Global Luxury Cars Market 2024-2028
The luxury cars market is forecasted to grow by USD 180.52 bn during 2023-2028, accelerating at a CAGR of 6.56% during the forecast period. The report on the luxury cars market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by rising demand for luxury SUVs, increasing preference for safety and comfort, and a rising number of high-net-worth individuals.
Technavio's luxury cars market is segmented as below:
By Product
- Executive luxury car
- Super luxury car
By Propulsion
- IC engine-based vehicles
- Electric vehicles
By Geographical Landscape
- Europe
- North America
- APAC
- Middle East and Africa
- South America
This study identifies the launch of electric luxury car models as one of the prime reasons driving the luxury car market growth during the next few years. Also, increasing technological innovations in luxury cars and the rise in popularity of coach-built luxury cars will lead to sizable demand in the market.
The report on the luxury cars market covers the following areas:
- Luxury cars market sizing
- Luxury cars market forecast
- Luxury cars market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading luxury cars market vendors that include AB Volvo, Aston Martin Lagonda Ltd., Bayerische Motoren Werke AG, BYD Co. Ltd., China FAW Group Co. Ltd., Dr. Ing. h.c. F. Porsche AG, Ferrari NV, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., McLaren Group Ltd., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Pagani S p A, Renault SAS, Stellantis NV, Tata Sons Pvt. Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG. Also, the luxury cars market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.