Press release
Luxury Car Industry Set to Achieve $934.04 Billion Milestone by 2029 | Steady 7.1% CAGR
Luxury Car Market
What Is the Long-Term Growth Forecast for the Luxury Car Market Size 2025?
The size of the luxury automobile market has seen substantial growth in the past few years. The projection is that it will rise from $667.73 billion in 2024 to $710.54 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. Factors contributing to this growth trend during the historic period include strong economic trends, an affluent consumer demographic, globalization, market diversification, the prestigious reputation and heritage of brands, evolving lifestyles, urbanization, and the rise of emerging markets.
What CAGR is Forecasted for the Luxury Car Market Through 2029?
The market for luxury automobiles is predicted to witness robust expansion in the subsequent years. It is set to escalate to $934.04 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 7.1%. Elements such as electrification and sustainable luxury, subscription-based ownership concepts, international economic patterns, emphasis on in-vehicle connectivity and leisure, regulatory adjustments, and emission criterions all contribute to the projected growth during this period. Other principal trends encompass customer experience digitalization, autonomous driving technologies, advancements in safety and comfort technology, innovative design and engineering, and the emergence of digital showrooms and virtual encounters.
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What Are the Critical Factors Driving Luxury Car Market Development?
The luxury car market is projected to grow due to the surging trend of electric luxury vehicles. Electric luxury vehicles, defined as cars that completely rely on battery-stored power propelled by one or multiple electric traction motors, are gaining momentum. This surge is fueled by an increasing consciousness about the environment and a preference for technology-centric innovation in luxurious cars. The popularity surge of these cars is significantly boosting the luxury car market. For illustration, Tesla Inc., a US-based car company, reported in January 2023 that the fourth-quarter production and delivery figures for Model S/X and E/Y (luxury electric cars) exceeded 439,000 and 405,000 respectively. Vehicle deliveries saw a yearly increase of 40%, reaching 1.31 million in 2022, while manufacturing saw an annual increase of 47% to 1.37 million. Thus, the mounting trend of electric luxury vehicles is instrumental in driving the growth of the luxury car market.
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How Does the Luxury Car Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Luxury Car Industry?
Advancements in technology are becoming an increasingly significant trend within the luxury vehicle market. To maintain their market standing, major corporations in this industry are leveraging novel technologies. For example, in December 2022, the German automobile company Bayerische Motoren Werke AG (BMW) unveiled the XM SUV. The XM is the first M series vehicle to incorporate plug-in hybrid powertrain technology. It has the capability to generate 489 horsepower and 800 pound-feet of torque due to its 4.4-liter twin-turbo V8 engine paired with an electric motor. This engine is matched with an 8-speed automatic transmission that employs the M xDrive system to transfer power to all four wheels.
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Which Players Are Driving Innovation in the Luxury Car Market?
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 Driving Global Luxury Car Market Expansion?
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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