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The size of the world market for luxury cars was estimated at USD 617.39 billion in 2022, and it is anticipated to grow at a CAGR of 7.9% from 2023 to 2030. The rise in ultra-high net worth individuals and rising disposable income are fueling industry expansion. Additionally, the widespread use of electric vehicles (EV) presents tremendous room for expansion.
The industry was negatively impacted by the COVID-19 outbreak. The epidemic and the responses taken to combat it led to a real-terms decline of the world GDP of about 4%. The German Automotive Industry Association (VDA) projects that the global auto market will experience a significant 15% decline in 2020. The European Automobile Manufacturers' Association (ACEA) reports that for the first half of 2020, private car registrations decreased by 38.1% year over year in Europe. One of the most significant markets for the luxury automotive sector is China. Due to the government's tough zero-covid approach, regulatory changes, a more stringent monetary and fiscal policy, an energy crisis, and a downturn in the real estate market, China's economic growth was noticeably less dynamic.
With increased incentives and subsidies offered to automobile owners, it is projected that as governments throughout the world tighten emission rules, EVs will be a part of their sustainable transportation plans. Luxury original equipment manufacturers (OEM) concentrate on cutting-edge smart mobility technology solutions including hands-free calling, self-driving cars, retinal identification, and gesture recognition in the air. Additionally, it should increase sales. Luxury car buyer expectations have been fast changing. Currently, buyers of luxury cars seek out a highly customised, premium sales & service experience. Many customers look for a combination of seamless customer experiences, such as omnichannel reach, ease of use, diversity of experiential offerings, and customisation.
The market is divided into hatchback, sedan, and sport utility segments based on the type of vehicle. The sport utility sector, which accounted for the highest revenue share of 57.6% in 2022, is anticipated to grow at a 7.3% CAGR throughout the forecast period. Sport utility vehicles are more popular among consumers, which can be linked to a number of characteristics including convenience, perceived safety, use, and styling. During the projected period, the hatchback sector is anticipated to grow at the second-highest CAGR of 6.8%. The market for this niche is being driven by rising consumer disposable income, new model debuts, and the accessibility of financing. The sporty, little hatchback Acura Integra from the Japanese luxury automaker Acura was introduced in 2022.
Report Coverage
Global Luxury Car research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Luxury Car report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Luxury Car competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Luxury Car market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Luxury Car market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Luxury Car market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Mercedes-Benz Group AG; BMW Group; Volkswagen; Tesla; TOYOTA MOTOR CORPORATION (Lexus); Volvo Car Corporation; JAGUAR LAND ROVER AUTOMOTIVE PLC (Tata Motors); Aston Martin.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Luxury Car market based on the below-mentioned segments:
Global Luxury Car Market, By Vehicle Type
Hatchback
Sedan
Sports Utility
Global Luxury Car market, By Propulsion Type
Internal Combustion Engine (ICE)
Electric
Global Luxury Car market, Regional Analysis
The industry was negatively impacted by the COVID-19 outbreak. The epidemic and the responses taken to combat it led to a real-terms decline of the world GDP of about 4%. The German Automotive Industry Association (VDA) projects that the global auto market will experience a significant 15% decline in 2020. The European Automobile Manufacturers' Association (ACEA) reports that for the first half of 2020, private car registrations decreased by 38.1% year over year in Europe. One of the most significant markets for the luxury automotive sector is China. Due to the government's tough zero-covid approach, regulatory changes, a more stringent monetary and fiscal policy, an energy crisis, and a downturn in the real estate market, China's economic growth was noticeably less dynamic.
With increased incentives and subsidies offered to automobile owners, it is projected that as governments throughout the world tighten emission rules, EVs will be a part of their sustainable transportation plans. Luxury original equipment manufacturers (OEM) concentrate on cutting-edge smart mobility technology solutions including hands-free calling, self-driving cars, retinal identification, and gesture recognition in the air. Additionally, it should increase sales. Luxury car buyer expectations have been fast changing. Currently, buyers of luxury cars seek out a highly customised, premium sales & service experience. Many customers look for a combination of seamless customer experiences, such as omnichannel reach, ease of use, diversity of experiential offerings, and customisation.
The market is divided into hatchback, sedan, and sport utility segments based on the type of vehicle. The sport utility sector, which accounted for the highest revenue share of 57.6% in 2022, is anticipated to grow at a 7.3% CAGR throughout the forecast period. Sport utility vehicles are more popular among consumers, which can be linked to a number of characteristics including convenience, perceived safety, use, and styling. During the projected period, the hatchback sector is anticipated to grow at the second-highest CAGR of 6.8%. The market for this niche is being driven by rising consumer disposable income, new model debuts, and the accessibility of financing. The sporty, little hatchback Acura Integra from the Japanese luxury automaker Acura was introduced in 2022.
Report Coverage
Global Luxury Car research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Luxury Car report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Luxury Car competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Luxury Car market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Mercedes-Benz Group AG; BMW Group; Volkswagen; Tesla; TOYOTA MOTOR CORPORATION (Lexus); Volvo Car Corporation; JAGUAR LAND ROVER AUTOMOTIVE PLC (Tata Motors); Aston Martin. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Luxury Car Market from 2021 to 2030.
- Market Forecast for Luxury Car Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Luxury Car competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Luxury Car
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Luxury Car market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Luxury Car market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Mercedes-Benz Group AG; BMW Group; Volkswagen; Tesla; TOYOTA MOTOR CORPORATION (Lexus); Volvo Car Corporation; JAGUAR LAND ROVER AUTOMOTIVE PLC (Tata Motors); Aston Martin.
Primary Target Market
- Market Players of Luxury Car
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Luxury Car market based on the below-mentioned segments:
Global Luxury Car Market, By Vehicle Type
Hatchback
Sedan
Sports Utility
Global Luxury Car market, By Propulsion Type
Internal Combustion Engine (ICE)
Electric
Global Luxury Car market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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