Press release
Revolution in Comfort: How Luxury Cars are Redefining the Journey
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐ญ - https://www.alliedmarketresearch.com/request-sample/6345
Drivers, Restraints, and Opportunities
Rise in demand for luxury vehicles owing to an increase in incomes and evolving customer needs, surge in demand for comfortable and luxurious driving experiences, introduction of new line of luxury cars by leading automobile manufacturers drive the global luxury car market. However, the high cost of luxury cars hinders market growth. Moreover, the production of electric luxury cars and the growing adoption of autonomous driving technology in luxury cars will present new growth opportunities for the global luxury car market in the coming years.
Covid-19 Scenario:
The COVID-19 pandemic influenced consumer spending habits, resulting in a decline in the global luxury car market growth. The pandemic impacted luxury cars sales due to disrupted global automotive supply chain.
Furthermore, after a considerable drop in automotive sales during the pandemic, the global luxury car market is expected to experience growth in the coming years due to a rise in investments for the production of luxury cars across several countries. Several manufacturers focused on the design and development of luxury cars owing to their increased demand.
The sports utility vehicle segment to grab lion's share during the forecast period
Based on vehicle type, the sports utility vehicle segment contributed to the largest share of more than three-fifths of the global luxury car market in 2021 and is expected to maintain its leadership in terms of revenue during the forecast period. Also, the same segment is projected to witness a fastest CAGR of 7.3% from 2022 to 2031. Sports utility vehicles are gaining traction due to their benefits like large cargo capacity, greater visibility due to large windows, and increased fuel efficiency. The report also analyzes hatchback, sedan, and others segments.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ - https://www.alliedmarketresearch.com/luxury-car-market/purchase-options
The electric and hybrid segment to dominate the market during the forecast period
Based on fuel type, the electric and hybrid segment contributed to the largest share of around half of the global luxury car market in 2021 and is expected to maintain its leadership in terms of revenue during the forecast period. The same segment is projected to witness the fastest CAGR of 8.6% during the forecast period. The growth of the segment is attributed to environmental consciousness and the need to reduce dependence on fossil fuels. The report also discusses ice segment.
The mid-level luxury segment garnered the major share in 2021
Based on vehicle class, the mid-level luxury segment held the highest market share in 2021, accounting for nearly two fifths of the global luxury car market. This is due to the rise in demand for better safety and fuel efficiency in luxury cars. However, the ultra-luxury segment is expected to rule the roost in terms of revenue during the forecast period. Also, the same segment is expected to portray the highest CAGR of 7.4% from 2022 to 2031, owing to a rise in ultra-high-net-worth individuals. The report also discusses the entry-level luxury segment.
Europe to achieve the largest revenue by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly half of the global luxury car market and is likely to dominate the market during the forecast period. The market in the region is driven by a rise in demand for enhanced driving performance, connectivity, and safety features in luxury cars. The Asia-Pacific region, on the other hand, would portray the highest CAGR of 7.6% from 2022 to 2031, owing to the launch of a new range of eco-friendly luxury vehicles. The report also analyzes North America and LAMEA regions.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ญ๐ ๐ฐ๐ข๐ญ๐ก ๐๐๐ญ๐ข๐จ๐ง๐๐๐ฅ๐ ๐๐ญ๐ซ๐๐ญ๐๐ ๐ฒ & ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐ก๐๐ซ๐ ๐๐ญ https://www.alliedmarketresearch.com/purchase-enquiry/6345
Leading Market Players
Volvo Car Corporation
Daimler AG
Volkswagen AG
Tesla
Lexus (TOYOTA MOTOR CORPORATION)
Rolls-Royce plc
Aston Martin Lagonda
Ferrari N.V.
INFINITI (NISSAN MOTOR CORPORATION)
BMW AG
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
Luxury Vehicles Market Research Report 2023-2035- https://www.alliedmarketresearch.com/luxury-vehicles-market
Luxury Autonomous Vehicle Market Research Report 2023-2035- https://www.alliedmarketresearch.com/luxury-autonomous-vehicle-market-A08915
Luxury Car Rental Market Research Report 2023-2035- https://www.alliedmarketresearch.com/luxury-car-rental-market-A12260
Luxury Shuttle Bus Market Research Report 2023-2035- https://www.alliedmarketresearch.com/luxury-shuttle-bus-market-A13962
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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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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