The Global Luxury Cars Market is projected to grow at a CAGR of 5.12% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. Most of the market expansion attributes to the exceptionally expanding automotive industry worldwide. What has led to such an expansion is the mounting demand for autonomous vehicles stemming from rapid urbanization and the strengthening purchasing power of consumers.
Besides, the urge to avail utmost comfort paired with safety concerns put forth by vehicle owners has also maximized the popularity of luxury cars worldwide. This aspect is more likely to compel the market players to put their best foot forward with the newest forefront technology incorporation in the upcoming cars. Moreover, the hassle-free finance options, affordable entry prices, & AMCs of pre-owned luxury vehicles make it another opportunistic area for the luxury car industry during the forecast period, further states the research report, further states the research report, “Global Luxury Cars Market Analysis, 2023.”
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Additional Space and Comfort Features Promulgates the Adoption of SUVs
Based on Vehicle Type, SUVs are expected to dominate the market with a higher CAGR, among other variants like Sedans and Hatchbacks, during the projected time frame. The convenience, styling, and practicality facilitated by these cars are the factors instigating their popularity and, in turn, propelling the market growth in the coming years. Besides, rising incidences of road accidents & fatalities worldwide have necessitated the need for enhanced safety & comfort put forth by consumers. Since luxury SUVs provide a very high degree of safety & security to commuters, their demand has surged in the past few years, which, in turn, has stimulated the adoption of these SUVs and, thereby, fostering market expansion during the forecast period.
Forefront Technology Incorporation in Luxury Cars Spurs the Market Growth Across Asia-Pacific
Asia-Pacific is expected to experience the largest growth of any region in the world for the Luxury Cars Market from 2023 to 2028, with China serving as the main driver and India ranking among the nations with the fastest economic growth. It is due to the increased demand for luxury SUVs since they provide additional space and comfort, the sharp increase in the number of high- and ultra-high-net-worth individuals, and the introduction of numerous models with flexible financing options across the region.
Competitive Landscape
The leading players in the Global Luxury Cars Market Are General Motors, Porsche, Audi AG, BMW, Mercedes-Benz, Bentley, Ford Motors Co., Volkswagen Group, Tesla Inc., and Tata Motors, others.
Key Questions Answered in the Research Report
- What are the current & future trends in the Global Luxury Cars Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Global Luxury Cars Market?
- What are the customer orientation, purchase behavior, & expectations from Luxury Cars manufacturers across various regions?
Market Segmentation:
- By Vehicle Type (Sedan, SUV and Hatchback),
- By Drive Type (IC Engine and Electric Vehicle),
- 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 and Above 3,000 cc),
- By Region (North America, South America, Europe, Middle East, Africa and Asia-Pacific),
- By Country (United States, Canada, Brazil, Argentina, France, Germany, UK, Italy, China, India, Japan, Saudi Arabia, South Africa)
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