Global Luxury Cars Market Recovering From Covid-19 Outbreak, fast ahead of most big economies : Benz, BMW, Audi, Tesla, Lexus, Cadillac, Volvo, Jaguar, Porsche

Luxury cars can be described as the cars which gives an absolute feeling of comfort and safety at an extremely high cost. They are precisely and elegantly designed and more technologically advanced, consisting of higher quality equipment to provide higher efficiency, symbolizing the owner's status. The vehicle is manufactured with machinery and materials of the highest accuracy, care, and high quality. Luxury cars come with the latest technology and deliver enhanced interior experience, such as contoured dash, heated seats, improved sound systems, and navigation systems in real time.

Drivers:

High demand for luxury cars is expected to drive growth of global luxury cars market. According to the Federation of Automobile Dealers Associations (FADA), in July 2020, Mercedes-Benz increased its market share from 35% in 2019, to 45% in 2020.

Increase in per capita income is expected to drive growth of global luxury cars market. According to the World Bank, India’s Gross national income per capita for 2019 was US$ 2,130 which is 5.97% increase from 2018.

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Restraints:

Increase in tax on luxury cars is expected restrain growth of global luxury cars market.

Regional insights:

Asia Pacific is expected to dominate the global luxury cars market due to increase in the demand for the luxury vehicles in emerging economies. For instance, according to Federation of Automobile Dealers Associations (FADA), in 2018, Mercedes-Benz India maintained its leadership position in the domestic luxury car market and sold a record of 15,538 units which increased by 1.4%, when compared to 2017 (15,330 units).

North America is expected to grow rapidly due to increase of per capita income in the region and also due to rise in demand for comfort and luxury vehicles. According to the World Bank, North America’s gross national income for 2019 was US$ 63,778 which is 3.94% increase from 2018.

Competitors section:

Key competitors in global luxury cars market are Mercedes Benz, BMW, Audi, Tesla, Lexus, Cadillac, Volvo, Jaguar, Porsche, and Infiniti.

In December 2019, Volvo Cars launched BS-VI compliant XC40 T4 R-Design petrol variant in India at a price of US$ 3.99 million.

In March 2020, BMW launched an updated version of BMW X1 with a BS-VI engine at price between US$ 3.59 million–US$ 4.29 million.

Product Type Coverage (Market Size & Forecast, Major Company of Product Type etc.):

Super Sport Car
SUV
Sedan
Coupe
Convertible

Application Coverage (Market Size & Forecast, Different Demand Market by Region, Main Consumer Profile etc.):

18-24 years old
25-34 years old
35-44 years old
45-54 years old
55-64 years old
65 and older

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