23-Sep-2020 | Zion Market Research
According to the report published by Zion Market Research, global demand for the Luxury Vehicles market was valued at approximately USD 645.45 Billion in 2019 and is expected to generate revenue of around USD 945.17 Billion by end of 2026, growing at a CAGR of around 5.6% between 2020 and 2026. The major players active in the global luxury vehicles market include BMW, Mercedes Benz, Lexus, Audi, Land Rover, Volvo, Cadillac, MINI, Infiniti, Porsche, Aston Martin, Jaguar, Acura, Lincoln, Smart, Maserati, Tesla, Rolls-Royce, Ferrari, McLaren, and Lamborghini. The prime market players like Tesla Motors have turned their attention to production on the latest luxury vehicle technologies like electric and eco-friendly luxury vehicles that comprise the blind spot warnings systems and automatic emergency braking.
Technologically Inventive Features And Comfort Needs To Boost The Demand For Luxury Vehicles
Luxury vehicles are a major section of the luxury goods market and are typified by the luxurious and advanced offerings. The requirement for luxury vehicles has been spurred owing to the comfort needs and technologically pioneering features that express the owner’s social status. Further, the increasing demands from wealthy purchasers in developed & budding nations, technological enhancements in luxury vehicles, and the increasing affordability for these vehicles are also expected to drive the luxury vehicles market growth. Nevertheless, the need for advanced vehicle care service centers and the lofty prices of these vehicles are the main factors limiting market growth. Further, key challenges faced by the global luxury vehicles market are the existence of substitutes, low-priced public transport systems like railways & buses, and other cost-effective private vehicles that are extensively utilized by the mid-class population globally. However, a swing in the implementation of conventional automobiles toward eco-friendly, technologically superior luxury vehicles would bring up several growth avenues for the luxury vehicles market.
Asia Pacific Region Expected To Witness The Highest Growth Rate During The Forecast Period
The global luxury vehicles market is divided based on size of vehicle and region. Based on vehicle size, the global luxury vehicles market is bifurcated into entry-level luxury/compact executive cars, premium compact segment, high-end/full-size luxury cars, mid-size luxury/executive cars, and ultra-luxury cars & luxury SUV/crossover vehicles. Based on region, the global luxury vehicles market is categorized into Asia Pacific, Latin America, the Middle East & Africa, Europe, and North America. Of these, Asia Pacific luxury vehicles market is anticipated to expand at a substantial pace with China dominating the market. Also, India is among the biggest passenger vehicles market globally, nevertheless, there is a low penetration of luxury vehicles, which is projected to amplify in the coming years. This is because the automobile firms have begun introducing several strategically priced models with numerous smart financing plans along with the rising per capita income in the country. Furthermore, subsidies are also offered by the Indian government for buying electric vehicles.
Browse the full “Luxury Vehicles Market Crop Type (Sedan, Station Wagon, Hatchback, Coupe, And Convertible Body Styles, Minivans, Crossovers, Sport Utility Vehicles (SUV), And Others), Size (Premium Compact Vehicles, Entry-Level Luxury/Compact Executive Vehicles, Mid-Size Luxury/Executive Vehicles, High-End Luxury/Full-Size Luxury Vehicles, And Ultra-Luxury Vehicles And Luxury SUV/Crossover Vehicles): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/luxury-vehicles-market
The global luxury vehicles market is segmented as follows:
By Size of Vehicles
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