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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Luxury Car Market Outlook
The global luxury car market size reached a value of USD 483.84 billion in 2023. The market is likely to grow at a CAGR of 4.9% during 2024-2032 to attain a value of USD 744.20 billion by 2032.
| Global Luxury Car Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 483.84 |
| Market Size 2032 | USD Billion | 744.20 |
| CAGR 2018-2023 | USD Billion | XX% |
| CAGR 2024-2032 | USD Billion | 4.9% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 6.3% |
| CAGR 2024-2032 - Market by Country | China | 6.1% |
| CAGR 2024-2032 - Market by Country | Brazil | 5.6% |
| CAGR 2024-2032 - Market by Vehicle Type | Sports Utility Vehicle | 5.4% |
| CAGR 2024-2032 - Market by Drive Type | Electric | 5.4% |
| Market Share by Country 2023 | Brazil | 2.1% |
Increasing Demand for Electric Luxury Cars to Augment the Luxury Car Industry Growth
The luxury car market is growing faster due to the increasing technological advancements like the Internet of Things (IoT) and real-time information solutions being integrated into all-EV charging station systems for electric luxury cars. Leading manufacturers are also developing the latest smart mobility technologies, such retina recognition, autonomous driving, and personal voice assistance. The luxury car market growth is accelerated by the rise in demand for premium and upscale vehicles in addition to an increase in cars powered by diesel engines. Additionally, a rise in passenger car sales brought on by consumer desire for superior vehicles are one of the key luxury car market trends. The luxury car market also benefits from the expansion of the automotive industry, a boom in investments, and rising disposable income.
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Increasing Demand for Electric Luxury Cars to Augment the Luxury Car Market Growth
As per the luxury car market analysis, the electric segment is expected to grow at a significant rate in the forecast period. The segment's growth is expected to be driven by the factor that governments all over the world are strengthening automobile emission limits, as concern for the environment and environmental preservation grows.
As a result, there is an increasing need for environmentally friendly and sustainable transportation, such as electric automobiles. Various governments are also providing increased subsidies and incentives to these car owners, which is expected to further propel the luxury cars market forward.
Asia Pacific to Provide Significant Opportunities for the Luxury Car Market Growth
During the forecast period, the Asia Pacific is expected to be one of the most prominent of all regions, with one of the largest luxury car market in the world. The presence of a number of large-scale firms in this area has had a significant impact on the regional market growth. The luxury car manufacturers in the Asia Pacific have benefited from the ever-increasing population in nations such as India and China. Within the Asia Pacific, the China luxury car market has high growth potential. The low costs and tax advantages connected with assembly and sale procedures across numerous regions account for the growing number of production units in these locations.
| CAGR 2024-2032 - Market by | Region |
| Asia Pacific | 6.3% |
| Latin America | 4.7% |
| North America | 4.0% |
| Europe | XX% |
| Middle East and Africa | XX% |
Luxury Car Market Segmentation
Luxury cars are passenger vehicles that are designed to deliver advanced features, excellent quality, greater levels of equipment, and enhanced comfort to their occupants. Luxury cars are available in a variety of vehicle types, including hatchbacks, SUVs, sedans, and even minivans. Luxury cars also include equipment such as automatic safety measures, entertainment systems, and built-in seat massagers. However, these are costlier than ordinary automobiles and have high-end materials and finishes on both the interior and exterior of the vehicle.
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By vehicle type, the market is divided into:
- Hatchback
- Sedan
- Sports Utility Vehicle
- Multi-purpose Vehicle
| CAGR 2024-2032 - Market by | Vehicle Type |
| Sports Utility Vehicle | 5.4% |
| Multi-purpose Vehicle | 5.2% |
| Hatchback | XX% |
| Sedan | XX% |
Based on drive type, the market can be segmented into:
- IC Engine
- Electric
| CAGR 2024-2032 - Market by | Drive Type |
| Electric | 5.4% |
| IC Engine | XX% |
On the basis of price category, the market is divided into:
- USD 80,000 to USD 149,000
- USD 150,000 to USD 299,000
- USD 300,000 to USD 500,000
- Above USD 500,000.
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
| CAGR 2024-2032 - Market by | Country |
| China | 6.1% |
| Brazil | 5.6% |
| France | 5.1% |
| Canada | 4.6% |
| Mexico | 4.6% |
| UK | XX% |
| Germany | XX% |
| Italy | XX% |
| India | XX% |
| Australia | 4.3% |
| Saudi Arabia | XX% |
| USA | 4.0% |
| Japan | 3.8% |
Growing Collaborations Among Companies to Bolster the Growth of the Luxury Car Market
A strong market rivalry around the world due to the increasing globalisation and the rising demand for cars has been aiding the luxury vehicles market growth. This, in turn, has encouraged several companies to implement novel methods to improve customer driving experience, increasing the luxury car market share by brand. These techniques have helped them create a foothold in the market. Thus, the growing number of cross-industry collaborations has been positively impacting the luxury car market share worldwide.
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Furthermore, the market for pre-owned luxury vehicles is steadily increasing because owners usually sell these vehicles after one or two years of use in order to upgrade to better models and modifications, increasing the luxury car brand market share. The used luxury vehicle market is becoming increasingly systematised to satisfy rising demand, with easy access to financing, lower entry pricing, and annual maintenance contracts. These factors are expected to further increase the global luxury car market size in the coming years.
| Market Share by | Country |
| Brazil | 2.1% |
| USA | XX% |
| Canada | XX% |
Key Players in the Global Luxury Car Market
The report gives a detailed analysis of the following key players in the global luxury car market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Ferrari S.p.A
- Bugatti Automobiles
- Rolls-Royce Motor Cars
- Daimler AG
- Automobili Lamborghini S.p.A.
- Koenigsegg Automotive AB
- Aston Martin Lagonda Limited
- Bentley Motors Limited
- Horacio Pagani S.p.A
- Dr. Ing. h.c. F. Porsche AG
- Toyota Motor Corporation
- Tesla, Inc.
- General Motors
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Vehicle Type |
|
| Breakup by Drive Type |
|
| Breakup by Price Category |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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Luxury Car Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market for luxury cars attained a value of USD 483.84 billion.
The market is projected to grow at a CAGR of 4.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 744.20 billion by 2032.
The major drivers of the luxury car market expected to aid the market growth are an increase in company collaborations, heightening purchasing power, rising trend of electric luxury cars, and an increase in demand for comfortable driving experiences.
The key market trends guiding the growth of the market include the surging demand for pre-owned luxury automobiles and the desire for electrified and autonomous vehicles utilising artificial intelligence and machine learning features.
North America, Europe, and Latin America are the major regions in the global luxury car market.
The significant drive types include IC engine and electric.
The major players in the market are Ferrari S.p.A, Bugatti Automobiles, Rolls-Royce Motor Cars, Daimler AG, Automobili Lamborghini S.p.A., Koenigsegg Automotive AB, Aston Martin Lagonda Limited, Bentley Motors Limited, Horacio Pagani S.p.A, Dr. Ing. h.c. F. Porsche AG, Toyota Motor Corporation, Tesla, Inc., and General Motors, among others.
The various vehicle types in the market are hatchback, sedan, sports utility vehicle, and multi-purpose vehicle.
Engines, transmissions, sound systems, telematics, safety features, and interior materials are frequently of greater quality in luxury cars, and they are typically priced higher.
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