Product ID: SQMIG25C2071
Global Luxury Car Market Size, Share, Growth Analysis, By Fuel Type(Petrol and electric), By Vehicle Type(Hatchback, sedan) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2071 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
61 |
Figures:
77
Global Luxury Car Market Regional Insights
In 2020, North America dominated the market and accounted for about 35.0% of total revenue. The increased consumption in the United States can be attributed to the market's growth. The regional market is growing due to the strong presence of important market participants, increased disposable income, and significant spending on passenger cars. Key players have a wide supply and distribution channel in the region, which adds to the higher consumption of luxury cars. The region's significant players include Tesla, General Motors, and Ford Motors.
Asia Pacific is expected to grow at a CAGR of 7.2% during the forecast period. The regional market is driven by China's strong growth in luxury car consumption. Due to favorable economic growth, China's luxury car imports have increased year-on-year. Rising disposable income, spending on luxury goods and penetration of key companies are all likely to fuel the market expansion. For example, on 14 January 2021, the Volkswagen Group announced the establishment of a new regional parts distribution plant in Malaysia at the port of Tanjung Pelepas.
Global Luxury Car Market Report Snapshots
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