Global Luxury Electric Vehicles Market Size study & Forecast, by Propulsion Type (BEV, PHEV, FCEV), by Vehicle Type (Cars, Buses, Vans, Trucks), and Regional Analysis, 2023-2030

Global Luxury Electric Vehicles Market Size study & Forecast, by Propulsion Type (BEV, PHEV, FCEV), by Vehicle Type (Cars, Buses, Vans, Trucks), and Regional Analysis, 2023-2030

Global Luxury Electric Vehicles Market is valued at approximately USD 158.8 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 17.7% over the forecast period 2023-2030. The luxury electric vehicles market encompasses the sector of the automotive industry that specializes in the production and sale of high-end, premium electric vehicles, catering to affluent consumers who seek luxurious features, advanced technologies, exceptional performance, and sustainable transportation options. These vehicles combine the elegance and sophistication of luxury automobiles with the environmental benefits and innovative capabilities of electric propulsion systems, reflecting a growing demand for sustainable and opulent mobility solutions in the luxury automotive segment. The Luxury Electric Vehicles Market is being driven by factors such as rising demand for emission-free and technologically advanced vehicles.

According to International Energy Agency, by the end of 2022, the global electric car sales exceeded 10 million and 14% of all new car sold were electric up from 9% in 2021. Along with that according same source 2.3 million electric care were sold in first quarter of 2023 about 25% more than same period last year. Thus, increasing sales of e-vehicles fueling the growth of the market. In addition, increasing disposable income in emerging economies and increasing consumer inclination towards safety and comfort features may create lucrative opportunities for the market. However, the limited number of charging stations and supporting charging infrastructure may hinder the growth of the market throughout the forecast period of 2023-2030.

The key regions considered for the Global Luxury Electric Vehicles Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 increasing government focus towards building battery charging infrastructure and hydrogen fueling stations in developing nations such as China and India. North America considered as the fastest growing region during the forecasted period due to the high paying capacities of the consumers based in the region and the government tax rebate on electric vehicle purchases.

Major market player included in this report are:
Tesla, Inc.
BYD Auto Co., Ltd.
Volkswagen AG
Bayerische Motoren Werke AG
AB Volvo
Ford Motor Company
Hyundai Motor Company
Toyota Motor Corporation
Kia Corporation
Audi AG

Recent Developments in the Market:
In April 2022, BYD Auto Co., Ltd. introduced the Han EV series, featuring a diverse lineup of vehicles ranging from mid-level to luxury sedans. This series encompasses both battery-electric and plug-in hybrid vehicles. Significantly the luxury electric vehicle in the series showcases cutting-edge technologies that enhance safety features, overall vehicle performance, and comfort. One notable safety feature is the integration of ultra-safe blade batteries, which significantly reduce the risk of fire even in the event of severe vehicle damage.

Global Luxury Electric Vehicles Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Propulsion Type, Vehicle Type, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Propulsion Type:
BEV
PHEV
FCEV

By Vehicle Type:
Cars
Buses
Vans
Trucks

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies
Tesla, Inc.
BYD Auto Co., Ltd.
Volkswagen AG
Bayerische Motoren Werke AG
AB Volvo
Ford Motor Company
Hyundai Motor Company
Toyota Motor Corporation
Kia Corporation
Audi AG

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