The Luxury Cars Market report by MarkNtel Advisors – Market Research Company, offers a comprehensive analysis of the current state of the market, including an overview of key players, emerging trends, and future growth prospects. The report is segmented into various sections, each dedicated to different aspects of the market such as market size, geographical shares, competitive landscape, and market dynamics.
How Big is the Luxury Cars Industry?
The Global Luxury Cars Market size reached USD 2.5 Trillion in 2023. Looking forward, it is expected to rise at a CAGR of around 35.76% during the forecast period 2024-2030.
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Luxury Cars Market Trend:
Increasing Popularity of Luxury Electric Cars – The rising prominence of luxury electric cars is emerging as the key trend in the market. As a result, a considerable portion of the global population has diverged their interests toward purchasing an electric luxury car, paving the way for more models to arrive in the coming years, particularly in the coming years. For example, luxury car makers in India are all set to launch several electric vehicles soon as they bet on EVs accounting for up to 25% of their sales in the country in the next couple of years, up from low single-digit shares in 2022. Interestingly, Audi, Mercedes, and other luxury electric cars made it to the top even when priced higher than petrol and diesel vehicles.
Other than this, the benefits offered by the government, such as earning incentives by being a buyer, and the establishment of more charging stations along with Hydrogen fuel stations, have also swiftly elevated the sales of electric variants. Additionally, the more considerable lifespan of the vehicle compared to fossil-fuel cars, zero-emission vehicles through tax rebates and subsidies, and strengthening security features are some of the crucial aspects again encouraging the adoption of luxury electric cars. Thus, this emerging luxury car market trend is anticipated to augment the luxury car market share worldwide.
Competitor Breakdown: Top Luxury Cars Companies 2024-2030
- Volkswagen Group
- Tata Motor Ltd
- Tesla Inc
- General motors Co
- Ford Motors Co
- Audi AG
- Toyota Motors
- Porsche
- BMW Group
- Others
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Regional Analysis:
North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Share of each region segment in the Market
- Potential growth opportunities in the region
- The growth rate of the region in the Industry
Breaking Down the Luxury Cars Market Segmentation:
By Vehicle Type
- Hatchback
- Sedan
- SUV
By Drive Type
- IC Engine
- 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
- Above 3,000 cc
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