Luxury Vehicles Market - by 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

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.

23-Sep-2020 | Number of pages: 110 | Report Code: ZMR-142 | Report Format : | Status : Published

Abstract

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.

Global Luxury Vehicles Market: Overview

The term “luxury vehicle” suggests a vehicle with higher quality equipment, explicit construction, comfort, better performance, higher design, and is technologically modern and featured. It is a perceptual, conditional, and subjective attribute that may be apprehended differently by different people. Luxury vehicles are a symbol of an image, brand, prestige, or status that is offered at premium prices. These vehicles provide emphasized comfort and a higher degree of safety compared to mainstream vehicles.

Global Luxury Vehicles Market: Growth Factors

The past of the automobile industry shows that there has been a point where it had a group of car models that were expensive to purchase owing to the so-called superiority of their design and engineering. Wealthy buyers and the high-standard group of people give importance to their social status and prestige. Hence, these automobiles specifically focus on such wealthy buyers and are generally termed as “luxury vehicles”. By providing various models, manufacturers of these luxury vehicles target particular socio-economic classes taking into account their income and standard of living in the society. Increasing demands from wealthy consumers in both developed and emerging economies, technical developments in luxury vehicles and increased affordability for those vehicles is anticipated to witness significant growth in the global luxury vehicles market within the forecast period. Research and development, innovations activities in the technology of luxury vehicles, and increased investment in luxury vehicles are anticipated to open new avenues for the luxury vehicles market in the near future.   

Global Luxury Vehicles Market: Segmentation

The luxury vehicles market is fragmented based on type, size, and region. By type, the market is divided into the sedan, station wagon, hatchback, coupe, and convertible body styles, minivans, crossovers, sport utility vehicles (SUV), and others. On the basis of size, the luxury vehicles market includes 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. The software segment is anticipated to witness the maximum CAGR in the upcoming years. All the hardware components are systematically implemented to match their movements while harvesting the fruits/vegetables along with identifying the ones to harvest. In the future, the integration of AI in luxury vehicle systems will let machines make their own decisions, based on appropriate parameters. Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Global Luxury Vehicles Market: Regional Analysis

The U.S., China, Japan, Canada, India, and other European countries are the major markets for luxury vehicles. The global luxury vehicles market is forecasted to have positive growth in the near future. Increasing disposable income is the key factor for market growth globally. In addition, automobile manufacturers and other financial institutions provide various loan schemes which make it easy for the customers to maintain their status in society. This is one of the factors increasing the demand for luxury vehicles in developing nations which positively impacts the growth of the global luxury vehicles market. On the other hand, rising fuel prices in developing countries such as India may act as market restraints, hindering the growth of the global market.

Global Luxury Vehicles Market: Competitive Players

Key players of the global luxury market are BMW, Mercedes-Benz, Jaguar, Audi, Volvo, Ferrari, and Land Rover. Other major players in the market include Rolls-Royce, Bentley, Lamborghini, Lexus, and Cadillac. Some of the manufacturers may be either stand-alone companies such as BMW and Mercedes, while others may be a division or a subsidiary of a mass-market automaker such as Lexus, which is a part of Toyota.

 Luxury Vehicles Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions

Increasing demands from wealthy consumers in both developed and emerging economies, technical developments in luxury vehicles, and increased affordability for those vehicles is anticipated to witness significant growth in the global luxury vehicles market within the forecast period.

According to Zion Market Research, the global demand for the luxury vehicles market 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 U.S., China, Japan, Canada, India, and other European countries are the major markets for luxury vehicles.

Some main participants of the luxury vehicles market are BMW, Mercedes-Benz, Jaguar, Audi, Volvo, Ferrari, and Land Rover. Other major players in the market include Rolls-Royce, Bentley, Lamborghini, Lexus, and Cadillac, among others.


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