Global Luxury Car Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Luxury Car Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A luxury car has better performance, a luxurious interior, and all the latest safety and technology features. Car manufacturers will produce cars of different levels according to the purchasing power of other social classes, and there is no specific standard for what is considered a luxury car among many manufacturers. In the past, certain brands such as Mercedes-Benz, BMW, and Audi were called luxury cars. Now, however, mainstream brands like Toyota and Honda have luxury car options available.

Market Overview:

The latest research study on the global Luxury Car market finds that the global Luxury Car market reached a value of USD 130016.0 million in 2022. It’s expected that the market will achieve USD 219669.0 million by 2028, exhibiting a CAGR of 9.13% during the forecast period.

Growing demand for a comfortable driving experience

Luxury car sales are positively correlated with the level of regional economic development. With the rapid development of the economy, the disposable income of residents has increased. The number of high-end people around the world continues to increase. Due to increasing purchasing power, consumers want tend to gain comfort while driving. Luxury cars are mainly built with the latest technology, the best materials, and powerful engines. In addition, the luxury car offers technologies such as satellite radio, intelligent remote entry, and adaptive cruise control for a comfortable driving experience. And the luxury car also provides functions such as active suspension, executive rear seats, remote start, and massage seats to enhance the comfortable driving experience. Customer interest in advanced comfort-enhancing features such as champagne coolers and reclining seats has increased. As customer preference for a comfortable driving experience continues to increase, luxury automakers are introducing more comfort features such as automotive touch-command consoles for infotainment and comfort, mood lighting, and more. Among luxury cars, for example, the BMW 7 Series features a rear-seat entertainment experience with a 31.3-inch touchscreen. Hence, rising demand for comfort and the luxurious driving experience is expected to drive the luxury car market growth during the forecast period.

Rising demand for electric luxury vehicles is expected to boost the growth of the luxury vehicle industry

With increasing concerns about the environment and environmental protection, governments around the world are tightening vehicle emission restrictions, and thus, there is an increasing need for environmentally friendly and sustainable transportation, such as electric luxury vehicles. Governments are also offering more subsidies and incentives to these car owners, which is expected to further drive the luxury car market forward. Furthermore, the luxury vehicle market is growing at an increasing rate owing to the integration of the Internet of Things (IoT) and real-time information solutions into the full EV charging station system for electric luxury vehicles. Leading manufacturers are also developing the latest smart mobility technologies such as retinal recognition, autonomous driving, and personal voice assistance. In addition, the luxury car market is also benefiting from the expansion of the automotive industry, the investment boom, and rising disposable income.

Region Overview:

In 2022, the share of the Luxury Car market in Asia Pacific stood at 37.25%.

Company Overview:

Porsche is one of the major players operating in the Luxury Car market, holding a share of 20.78% in 2023.

Segmentation Overview:

By type, SUV segment accounted for the largest share of market in 2022.

Application Overview:

By application, the ICE segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Luxury Car market covered in Chapter 3:

BMW
Land Rover
Bentley
Bugatti
Aodi
Maserati
Lamborghini
Rolls Royce
McLaren
Benz
Koenigsegg
Pagani
Aston Martin
Ferrari
Porsche

In Chapter 4 and Chapter 14.2, on the basis of types, the Luxury Car market from 2018 to 2029 is primarily split into:

Hatchback
Sedan
Coupe
Convertible
Wagon
SUV

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Luxury Car market from 2018 to 2029 covers:

ICE
Electric
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)