Luxury Car Market Size Was Valued At Around USD 2.5 Trillion In 2023 And Is Projected To Grow At A CAGR Of Around 35.76% By 2030

The Global Luxury Car Market size was valued at around USD 2.5 trillion in 2023 and is anticipated to grow at a CAGR of about 35.76% during the forecast period of 2024-30, cites MarkNtel Advisors in their recent research report. The steady expansion of the global automotive sector, backed by the surge in autonomous vehicle demand accompanying the growing disposable incomes of people, has undoubtedly put the luxury car industry on the rise. Further, the urge to relish utmost comfort with a sprinkling of show-off features has surely given an edge to these models over regular cars. Another prominent factor fostering the market growth is the emerging demand for green mobility alternatives that are likely to pave the way for more EVs (Electric Vehicles) during the forecast period.

Moreover, car brands have been competing to increase their luxury car brand market share in the past few years. Their consistent efforts to launch a new car or rigorous modification more often are the crucial elements likely to present the market with more remunerative opportunities for luxury car manufacturers. Apart from this, the luxury car market growth depends on more global audiences fulfilling their ambitions of owning premium cars. As a result, leading market players are going for collaborations & ventures to increase luxury car market size & volume worldwide.

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Luxury Car Market Segmentation Analysis

By Vehicle Type

 - Hatchback

 - Sedan

 - SUV

By Drive Type

 - IC Engine

 - Electric Vehicle

ICE (Internal Combustion Engine) Drive Type Holds a Major Market Share

Based on the drive type, the market is further bifurcated into ICE (internal combustion engine) and electric vehicles. ICE segment currently leads the market for luxury vehicles worldwide. However, due to the increasing penetration of EVs and stricter regulations aimed at reducing carbon emissions in many nations around the world, the demand for such vehicles is projected to steadily decline in the future. Governments and commercial organizations are enforcing stricter emission rules, which is driving up demand for environmentally friendly and sustainable modes of transportation like electric vehicles (EVs). Thus, in the coming years, the electric vehicles (EVs) segment is anticipated to register steady revenue growth.

By Size of Vehicle

 - Premium compact segment cars

 - Entry level luxury/ Compact executive cars

 - Mid-size luxury/executive cars

 - High end luxury/full size luxury cars

 - Ultra luxury cars and luxury SUV/ crossover vehicle market

 - Performance luxury market

By Engine Capacity

 - Upto 3,000 cc

 - Above 3,000 cc

By Region

 - North America

 - South America

 - Europe

 - Middle East and Africa

 - Asia-Pacific

Asia-Pacific Leads the Global Luxury Car Industry

Asia-Pacific is anticipated to witness steady revenue growth in the coming years, with China as the most prominent and India as one of the fastest-growing countries. This revenue growth in the region is due to the mounting demand for luxury SUVs as these vehicles offer extra space & comfort. Additionally, the rapidly rising number of high- & ultra-high-net-worth individuals and the launch of various models with varied price ranges & easy financing schemes across the region are other factors for the market growth & expansion.

Moreover, the increasing inclination of the Chinese population to buy vehicles with craftsmanship & quality as top parameters, advanced technologies, digital interactions, connectivity, and ADAS, among other features, coupled with the rapidly growing adoption of EVs across the country, are other crucial factors projected to augment the Luxury Cars Market in Asia-Pacific in the coming years.

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Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Volkswagen Group, Tata Motor Ltd., Tesla Inc., General Motors, Ford Motor Company., Audi AG, Toyota Motor Corporation, Porsche, BMW Group, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

• What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
• What are the trends influencing the current scenario of the market?
• What key factors would propel and impede the industry across the globe?
• How has the industry been evolving in terms of geography & product adoption?
• How has the competition been shaping up across the regions?
• How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
• Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?\

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Our fact-based reports allow the user to design their motives, funds, and strategies, with a higher focus on mitigating confusion and bringing forward a clear insight into the industry. It further allows the clients to identify the lucrative opportunities awaiting.

Insights offered by MarkNtel Advisors comprise in-depth information on regional & country-based trends emerging in the industry. The team studies & compiles the prospects, ensuring consistency in reports.

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