Global Luxury Car Market – Industry Trends and Forecast to 2030

Global Luxury Car Market, By Vehicle (Hatchback, Sedan, Sports Utility Vehicle, Multi-Purpose Vehicle), Drive Type (Internal Combustion (IC) Engine, Electric and Hybrid Vehicle), Fuel Type (Gasoline, Diesel, Electric)Price Category (USD 80,000 to USD 149,000, USD 150,000 to USD 299,000, USD 300,000 to USD 500,000, Above USD 500,000),Vehicle Class (Entry-Level Luxury, Mid-Level Luxury, Ultra-Luxury) - Industry Trends and Forecast to 2030.

Luxury Car Market Analysis and Sizes

The luxury car market rise with the advancement of modern lifestyle and latest technologies. Luxury brands give a better standard of life which enhance the quality and class of customer. According to the popularity of the brand, technology, and comfort provided by the luxury brand customer buys such cars by investing a high amount. Market players such as BMW and MERCEDES have huge brand value, even they don’t need much marketing. Luxury Car brands must have values and attributes which will further connect the customer fervently.

Data Bridge Market Research analyses that the luxury car market which was USD 536.47 billion in 2022, would rocket up to USD 1,065.47 billion by 2030, and is expected to undergo a CAGR of 8.96% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Luxury Car Market Scope and Segmentation

Market Definition

Luxury vehicles have the maximum extent of features with the latest technology and comfort available in the vehicle, which is at a high total price. Luxury cars brand help in providing car users with a high amount of ease and also have the highest premium quality of materials in the vehicle manufacture which makes them luxurious.

Global Luxury Car Market Dynamics

Drivers

• Adoption of the electric luxury cars

With the increasing concern for the environment and environmental protection, governments over the maximum country are triggering people to use electric vehicle that is emission-free and eco-friendly.  The demand for environmentally friendly and sustainable transportation such as electric vehicles is quickly growing. Big brands such as Tesla and other luxury brands produce luxury electric cars with modern technology and comforts, which will drive the growth of luxury brands car.

•  Technology advancement in luxury brand car

Escalation in technological advancements such as integration of all-EV charging stations systems with the Internet of Things (IoT), real-time information solutions various driving mods, and high safety fast-track the market growth. Modern technology such as real-time data about the availability of vacant spots and locating nearby charging stations will drive the market growth of luxury car brands  

Opportunities

• Emerging of pre-owner sales 

Luxury brands cars are frequently sold after one or two years, due to the demand for pre-owned luxury vehicles is continuously growing.  In direction to grasp the rising mandate, the used luxury vehicle market is becoming more organized, with easy access to financing, lesser entry prices, and annual upkeep agreements. This creates an opportunity for luxury brands to grow in the market

• The rapid growth of urbanization in developing countries

 Rising urbanization in a developing country means growing infrastructure, industrialization, and a growing stander of living, where people need quality life and luxury product and automobile. Where people spend their money on personal vehicles and luxury vehicles. A developing country such as India has a huge demand for luxury car, which create an opportunity for luxury brand car to grow in the market.    

Restraints/Challenges   

• Similar relating feathers  with non-luxury brands

Non-luxury brands are also offering their customers advanced features that are given by luxury cars at very high costs. The feature such as real-time information giver, automatic mode, and auto-driving mode, this price integration may dissatisfy the customer this is expected to obstruct market growth.

• The high cost of luxury cars can hamper the market

 Luxury vehicles are high in cost due to their luxurious and advanced features. The cost of manufacturing cars with well-appointed features and options is much more than the cost of manufacturing them. The sales of luxury cars are very low, a large amount of the selling charge is used to pay for their progress, which makes these types of cars more expensive. Therefore, the high cost of luxury vehicles is expected to hamper the market growth

This luxury car market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the luxury car market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

•  In July 2020, Bayerische Motoren Werke AG Sets up Competence Centre for E-drive Production BMW Group is expanding its production for electric drive by opening the Competence Centre in its largest production plant at Dingolfing. The company will be creating electric drive components such as, battery modules, and electric motors.
• In August 2020, Mercedes-Benz and CATL Went shake hands to build partnership for the development of a cutting-edge battery technology for the electrification of Mercedes-Benz models at high volumes. This will cover all models ranging from passenger cars to vans.

Global Luxury Car Market Scope

The luxury car market is segmented on the basis of vehicle , drive type, fuel type, price category, and vehicle class. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Vehicle

• Hatchback
• Sedan
• Sports Utility Vehicle
• Multi-Purpose Vehicle

Drive Type

• Internal Combustion (IC) Engine
• Electric and Hybrid Vehicle

Fuel Type

• Gasoline
• Diesel
• Electric

Price Category

• USD 80,000 to USD 149,000
• USD 150,000 to USD 299,000
• USD 300,000 to USD 500,000
• Above USD 500,000.

Vehicle Class

• Entry-Level Luxury
• Mid-Level Luxury
• Ultra-Luxury

Global Luxury Car Market Regional Analysis/Insights

The luxury car market is analysed and market size insights and trends are provided by vehicle, drive type, fuel type, price category, and vehicle class as referenced above.

The countries covered in luxury car market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the global luxury car market because of its strong base in industrialization, and availability of raw materials strong presence of major players in the market, and good foreign policy, and high luxury cars.  

North America is expected to witness significant growth due to the increase in the demand for luxury EVs, and the presence of a strong electronic market such as Tesla. Availability of growing market, growing demand for luxury cars.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data. 

Competitive Landscape and Global Luxury Car Market Share Analysis

The luxury car market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electric vehicle market.

 Some of the major players operating in the luxury car market are:

• Ford Motor Company (U.S.)
• General Motors (U.S.)
• AUDI AG (Germany)
• Kia India Pvt. Limited(India)
• Renualt Group (France)
• SAIC Motor Corporation Limited (China)
• Tesla (U.S.)
•  Daimler Truck AG. (Germany)
• BMW AG (Germany)
• Hyundai Motor Company (South Korea)
• BYD Motors Inc. (China)
• Continental AG (Germany)
• Toyota Motor Sales, Inc. (U.S)
• Nissan Motor Co., LTD. (Japan)
• Volkswagen AG (Germany)
• AB Volvo (Sweden)
• Honda Motor Co., Ltd. (Japan)