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 Insights
Luxury Car Market size was valued at around USD 536.25 billion in 2019 and is expected to reach a value of USD 992.95 billion by 2031, at a CAGR of 9.2% over the forecast period (2024-2031).
Luxury vehicles are favored by consumers for their entertainment systems, built-in seat massagers, and automatic safety measures. Luxury automobiles are known for their high-quality components and finishes. The luxury car market is currently undergoing sociological changes due to contemporary lifestyles and the use of the latest technology. Luxury brands appear less distinct, exclusive and differentiated to enhance the quality of life. As a result, these brands are competing harder than ever to establish a strong brand identity. Public perceptions of a vehicle's brand image play an important role in their purchasing decisions as product quality increases. Some luxury brands, including BMW, Mercedes-Benz, and Lexus, need to change their values and ideals to match changing social norms that affect consumer sentiments.
A key driver of the growing market is the tightening of car emission norms across the globe due to increased government attention towards environmental protection. As a result, the demand for eco-friendly and sustainable means of transportation like electric cars is increasing. Additionally, governments of various nations are providing more subsidies and incentives to these car owners. Additionally, consumer preferences are shifting towards luxury brands as disposable income and personal net worth increase. The market is expanding due to increasing technological developments such as the Internet of Things (IoT) and real-time information solutions in all EV charging station systems.
The device gives real-time information on the availability of available parking spaces and locates nearby charging stations. The high cost of these luxury automobiles and almost related products in lower vehicle categories, such as those supplied in luxury vehicles, as well as higher import duties, are restricting the Luxury Car Market growth. Also, the growing trend toward luxury electric vehicles, as well as the most recent research and development initiatives, are increasing revenue potential. The growing environmental concerns will also drive the growth of the market.
US Luxury Car Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Luxury Car Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
