Luxury car market to reach $655.0 billion by 2027 | Show a CAGR of 9.3% – GlobeNewswire | Car Plazas
PUNE, India, April 19, 2022 (GLOBE NEWSWIRE) – The global Size of the luxury car market is expected to surpass around $655.0 billion by the end of 2027, expanding growth at a CAGR of 9.3% from 2020 to 2027. The luxury car market was worth $449.7 billion in 2019. The increasing disposable income around the world is set to help drive the growth of the market in the coming years according to a report titled Global Luxury Car Market 2020-2027 published by Fortune Business Insights.
A luxury car offers an enhanced level of interior space, comfort and performance that is usually higher than a base car. The rising disposable income in several countries around the world has created the platform for the companies operating in the market. The massive investment in luxury cars can be attributed to several reasons, among which comfort and quality stand out.
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|Forecast period 2021 to 2028 CAGR||9.3%|
|Value prognosis 2027||$655.0 billion|
|Market size in 2019||$449.7 billion|
|Historical data for||2016-2018|
|number of pages||200|
|segments covered||Vehicle type (hatchback, sedan and sport utility vehicle), drive type (ICE and electric)|
|growth accelerator||Increasing acceptance of luxury electric cars to fuel growth|
|Increasing demand for used luxury cars to support growth|
The Covid-19 pandemic has stopped the production of vehicles; Luxury automakers among the worst-hit categories
The recent outbreak of the coronavirus has had a massive impact on several economies around the world. Efforts to contain the spread of the disease have constrained the growth of businesses around the world. Due to the rapid spread of the disease, several countries are trying to take strict measures to contain the spread of the disease.
The outbreak of the coronavirus has caused hesitation among people around the world, and due to labor and labor shortages, manufacturing units in all major industrial sectors have ground to a halt. The automotive industry is one of the hardest hit sectors worldwide. As people are now reluctant to spend money on luxury products, the market will experience negative effects from the Covid-19 pandemic.
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An increasing number of business partnerships will emerge in favor of market growth
The report covers several factors that have contributed to the growth of the overall market in recent years. Due to the increasing demand for the product, there is healthy market competition around the world. The intense market competition has encouraged companies to adopt newer strategies that have helped them to compete in the market.
In August 2020, Mercedes-Benz and CATL announced that they had entered into a strategic partnership; a move that consistently advances the former’s efforts to introduce electric vehicles. The goal of this partnership is the development of state-of-the-art battery technology for use in the upcoming electric cars from Mercedes-Benz. The increasing number of such business cooperations will strongly influence the growth of the overall market in the coming years.
The presence of several major luxury car manufacturers will favor the growth of the market in the coming years. Companies like BMW and Mercedes-Benz have completely changed the face of the global luxury car market, with these companies together occupying a dominant market share. The increasing global demand for luxury cars will have a huge impact on the growth of the global market in the coming years.
Increasing demand for luxury electric vehicles
Demand for luxury electric cars is increasing due to growing environmental concerns and increased crude oil prices. Key companies in luxury car manufacturing are launching new luxury electric cars, which will boost the global luxury car industry.
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The luxury car market is primarily segmented on the basis of vehicle type, powertrain type, and region
- By vehicle type, it is categorized into hatchback, sedan, and sport utility vehicle.
- By drive type, it is further divided into ICE and Electric. The electrical segment is expected to grow at the highest growth rate in the coming years.
- By geography, the market is segmented into North America (US, Canada and Mexico), Europe (UK, Germany, France and Rest of Europe), Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific), and Rest of the world.
Asia-Pacific becomes dominant; The presence of several large companies will arise in favor of market growth
The report analyzes the ongoing market trends in North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America.
Among all regions, Asia-Pacific market is expected to become dominant in the coming years. The presence of several major manufacturers in this region has a tremendous impact on the growth of the regional market. Ever-growing populations in countries like India and China have favored the companies operating in the Asia-Pacific luxury car market.
The increasing production units in these regions are due to the low costs and tax savings associated with assembling and selling processes in multiple countries. In 2019, the Asia Pacific market was worth US$231.8 billion and this value is expected to increase significantly in the coming years.
January 2019 – The partnership of Mercedes-Benz with Farasis Energy Co. Ltd. aims to provide a secure source of battery cell supply for Mercedes-Benz’s electrification strategy. The most important foundations of the agreement include the industrialization and development of advanced battery technology and the ambitious goal of achieving cost competitiveness. While Farasis has ensured security through planned capacity building.
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List of main profiled companies:
- Daimler AG (Stuttgart, Germany)
- Bavarian Motor Works AG, (Munich, Germany)
- Volvo Car Corporation (Gothenburg, Sweden)
- Volkswagen AG (Wolfsburg, Germany)
- Tata Motors Limited (Mumbai, India)
- Toyota Motor Corporation (Toyota, Aichi, Japan)
Table of Contents:
1.1. scope of research
1.2. market segmentation
1.3. research methodology
1.4. Definitions and Assumptions
3. Market Dynamics
3.1. market leader
3.2. Market Restrictions
3.3. market opportunities
4. Key Findings
4.1 Mergers, Acquisitions and Partnerships
4.2 Distributor Analysis – For Big Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
5. Global Luxury Cars Market Analysis, Insights and Forecasts, 2016-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – by Drive Type
5.3 Market Analysis, Insights and Forecast – by Vehicle Type
5.3.3 Sports Utility Vehicle (SUV)
5.4. Market analysis, insights and forecasts – by region
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Rest of the World
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