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Impact of Covid-19 on Sales & Manufacturing of Luxury Cars Market & Benchmarking the Sudden Strategy Change by Volkswagen AG, Daimler AG, Lexus, Infiniti, BMW AG, Volvo Car, Audi AG, Aston Martin Lagonda, Tesla, Ferrari
Impact of Covid-19 on Sales & Manufacturing of Luxury Cars
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According to a recent report published by Allied Market Research, titled, "Luxury car Market by Vehicle Type and Fuel Type: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global luxury car market size was valued at $495.7 billion in 2018, and is projected to reach $733.2 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
The key players analyzed in this luxury car market report are Volkswagen AG, Daimler AG, Lexus, Infiniti, BMW AG, Volvo Car, Audi AG, Aston Martin Lagonda, Tesla, and Ferrari N.V.
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Presently, Asia-Pacific dominates the market, followed by Europe, North America, and LAMEA. China dominated the Asia-Pacific luxury car market share in 2018 and is anticipated to exhibit a remarkable growth during the forecast period.
Leading luxury car manufacturers are in a close competition, in terms of sales of luxury vehicles in the U.S. luxury car market. For instance, luxury car manufacturer, Mercedes-Benz outsold BMW AG, a major player in market, for second consecutive month in November 2019 by surpassing BMW with 2,508 vehicles. Leading providers of new and pre-owned vehicles in Canada are entering luxury cars market in Canada, which, in turn, is anticipated to boost the luxury car market in Canada. For instance, HGregoire, a company operating in new and pre-owned vehicle business entered the Canada luxury cars market with the opening of HGregoire INFINITI Laval.
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Leading automobile manufacturers are entering the China luxury car market, which in turn is anticipated to drive the market in this country. For instance, Hyundai, a South Korean multinational automotive manufacturer is planning to launch Genesis, Hyundai's luxury vehicle division in China, which is expected to boost the luxury cars market in China. In addition, automotive giants operating in the luxury cars market in Japan are introducing new models of luxury vehicles with advanced features. For instance, on October 8, 2019, Toyota Motor Corporation announced its plans to release its new luxury car "Granace" in Japan.
Factors such as rise in demand for luxury vehicles and increased demand for comfortable driving experience propel the growth of luxury car market. However, high cost of luxury cars is anticipated to hinder the market growth. Further, production of electric luxury cars provides a remarkable growth opportunity for players operating in the luxury car market.
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Key Findings of the Study Luxury Car Market:
o On the basis of vehicle type, the sports utility vehicle segment is anticipated to exhibit a remarkable growth during the forecast period.
o On the basis of fuel type, the electric segment is anticipated to grow at the highest CAGR during the forecast period.
o Region wise, North America is the fastest growing region, followed by Europe, Asia-Pacific, and LAMEA.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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