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Luxury Car Global Market is Expected to Reach $786.55 Billion at a CAGR of 7.8% By 2027 | Key Players: Stellantis N.V., BMW AG, Audi AG, Kia Corporation, Renault Group
Luxury Car Market
The Business Research Company's Luxury Car Global Market Report 2023 identifies the growing trend of electric luxury vehicles is expected to propel the growth of the luxury car market going forward. Electric luxury vehicles refer to a vehicle that utilizes exclusively battery-stored energy to be pushed by one or more electric traction motors.
The global luxury car market is expected to grow from $535.18 billion in 2022 to $582.19 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The luxury car market is expected to reach $786.55 billion in 2027 at a CAGR of 7.8%.
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Major players in the luxury car market are Volkswagen Group, Toyota Motor Corporation, Stellantis N.V., Mercedes-Benz Group AG, Ford Motor Company, BMW AG, Honda Motor Co Ltd., Hyundai Motor Group, Tesla Inc., Nissan Motor Co. LTD, Audi AG, Kia Corporation, Renault Group, Continental AG, Tata Motors Limited, Volvo Car Corporation, Mazda Motor Corporation, Subaru Corporation, Jaguar Land Rover Automotive PLC, Rolls-Royce plc, Ferrari N.V., Aston Martin Lagonda Group Limited, Acura, Brilliance Auto Group, and Aiways.
Technological advancements are a key trend gaining popularity in the luxury car market. Major companies operating in the luxury car market are adopting new technologies to sustain their position in the market.
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The Luxury Car market is segmented -
1) By Vehicle: Hatchback, Sedan, Sports Utility, Multi-Purpose Vehicle
2) By Vehicle Class: Entry-Level Luxury, Mid-Level Luxury, Ultra Luxury
3) By Propulsion: Internal Combustion Engine (ICE), Electric
4) By Fuel: Gasoline, Diesel, Electric
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Luxury Car market.
The Business Research Company's "Global Luxury Car Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Luxury Car Market Include:
1. Executive Summary
2. Luxury Car Market Characteristics
3. Luxury Car Market Trends And Strategies
4. Luxury Car Market - Macro Economic Scenario
5. Luxury Car Market Size And Growth
……
27. Luxury Car Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Luxury Car Market
29. Luxury Car Market Future Outlook and Potential Analysis
30. Appendix
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