Press release
Luxury Car Market Growth Accelerates: Strategic Forecast Predicts $920.17 Billion by 2029
Luxury Car Market
What Will the Luxury Car Industry Market Size Be by 2025?
The size of the luxury car market has seen vigorous growth in the past years. It is set to expand from $623.9 billion in 2024 to $672.26 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.8%. The growth witnessed in the historical period is the result of several factors including an economic upswing and affluent consumer base, globalization and market spread, recognition of brand excellence and heritage, shifts in lifestyles and urbanization, as well as the emergence of new markets.
What's the Long-Term Growth Forecast for the Luxury Car Market Size Through 2029?
Anticipations are high for a robust surge in the luxury car market in the upcoming years. The market is forecasted to scale up to $920.17 billion by 2029, registering a compound annual growth rate (CAGR) of 8.2%. This predicted augmentation during the forecast period is primarily due to factors like advancement towards environmentally friendly luxury versions, subscription-driven ownership patterns, global economic conditions, emphasis on in-vehicle connectivity and entertainment, and changes in regulations and emission norms. The forecast period also displays significant paradigms like customer experience digitalization, automation in driving technology, technological progress in safety and luxury, design and mechanical creativity, proliferation of digital display areas, and virtual experiences.
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What Are the Key Growth Drivers Fueling the Luxury Car Market Expansion?
The escalating inclination towards electric luxury cars is anticipated to boost the luxury car market's expansion in the future. These vehicles, powered solely by energy stored in batteries and driven by one or more electric traction motors, are gaining ground. This increased interest is fueled by heightened environmental consciousness and the aspiration to integrate advanced technology and innovation in luxury cars. The swelling appeal of such electric luxury vehicles is largely contributing to the demand surge in the luxury car market. For instance, Tesla Inc., a US-based automobile firm, reported in January 2023 that their fourth-quarter production and delivery figures for their Model S/X and E/Y (luxury electric vehicles) were over 439,000 and above 405,000 respectively. Vehicle deliveries experienced a 40% year-on-year increase to 1.31 million in 2022, and production went up by 47% annually to reach 1.37 million. Hence, this escalating preference for electric luxury cars is propelling the expansion of the luxury car market.
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What Are the Key Trends Driving Luxury Car Market Growth?
Technological innovation is emerging as a dominant trend in the luxury car industry. Top players in this market are leveraging new tech advancements to reinforce their market standing. For example, in December 2022, the Germany-based auto manufacturer, Bayerische Motoren Werke AG (BMW), introduced the XM SUV. The XM stands out as the first M vehicle incorporating plug-in hybrid powertrain tech features. It boasts an impressive 489 hp and 800 pound-feet of torque due to a 4.4-liter twin-turbo V8 engine combined with an electric motor. BMW paired this engine with an 8-speed automatic transmission that employs the M xDrive system to evenly distribute power to all wheels.
How Is the Luxury Car Market Segmented?
The luxury car market covered in this report 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
Subsegments:
1) By Hatchback: Premium Hatchback, Luxury Compact Hatchback
2) By Sedan: Luxury Sedan, Executive Sedan, Sports Sedan
3) By Sports Utility: Luxury, Compact Luxury, Mid-Size Luxury, Full-Size Luxury
4) By Multi-Purpose Vehicle (MPV): Luxury, Premium
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Which Companies Are Leading the Charge in Luxury Car Market Innovation?
Major companies operating in the luxury car market include Volkswagen Group, Toyota Motor Corporation, Stellantis N.V., Mercedes-Benz Group AG, Ford Motor Company, BMW AG, Hyundai Motor Group, Tesla Inc., Nissan Motor Co. LTD, Audi AG, 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
Which Regions Are Leading the Global Luxury Car Market in Revenue?
Asia-Pacific was the largest region in the luxury car market in 2024. The regions covered in the luxury car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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