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Luxury Electric Vehicles Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments
Luxury Electric Vehicles Global Market Report 2024
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According to The Business Research Company's, The luxury electric vehicles market size has grown rapidly in recent years. It will grow from $178 billion in 2023 to $212.26 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to government incentives for electric vehicles, initial adoption by eco-conscious consumers, rise in environmental awareness, growing charging infrastructure, expansion of luxury automotive market.
The luxury electric vehicles market size is expected to see rapid growth in the next few years. It will grow to $404.71 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to continued government support and incentives, increased availability of luxury electric vehicle models, expansion of fast-charging networks, growing consumer preference for sustainable transportation, integration of autonomous driving features. Major trends in the forecast period include customization options for luxury electric vehicles, integration of advanced infotainment systems, adoption of artificial intelligence in vehicle management, development of luxury electric suv models, collaboration between luxury car manufacturers and technology companies..
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Market Drivers and Trends:
The implementation of environmental safety standards and regulations is expected to propel the growth of the luxury electric vehicle market going forward. The environmental, health, and safety regulations include details on environmental, health, and safety problems that might be pertinent to all business sectors. The implementation of environmental safety standards and regulations aids in minimizing greenhouse gas emissions and adopting the electrification of vehicles. For instance, in April 2023, the United States Environmental Protection Agency, a US-based government agency, regulated a few regulations to significantly cut hazardous air emissions of pollutants from light-duty and medium-duty cars beginning with the model year 2027. These include advances in clean car technology, reducing climate pollution, improving public health, and saving drivers money through reduced fuel and maintenance costs. Therefore, the implementation of environmental safety standards and regulations is driving the market.
Product innovation is the key trend gaining popularity in the luxury electric vehicle market. Major companies operating in the luxury electric vehicle market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2023, AB Volvo, a Sweden-based manufacturer of luxury cars, trucks, buses, and construction equipment, launched t EX30 fully electric small SUV. It has the twin motor performance option, which combines the NMC battery with a second e-motor. This EX30 all-wheel drive model produces 315kW (428hp), accelerating from 0 to 100 km/h in 3.6 seconds. It includes an updated version of the Volvo Park Pilot Assist tool. It can manage all parking spots, including parallel, curved, perpendicular, and diagonal fishbone-style spaces.
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Major Key Players of the Market:
Toyota Motor Corporation, Mercedes-Benz, Bayerische Motoren Werke AG, Ford Motor Company, Volkswagen AG, Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., Kia Corporation, Audi AG, AB Volvo, Porsche AG, Tata Motors Ltd., Lexus, Lincoln, Rolls-Royce, Cadillac, Infiniti, Maserati, Nio Inc., Bentley, Aston Martin, Lucid Group Inc., Genesis, Byton, Rimac Automobili, Automobili Pininfarina GmbH, Rivian, Canoo
Luxury Electric Vehicles Market 2024 Key Insights:
• The luxury electric vehicles market size is expected to see rapid growth in the next few years. It will grow to $404.71 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%.
• Environmental Safety Standards And Regulations Fueling Growth In The Luxury Electric Vehicle Market
• Innovative Advancements In The Luxury Electric Vehicle Market
• Asia-Pacific was the largest region in the luxury electric vehicle market in 2023
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