Indulging in Exclusivity: Exploring the Dynamics and Evolution of the Luxury Car Market
SkyQuest projects that the luxury car market will attain a value of USD 992.95 billion by 2030, with a CAGR of 9.2% over the forecast period (2023-2030). Luxury cars are high-end that offer a great level of comfort and convenience to the passenger. These cars are well-equipped with facilities like in-built navigation, theater, Dolby sound systems, LED lighting and much more. The production of such cars is totally based on current trends and with the increase in demand for modern version in classic cars, the market is expected to witness a huge liking for remodeling of vintage cars into luxury cars. Additionally, consumer preference for luxury goods gradually rises as disposable income and personal wealth rise.
Westford, USA, June 13, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, luxury cars are noted for their high-quality components and finishing. Modern lives and the use of cutting-edge technology have caused societal shifts that are currently being seen in the market. Luxury brands shouldn’t be as distinctive, exclusive, or differentiated to improve quality of life. Therefore, these brands are more fiercely competing for market dominance than ever. Consumer opinion for a vehicle’s brand image becomes more important in their purchasing decisions as the product quality grows. Some luxury brands, including BMW, Mercedes-Benz and Lexus, must modify their values and ideals as social norms shift and impact consumer sentiment.
Browse in-depth TOC on “Luxury Car Market”
- Pages – 242
- Tables – 61
- Figures – 77
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Luxury cars are preferably known for their top-notch features such as powerful engine, agile functioning, and better handling. However, from a market perspective, the market size is limited and small as compared with regular cars, therefore, the growth opportunities are limited under stiff competition.
Prominent Players in Luxury Car Market
- Ford Motor Company
- Jaguar Land Rover Automotive PLC
- Volkswagen Group
- Tesla Inc.
- Mercedes-Benz Group AG
- General Motors
- AUDI AG
- Kia Motors Corporation
- Groupe Renault
- Groupe PSA
- SAIC Motor Corporation Limited
- Tesla
- Daimler AG
- BMW AG
- Hyundai Motor Company
- BYD Company Ltd.
- Continental AG
- TOYOTA MOTOR CORPORATION
- Nissan Motor Co., LTD.
- Volkswagen AG
- AB Volvo
- Honda Motor Co., Ltd.
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Petrol Segment is Anticipated to Grow Due to Rising Gas Prices
The petrol segment accounted for the largest revenue share with more than 47%. The demand for gasoline-powered automobiles is still high despite the rise in gas prices. Major automakers have stopped diesel car production, while electric vehicle sales are yet to reach a full throttle. Additionally, compared to other types, petrol cars are less expensive and require less upkeep. These characteristics explain that gasoline-powered cars are still widely used and acquired nowadays.
North America dominated the market with about 36.0% of the total revenue. The market’s expansion can be linked to the rise in American consumption. The regional market is expanding due to the substantial presence of key market players, rising disposable income and significant spending on passenger cars. The region’s higher consumption of luxury cars is also a result of the region’s key businesses’ extensive supply and distribution networks. Significant players include Tesla, Ford Motor, and General Motors.
Electric Segment is Anticipated to Follow the League Due to Shift in Government Policies
The electric segment is anticipated to grow at the highest CAGR of 14.9% during the forecast period. Electric vehicles use cleaner fuel, lowering greenhouse gas emissions and other pollutants. As a result, the manufacture of traditional fossil fuel cars will gradually be phased out in favour of electric vehicle production, which is a significant factor in the segment’s explosive growth. For instance, Hyundai Motor Company plans to phase out gas-powered vehicles by 2030 and launch entirely electric cars by 2025. Bentley Motors Limited also plans to employ plug-ins on fully electric vehicles by 2030, as revealed on November 6, 2020.
Asia Pacific is anticipated to grow at a CAGR of 7.2% during the forecast period. China’s rapid increase in luxury car consumption drives the regional market. China has imported more high-end vehicles year over year due to the country’s positive economic growth. The market expansion is projected to be fueled by the increasing disposable income, spending on luxury items, and penetration of significant corporations. For instance, the Volkswagen Group announced on January 14, 2021, that Tanjung Pelepas Port in Malaysia would become the site of a new regional parts distribution facility.
A comprehensive analysis of the major players in the Luxury Car market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Luxury Car Market
- A joint venture to construct three gigafactories in Europe to support the production of electric vehicles was established in 2022 by Mercedes-Benz, Stellantis, Siemens and TotalEnergies.
- The expansion of Ferrari’s automotive manufacturing facilities across Italy was planned for June 2022. As a result of this expansion, the company’s inventory of luxury vehicles rose nationwide.
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Key Questions Answered in Luxury Car Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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