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Luxury Car Market

Luxury Car Market Size, Share and Segmentation 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), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1039 | May 2022 | Region: Global | 130 Pages

Report Scope & Overview:

Luxury Car Market Size was valued at USD 450.7 billion in 2021, and is expected to reach USD 655.62 billion by 2028, and grow at a CAGR of 5.5% over the forecast period 2022-2028.

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.

Luxury Car Market Revenue Graph

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.

MARKET DYNAMICS: 

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.

OPPORTUNITIES: 

  • 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.

CHALLENGES: 

  • 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.

KEY PLAYERS:

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).

MARKET ESTIMATION: 

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

Luxury Car Market Segment Chart

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The 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

Luxury Car Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 450.7 Billion
Market Size by 2028 US$ 655.62 Billion
CAGR CAGR of 5.5% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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.
 


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Luxury Car Market Segmentation, by Body type

8.1 Sedan

8.2 Hatchback

8.3 SUV

 

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

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2  Canada

12.2.3  Mexico

12.3 Europe

12.3.1  Germany

12.3.2  UK

12.3.3  France

12.3.4  Italy

12.3.5  Spain

12.3.6  The Netherlands

12.3.7  Rest of Europe

12.4 Asia-Pacific

12.4.1  Japan

12.4.2  South Korea

12.4.3  China

12.4.4  India

12.4.5  Australia

12.4.6  Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1  Israel

12.5.2  UAE

12.5.3  South Africa

12.5.4  Rest

12.6 Latin America

12.6.1  Brazil

12.6.2  Argentina

12.6.3  Rest of Latin America

 

13. Company Profiles

13.1 Robert Bosch GmbH (Germany)

13.1.1 Financial

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

 

15. Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

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