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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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.
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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