Report Scope & Overview:
Luxury Car Market Size was valued at USD 475.48 billion in 2022, and is expected to reach USD 729.72 billion by 2030, and grow at a CAGR of 5.5% over the forecast period 2023-2030.
Luxury automobiles are passenger vehicles designed to give advanced features, excellent quality, greater levels of equipment, and enhanced comfort to passengers. Luxury automobiles are available in a variety of vehicle types, including hatchbacks, SUVs, sedans, and even minivans. Furthermore, luxury cars are more expensive than ordinary automobiles and include high-end interior and exterior materials and finishes.
Other forces boosting the expansion of the luxury car market, which in turn is boosting the growth of the target market, include the rapid increase in intangible luxury offerings in vehicles as well as rising disposable incomes of consumers. Similarly, fast rising environmental concerns and rising fuel prices will drive product demand and accelerate the expansion of the luxury automobile market during the projection period.
The luxury car market is growing due to increase in demand for luxury vehicles.
Increase in the income level of people.
Increased need for a comfortable driving experience boosts the growth of the luxury car market.
The cost of producing cars with luxurious features and various options is higher than the cost of producing cars with similar attributes.
Luxury car sales are quite low, and the majority of the selling price goes to developing and making these cars pricey.
The production of electric luxury cars presents a significant potential opportunity for luxury car market players.
Luxury automobiles provide a high level of comfort and security, offering market prospects.
The number of people who want their own automobile has increased significantly.
Automakers are constantly attempting to differentiate their vehicle offerings by providing a bonus and innovative the value contribution.
Automakers saw a decrease in sales as a result of providing cutting-edge innovations to spending vehicles in order to increase sales.
Import tariff increases have the potential to stymie the growth of the luxury car market.
IMPACT OF COVID-19:
The COVID-19 pandemic has had a direct impact on the automobile luxury vehicle sector, with sales and production declining in 2020. Furthermore, the COVID-19 epidemic has had a significant impact on each individual's spending power. The market gradually regained its lost vigor after the restrictions were eliminated.
The market for luxury cars has been fueled by a considerable increase in actual luxury offerings in vehicles, a movement in consumer preferences from sedans to SUVs, and rising disposable incomes. However, an increase in import duties is projected to stifle the luxury car market's expansion.
By Body type:
By Fuel type:
Battery Electric Vehicle (BEV)
Fuel Cell Electric Vehicle (FCEV)
Internal Combustion Engine (ICE) Vehicle
Hybrid (HEV & PHEV)
By End User:
The Asia-Pacific region is expected to grow at the fastest rate during the forecast time frame. China is most likely the largest market for luxury vehicles among all non-industrialized nations. Audi, BMW, Mercedes-Benz, and Lexus, for example, have constantly kept up with the favourable development in the Chinese luxury vehicle industry.
In 2017, luxury vehicles accounted for more than 9% of all vehicle sales in the United States. With the country's developing industry openings, the market for luxury vehicles is expected to grow at a moderately rapid pace.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Tesla, Inc. (U.S.), BMW (Germany), Denso Corporation (Japan), Daimler AG (Germany), Robert Bosch GmbH (Germany), Delphi Technologies, Inc. (U.K), Audi AG (Germany), Porsche AG (Germany), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), General Motors Company (U.S.), and Continental AG (Germany).
BMW (Germany)-Company Financial Analysis
|Market Size in 2022||US$ 475.48 Billion|
|Market Size by 2030||US$ 729.75 Billion|
|CAGR||CAGR of 5.5% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Body type (Sedan, Hatchback, SUV)
• by Fuel type (Battery Electric Vehicle (BEV), Fuel Cell, Electric Vehicle (FCEV), Internal Combustion Engine (ICE) Vehicle, Hybrid (HEV & PHEV))
• by Component (Biometric Sensors, Ultrasonic Sensors, LIDAR Sensors, Radar Sensors, Camera Unit)
• by End User (Car Sharing, Personal Mobility)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Tesla, Inc. (U.S.), BMW (Germany), Denso Corporation (Japan), Daimler AG (Germany), Robert Bosch GmbH (Germany), Delphi Technologies, Inc. (U.K), Audi AG (Germany), Porsche AG (Germany), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), General Motors Company (U.S.), and Continental AG (Germany).|
|Key Drivers||• The luxury car market is growing due to increase in demand for luxury vehicles.
• Increase in the income level of people.
• Increased need for a comfortable driving experience boosts the growth of the luxury car market.
|RESTRAINTS||• The cost of producing cars with luxurious features and various options is higher than the cost of producing cars with similar attributes.
• Luxury car sales are quite low, and the majority of the selling price goes to developing and making these cars pricey.
The CAGR of the Luxury Car Market is 5.5% over the forecast period 2023-2030.
The expected value of the Luxury Car Market in 2030 is USD 729.72.
The prominent players in the market are Tesla, Inc. (U.S.), BMW (Germany), Denso Corporation (Japan), Daimler AG (Germany), Robert Bosch GmbH (Germany), Delphi Technologies, Inc. (U.K), Audi AG (Germany), Porsche AG (Germany), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), General Motors Company (U.S.), and Continental AG (Germany)., and others in the final report.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
18.104.22.168 United Kingdom
22.214.171.124 South Korea
126.96.36.199 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Luxury Car Market Segmentation, by Body type
9. Global Luxury Car Market Segmentation, by Fuel type
9.1 Battery Electric Vehicle (BEV)
9.2 Fuel Cell Electric Vehicle (FCEV)
9.3 Internal Combustion Engine (ICE) Vehicle
9.4 Hybrid (HEV & PHEV)
10. Global Luxury Car Market Segmentation, by Component
10.1 Biometric Sensors
10.2 Ultrasonic Sensors
10.3 LIDAR Sensors
10.4 Radar Sensors
10.5 Camera Unit
11. Global Luxury Car Market Segmentation, by End User
11.1 Car Sharing
11.2 Personal Mobility
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Robert Bosch GmbH (Germany)
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Tesla, Inc. (U.S.)
13.3 BMW (Germany)
13.4 Denso Corporation (Japan)
13.5 Daimler AG (Germany)
13.6 Delphi Technologies
13.7 Inc. (U.K)
13.8 Audi AG (Germany)
13.9 Porsche AG (Germany)
13.10 NXP Semiconductors N.V. (Netherlands)
13.11 Infineon Technologies AG (Germany)
13.12 General Motors Company (U.S.)
13.13 Continental AG (Germany).
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
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