Luxury Car Market on the Rise: Comprehensive Analysis by Volume, Price Band, Body Type and Forecast to 2028

Dublin, Dec. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Luxury Car Market: Analysis By Volume, By Price Band (Entry & Mid-Level Luxury and Ultra Luxury), By Body Type (SUV, Sedan, Sports, and Others), By Propulsion Type (Non-BEV and BEV) Size and Trends and Forecast up to 2028" report has been added to's offering.

The global luxury car industry has undergone a significant analysis. This research dives deep into various facets of the market, including volume, price bands, body types, and propulsion, forecasted up to 2028.

According to the analysis, the luxury car market, which was valued at approximately US$596.50 billion in 2022, is projected to soar to an estimated US$883.00 billion by 2028. The volume of luxury cars stood at 1.72 million units in 2022, and the market is expected to expand at a CAGR of around 6.8% between 2023 and 2028.

Market Segmentation Highlights:

  • Price Band: The entry and mid-level luxury segment currently dominate the market, while ultra-luxury vehicles are anticipated to experience rapid growth within the forecast period.
  • Body Type: SUVs command the market share and are projected to continue their growth trajectory, with a notable number of luxury BEV SUV models scheduled for launch in the near future.
  • Propulsion Type: The burgeoning shift toward battery electric vehicles (BEVs) is driven by technology advancements, consumer preferences, and supportive government policies.
  • Regional Analysis: Europe leads the value market share, while the Asia Pacific region is expected to be the fastest-growing, with China being a pivotal market and India predicted to have an accelerated growth rate.

Key Market Dynamics:

  • Increasing numbers of high-net-worth individuals (HNWIs) and surging interest from younger generations are substantial growth drivers for the market.
  • Advancements in artificial intelligence and connectivity technologies are bolstering market expansion.
  • On the flip side, challenges such as raw material shortages and trade tariffs may impede market momentum.
  • Market trends signal a shift towards increased BEV penetration rates, with significant investments in EV markets and autonomous driving technologies.

Competitive Landscape:

The global luxury car market exhibits a consolidated landscape featuring key automotive giants. Noteworthy developments include strategic shifts by Mercedes-Benz to focus more on high-end vehicles and the introduction of Lexus's TX model specifically aimed at the North American market. These moves underscore the dynamic nature of the market and point to the strategic initiatives that leading companies are adopting in response to evolving industry demands.

This comprehensive analysis of the luxury car market provides a panoramic view of the current state and future outlook, facilitating a deeper understanding of market dynamics, consumer trends, and the competitive environment.

Key Topics Covered:

1. Executive Summary

2. Introduction
2.1 Luxury Car: An Overview
2.2 Luxury Car Segmentation: An Overview

3. Global Market Analysis
3.1 Global Luxury Car Market: An Analysis
3.2 Global Luxury Car Market: Volume Analysis
3.3 Global Luxury Car Market: Price Band Analysis
3.4 Global Luxury Car Market: Body Type Analysis
3.5 Global Luxury Car Market: Propulsion Type Analysis

4. Regional Market Analysis
4.1 Europe Luxury Car Market: An Analysis
4.2 Asia Pacific Luxury Car Market: An Analysis
4.3 North America Luxury Car Market: An Analysis
4.4 Rest of World Luxury Car Market: An Analysis

5. Impact of COVID-19

6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Number of HNWIs and UHNWIs
6.1.2 Surging Millennials and Gen Z
6.1.3 Rapid Urbanization
6.1.4 Increasing Adoption of AI
6.1.5 Increasing Connectivity
6.1.6 Surging Investments in the EV Market
6.1.7 Favorable Government Policies
6.1.8 Resale Value
6.1.9 Marketing and Branding
6.2 Challenges
6.2.1 Shortage of Raw Materials
6.2.2 Trade Tariffs and Regulations
6.3 Market Trends
6.3.1 Increasing BEV Penetration Rate
6.3.2 Advanced Autonomous Driving (AD)
6.3.3 Emerging Vehicle Usage Models
6.3.4 Technological Advancements
6.3.5 Personalization and Customization

7. Competitive Landscape
7.1 Global Luxury Car Brands Volume by Market Share
7.2 Europe Luxury Car Brands Volume by Market Share
7.3 Asia Pacific Luxury Car Brands Volume by Market Share
7.4 North America Luxury Car Brands Volume by Market Share
7.5 India Luxury Car Brands Volume by Market Share

8. Company Profiles

  • Mercedes-Benz
  • Tesla
  • BMW
  • Volkswagen
  • Volvo
  • Tata Motors
  • Toyota Motor
  • Stellantis
  • Aston Martin Lagonda Global Holdings
  • Ferrari

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