Luxury Car Industry 2018 Global Market Analysis By Trends, Share, Growth Rate, Key Manufacturers - Tesla, BMW, Denso, Daimler, Delphi, Audi, Porsche, General Motors, and Continental

Luxury Car Market Will Register CAGR of 35% through 2023. Automotive Luxury Car Market segmented by Body Type (SUV, Sedan, Hatchback), Component (LiDAR, Biometric Sensors, Radar), Fuel Type (ICE, BEV, FCEV, Hybrid), End-User (Car Pooling, Personal Mobility), and Region - Global Forecast to 2023.

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There are several factors that are responsible for the growth of the Luxury Car market in the global scenario. Firstly, the purchasing power of the global automotive consumer has gone up over the years due to the rise in the number of people belonging to the middle class. Secondly, the number of people preferring to have personal automobiles has increased drastically.

Rise in ownership of car in developing markets, growth in number of consumers preferring personalized automobile, preference for environment friendly cars shaped by environmental concern and government policies, significantly higher profit margins for luxury cars, rise in number of baby boomers who value quality, effective brand management strategy to gain brand awareness with end-users, price and safety above fuel economy further boost the market. On the flip side, rising fuel price, high import tariffs on luxury cars, low dealership penetration, the rise in import of second-hand luxury cars are significant restraints to the market. Also, rising preference for top models of budget cars might pose a threat to the luxury car market.

On the basis of body type, the most popular luxury vehicles are sedan and SUVs – since these are priced beyond a certain pricing point and thus, have a status quo attached to them. On the basis of component, sensors (parking sensors, camera sensors, and so forth) and to some extent, biometric sensors are frequently used due to the low cost of production and installation (especially in mass/batch production cases). On the basis of fuel type, the most economical type of vehicle to manufacture and utilize on road is the internal combustion engine fired vehicles (petrol or diesel being used as a fuel). On the basis of end-user, the opportunity for growth of the luxury vehicle market is equally high in the case of carpooling and personal mobility.

The key markets of the global Luxury Car market are North America, Asia-Pacific, Europe, and Rest of the World. North America accounts for the maximum share of the automotive vehicle market owing to a robust economy, increasing purchasing power, growing demand for luxury vehicles coupled with developed infrastructures. In Europe, the prevailing challenging economic conditions do not provide much scope for market consolidation; however, the market has been able to maintain sales volume of higher end models due to demand for high-end vehicles in the region. The Asia-Pacific region has lucrative growth opportunities for the luxury vehicle market, and it is projected to be the next automotive hub of the world. The emerging economies of India and China are foreseen to provide favorable growth circumstances during the forecast period owing to rising purchasing power of people. The Luxury Cars market is well consolidated in the GCC region. U.A.E. and Saudi Arabia and major contributors. The low oil prices in the region and high purchasing power in the region facilitate the growth of the market.

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