Global luxury car market registered sales of over 8 million units in 2018 and the market is anticipated to grow at brisk rate during the forecast period. Luxury cars, the status symbol, have high horse power, offer more security, and come with tractional control, airbags, review cameras and anti-lock braking systems. Moreover, luxury cars come with latest technologies and offer enhanced interior experience such as contoured dash, heated seats, better sound systems and real time navigation systems. Option of customization and high horse power with remote starters, electronic parking aids and rain-sensing windshield wipers only add-up to their demand, thereby promoting growth of global luxury car market. Additionally, the resale value of luxury cars is high, making them even more popular.
Global luxury car market can be segmented based on vehicle type, fuel type and engine capacity. Based on the vehicle type, global luxury car market can be bifurcated into SUV, sedan, hatchback, among others. Sedans is the dominant vehicle type in 2018 and the vehicle type is expected to continue its leading position in the forthcoming years as well.
This is due to high mileage, high performance and comfortable riding experience offered by sedan when compared with counterparts.
In terms of regional analysis, market can be segmented into North America, South America, Asia Pacific, Europe and Middle East & Africa. Asia-Pacific luxury car market is growing at a brisk rate with China leading the numbers in the market. India is one of the largest passenger car markets in the world, however, the penetration of luxury vehicles is low, which is anticipated to increase during the forecast period. This is due to the fact that automobile companies have started launching multiple strategically priced models with various smart financing schemes and per capita income are increasing in the country. Moreover, Indian government is offering subsidies for the purchase of electric vehicles.
Major players operating in global luxury car market include Bayerische Motoren Werke AG (BMW), Mercedes-Benz, Audi AG, Toyota Motor Corporation, Honda Motor Company, Ltd, Passat (Santana), Cadillac, Mini, Lexus, Tesla, among others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2018, Mercedes Benz registered highest sales in the premium segment for three years in a row. Moreover, buyers are showing interest in electric vehicles, leading to significant sales volume of Tesla Inc.’s luxury cars.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast global luxury car market size.
- To classify and forecast global luxury car market based on vehicle type, fuel type, engine capacity and regional distribution.
- To identify drivers and challenges for global luxury car market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global luxury car market.
- To conduct the pricing analysis for global luxury car market.
- To identify and analyze the profile of leading players operating in global luxury car market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed product offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated global luxury car market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Automotive manufacturers, distributors and other stakeholders
- Security and intelligence service providers
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to luxury cars
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global luxury car market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, by Vehicle Type:
- Market, by Fuel Type:
- Market, by Engine Capacity:
- Market, by Region:
o North America
o South America
o Middle East & Africa
Kingdom of Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in global luxury car market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).