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Luxury Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A4197
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Market Overview:
The global luxury car market size reached US$ 424.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 565.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.
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Report Attribute
|
Key Statistics
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|---|---|
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Base Year
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2022
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|
Forecast Years
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2023-2028
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Historical Years
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2017-2022
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Luxury Car Market Size in 2022
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US$ 424.5 Billion |
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Luxury Car Market Forecast in 2028
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US$ 565.6 Billion |
| Luxury Car Market Growth Rate (2023-2028) |
4.9%
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Luxury cars are premium, technologically advanced motor vehicles that provide high-quality interiors, better performance, and several safety features. They also offer superior quality, improved comfort and innovative services at a higher price compared to economy and mid-sized cars. They are usually equipped with leather seats, maps, cameras, and upgraded suspension and engines. Besides this, they include anti-kidnapping heartbeat monitor, top speed key, jump seat, trunk hinges, starlight headliner, gear selector, pop-up tweeters, air vent slats and other features. As a result, luxury cars are gaining traction around the world.
Luxury Car Market Trends:
Significant increase in tangible luxury offerings within a vehicle and rising disposable incomes of individuals are shifting consumer preferences towards luxury car brands. This represents one of the key factors propelling market growth. Apart from this, due to growing environmental concerns, governing agencies and environmental associations of several countries are reinforcing emission norms. Consequently, there is a rise in the demand for sustainable and eco-friendly transportation, such as electric luxury vehicles across the globe. The market is also driven by the rising adoption of pre-owned luxury cars on account of the easy access to financing, lower entry prices, and annual maintenance contracts. Furthermore, leading manufacturers are coming up with next-generation smart mobility technologies, such as personal voice assistance, autonomous driving, and retina recognition. They are also extensively investing in research and development (R&D) activities to integrate artificial intelligence (AI) and machine learning (ML) technologies, which is creating a favorable market outlook.
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global luxury car market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on vehicle type, fuel type and price range.
Breakup by Vehicle Type:
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Hatchback
- Sedan
- Sports Utility Vehicle
Breakup by Fuel Type:
- Gasoline
- Diesel
- Electric
Breakup by Price Range:
- Entry-Level
- Mid-Level
- High-End
- Ultra
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, Aston Martin Lagonda Global Holding Plc, BMW AG, Daimler AG, Ferrari N.V., Nissan Motor Company Ltd., Tesla Inc, Toyota Motor Corporation and Volkswagen AG.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Vehicle Type, Fuel Type, Price Range, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | AB Volvo, Aston Martin Lagonda Global Holding Plc, BMW AG, Daimler AG, Ferrari N.V., Nissan Motor Company Ltd., Tesla Inc, Toyota Motor Corporation and Volkswagen AG |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global luxury car market was valued at US$ 424.5 Billion in 2022.
We expect the global luxury car market to exhibit a CAGR of 4.9% during 2023-2028.
The rising levels of consumer disposable income, along with the escalating demand for motor vehicles, such as luxury cars, that offer improved comfort and innovative services, are primarily driving the global luxury car market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for luxury cars.
Based on the vehicle type, the global luxury car market has been segregated into hatchback, sedan, and sports utility vehicle. Among these, sedan currently exhibits a clear dominance in the market.
Based on the fuel type, the global luxury car market can be bifurcated into gasoline, diesel, and electric. Currently, gasoline accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global luxury car market include AB Volvo, Aston Martin Lagonda Global Holding Plc, BMW AG, Daimler AG, Ferrari N.V., Nissan Motor Company Ltd., Tesla Inc, Toyota Motor Corporation, and Volkswagen AG.
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