Luxury Car Market to Witness Significant Growth of USD 350.37 billion at a CAGR of 12.75% by 2029 With Leading Competitors Like General Motors, AUDI, Tesla, Daimler, BMW and others
June 23, 2022
The Increase in the electric vehicle (EV) sales across the globe acts as one of the major factors driving the growth of luxury car marke
/EIN News/ -- NEW YORK, June 23, 2022 (GLOBE NEWSWIRE) -- Latest released the research study on Global Luxury Car Market, offers a detailed overview of the factors influencing the global business scope. Luxury Car Market research report assist businesses with the intelligent decision making and better manage marketing of goods which ultimately leads to growth in the business. Luxury Car Market Report involves six major parameters namely market analysis, market definition, market segmentation, key developments in the market, competitive analysis, and research methodology. It shows that the rise in market value is generally attributed to the rising growth of the applicable industries and the subsequent rise in demand of applications. Businesses can attain knowledge about complete background analysis of the industry which includes an assessment of the parental market.
Global Luxury Car Market was valued at USD 134.15 billion in 2021 and is expected to reach USD 350.37 billion by 2029, registering a CAGR of 12.75% during the forecast period of 2022-2029. Passenger Car accounts for the largest ICE vehicle type segment owing to the increasing consumer preference for economic options.
Luxury Cars are gaining immense popularity among consumers due to the features such as entertainment systems, integrated seat massagers and automatic safety features. Luxury vehicles are known to possess high-end material and finishes of the car.
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Drivers: Luxury Car Market
Electric Vehicle (EV) Sales
The increase in the electric vehicle (EV) sales across the globe acts as one of the major factors driving the growth of luxury car market. The consumer preference is rapidly inclining towards luxury passenger and commercial electric vehicle (EV) due to the rising environmental consciousness.
Technological Advancements of Luxury Car Market
The rise in technological advancements, such as integration of all EV charging stations systems with the Internet of Things (IoT) and real-time information solutions accelerate the market growth. The technologies provide real-time data about the availability of vacant spots and locate nearby charging stations.
Demand of Heavy and Luxury Vehicles:
- The surge in demand of heavy and Luxury vehicles and rising along with the increase in diesel operated vehicles accelerate the market growth. Also, increase in the sales of passenger cars owing to the consumer preference toward economic vehicles assists in the expansion of the market.
- Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the luxury car market.
Furthermore, rise in trend of electric luxury vehicle along with latest research and development initiatives extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in environmental concerns will further expand the market.
On the other hand, higher cost of these luxury cars and almost related offerings in lower category of vehicles as offered in luxury vehicles is expected to obstruct market growth. Also, rise in import tariffs projected to challenge the luxury car market in the forecast period of 2022-2029.
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Some of the major players operating in the luxury car market are
- Ford Motor Company (US)
- General Motors (US)
- AUDI AG (Germany)
- Kia Motors Corporation (South Korea)
- Groupe Renault (France)
- Groupe PSA (France)
- SAIC Motor Corporation Limited (China)
- Tesla (US)
- Daimler AG (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Nissan Motor Co., LTD. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
*Note: Additional companies can be included on request.
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Highlights of Following Key Factors: Luxury Car Market
- Business description
- A detailed description of the company’s operations and business divisions
- Corporate strategy
- Analyst’s summarization of the company’s business strategy
- Progression of key events associated with the company
- Major products and services
- A list of major products, services and brands of the company
- Key competitors
- A list of key competitors to the company
Important locations and subsidiaries
- A list and contact details of key locations and subsidiaries of the company
Detailed financial ratios for the past 5 years
- The latest financial ratios derived from the annual financial statements published by the company with 5 years’ history.
North America dominates the luxury car market because of the introduction of advanced technology along with rising number of research and development activities within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the prevalence of incentives in the form of subsidies from the government for the adoption of electric vehicle in the region.
Research Methodology: Global Luxury Car Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Expert Analysis, Import/Export Analysis, Pricing Analysis, Production Consumption Analysis, Climate Chain Scenario, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
The following are the reasons for obtaining the project report:
**Gain a full grasp of the global marketplace through efficient operational ideas, market share analyses, and effective market positioning methods.
**Understand the fundamental market scenario as well as the crucial industries
**Consider key classes based on in-depth value and volume analysis.
**Current market trends, evolving design efforts, and changing market scenarios may benefit enterprises in the luxury car market.
Highlights of TOC:
- Chapter 1: Market overview
- Chapter 2: Global Luxury Car Market
- Chapter 3: Regional analysis of the Luxury Car industry
- Chapter 4: Market segmentation based on types and applications
- Chapter 5: Revenue analysis based on types and applications
- Chapter 6: Market share
- Chapter 7: Competitive Landscape
- Chapter 8: Drivers, Restraints, Challenges, and Opportunities
- Chapter 9: Gross Margin and Price Analysis
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Thanks for reading this article you can also get individual chapter wise section or region wise report version like North America, Europe, MEA or Asia Pacific.
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