According to the latest report by IMARC Group, The global luxury car market size reached a value of US$ 402.0 Billion in 2021. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 5.07% during 2022-2027.
Luxury cars are premium vehicles that offer a high level of comfort and safety to the passengers. They are commonly integrated with advanced technological devices that assist in improving their overall performance. They also offer more precise construction,
high-quality interiors and numerous innovative services, including top speed key, jump seat, trunk hinges, anti-kidnapping heartbeat monitor, starlight headliner, pop-up tweeters, gear selector and air vent slats. They are available at a higher price point when compared to economy and mid-sized cars.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Request a Free PDF Sample of the Report: https://www.imarcgroup.com/luxury-car-market/requestsample
Global Luxury Car Market Trends:
The global market is majorly driven by the increasing demand for a comfortable driving experience. This is supported by rapid urbanization, inflating disposable income levels, improving lifestyle preferences and the shifting consumer preferences towards luxury car brands.
Moreover, there has also been a considerable rise in the adoption of pre-owned luxury cars as they offer lower entry prices, easy access to financing, and annual maintenance contracts to the users. The market is further driven by the growing environmental concerns among the masses and the implementation of stringent norms by numerous governments pertaining to vehicular emissions.
This has impelled individuals to opt for sustainable and eco-friendly transportation alternatives, which has provided a boost to the sales of electric luxury vehicles. Apart from this, several key players are heavily investing in research and development (R&D) activities to introduce luxury car models that are integrated with next-generation smart mobility technologies, including autonomous driving, personal voice assistance,
And retina recognition. They are also launching vehicles that are equipped with artificial intelligence (AI) and machine learning (ML) technologies, thereby creating a positive outlook for the market.
Luxury Car Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
- AB Volvo
- Aston Martin Lagonda Global Holding Plc
- BMW AG
- Daimler AG
- Ferrari N.V.
- Nissan Motor Company Ltd.
- Tesla Inc
- Toyota Motor Corporation
- Volkswagen AG.
Key Market Segmentation:
The report has segmented the global luxury car market on the basis of vehicle type, fuel type, price range and region.
- Sports Utility Vehicle
- North America
- Latin America
- Middle East and Africa
Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/luxury-car-market
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800