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.
The Global Luxury Car Market is expected to grow at a CAGR of 12.7% during the forecasting period (2022-2029).
- 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, 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.
- 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.
- 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 a tiny percentage of the total demand. The share of the luxury cars 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.
What are the key application segments covered in this report?
- Small luxury car
- Mid-size luxury car
- Large luxury car
- Asia Pacific
- North America
- South America
- Rest of the World
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