$178 Billion Opportunity by 2023 in the Luxury Car Market: Global Key Vendors - Volkswagen AG, Daimler AG, General Motors Company, Volvo Group

Luxury Car Market Size
The global luxury car market is expected to register a CAGR of 11.3% to reach USD 178 billion by the year 2023. With a rise in tangible luxury offerings in the vehicles, shifting consumer preference from sedan to hatchback, and increasing disposable income of the consumers is propelling the demand for luxury cars.

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The market is experiencing more opportunities across a wider range of geographies, reaching both developing and emerging markets. The United States luxury car market, over the past few years, has been witnessing increasing sales in the crossovers and SUVs segment. The luxury car market in the US has categorized into two divergent, the budget cars and the ultra-luxury cars. There is clustering of new purchases in the two extreme categories of budget and ultra-luxury.

Key Developments in the Luxury Car Market
• May 2018: In the first week of May 2018, the luxury car maker BMW had recalled more than 3,00,000 cars in the United Kingdom
• April 2018: Increase in prices of luxury cars to negatively impact sales in India
• April 2018: Mahindra Launched Luxury Electric Car Brand Automobili Pininfarina.

Major Players:
Volkswagen AG, Daimler AG, General Motors Company, Volvo Group, among others.

Reasons to Purchase Luxury Car Market Report
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The vehicle type that is expected to dominate the market
• The countries that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)

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China largest Market for Luxury Cars in Developing Countries
Currently, China has the highest growth potential among all developing countries in the luxury car market. The premium car makers, such as Audi, Mercedes-Benz, BMW, Lexus, and Volvo have always maintained positive growth in the Chinese luxury car market. In 2017, luxury cars in the country accounted for more than 9% of the overall passenger cars sales. With the growing business opportunities in the country, and growing demand from women, the market for luxury cars is expected to witness moderately fast growth.
Despite the government’s austerity drive, sales of super-luxury and supercar sales have not decreased in China.

Growing Sales for Luxury Cars in Europe
In May 2017, the European car sales increased rapidly. The sales were supported by the extra selling day in the number of markets, with volume and premium brands alike posting double-digit percentage growth. It is anticipated that the European market will maintain its positive growth. German brands such as Daimler, BMW, and Volkswagen's Audi fared well, with the core Mercedes, BMW and Audi brands hopping 17%, 24%, and 22% respectively.
Additionally, in the European region, Germany dominates the luxury market in terms of revenue, followed by United Kingdom and France.

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