Luxury Car Market

SKU: DMAUTR478 | Last Updated On: Nov 16 2022 | Available Formats

> Global Luxury Car Market Expected to reach a high CAGR of 12.73% by 2029: DataM Intelligence

Global Luxury Car Market is segmented by Size (Small luxury car, Mid-size luxury car, Large luxury car), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

 

Market Overview

[150 Pages Report] The Global Luxury Car Market is expected to grow at a CAGR of 12.73% during the forecasting period (2022-2029).

Luxury Car Market - Strategic Insights

Metrics

Details

Market CAGR

12.73%

Segments Covered

By Size, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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  • The luxury car segment is often the first one to introduce new & revolutionary technologies to the market. Innovations such as massaging Seats, AirScarf, Self-closing doors, and Blind spot monitoring features are initially introduced in luxury cars.
  • Electric cars traditionally have not enjoyed massive success in the luxury car market. But this is expected to change in the future.

Industry Dynamics

  • The luxury car market is less sensitive to price than the broader Automotive Industry. The luxury car segment is generally less affected by the financial downturn.
  • Increasing demand for luxury cars from developing countries is driving the market. The rise of environment-friendly vehicles is a significant trend in the market.
  • The rise in ridesharing facilities is restraining the luxury car market. Electric vehicles will further shape the market in the future.
  • Increasing sales of pre-owned luxury or used cars are critical restraints for the luxury car market globally.

Market Segmentation

  • The global Luxury Cars market is segmented by car size and by region.
  • By size, the market is segmented into small, mid-size, and large luxury cars. Small-size luxury cars are the most significant segment in the market, as they are affordable for consumers, especially from developing countries.

Market Geographical Share

  • By region, the market is segmented into North America, South America, Europe, Asia-pacific, rest of the world. Asia-pacific is the largest market mostly due to China.
  • The luxury car market in China is expected to drive the market in the forecast period with increasing consumer confidence. Thus China accounts for much of the growth in the luxury car market.
  • India has a large passenger car market, but luxury cars make up a tiny percentage of the total demand. The share of the luxury car market in India is expected to grow due to the rise of the affluent middle-class population.

Market Competition Size

  • Major Players in the market include Mercedes-Benz, BMW, Audi, Tesla, Lexus, Cadillac, Volvo, Jaguar, Porsche, and Infiniti.
  • German automakers Mercedes Benz, BMW, and Audi, dominate the market. Mercedes Benz remained the biggest luxury carmaker in 2017 for the second consecutive year due to tremendous growth in China. Tesla was the most significant player in large luxury cars in the US in 2017.

FAQ

What is the Luxury Car Market growth?

The market is growing at a CAGR of 12.73%.

What is the Luxury Car Market size in 2021?

The Market size was valued at USD YY million in 2021.

Who are the key players in Luxury Car Market?

Mercedes Benz, BMW, Audi, Tesla, Lexus, Cadillac, Volvo, Jaguar, Porsche, and Infiniti.

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