury cars, and they are typically priced higher.
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