Demand for advanced safety features, customization options, and enhanced comfort and convenience to boost global luxury car market through 2024
According to TechSci Research report, “Global Luxury Car Market By Vehicle Type, By Fuel Type, By Engine Capacity, By Region, Competition, Forecast & Opportunities, 2024”, the global luxury car market witnessed 8 million unit sales in 2018 and is anticipated to grow at impressive rate during the forecast period, owing to a plethora of features offered in luxury cars such as accident avoidance systems, double staked infotainment systems, surround sound audio, TPMS equipped tires and opulent interiors. Moreover, increasing disposable income and demand for high horse power vehicles are expected to boost demand for luxury cars, globally, during the forecast period.
Global luxury car market can be segmented based on vehicle type, fuel type and engine capacity. In terms of vehicle type, sedans accounted for the largest share and the trend is expected to continue in the forthcoming years as well as they have better interiors, high speed stability and softer suspension setup for comparable price. In terms of engine capacity, <2500cc is the dominating segment in global luxury car market, as major luxury cars fall in this category. Based on fuel type, petrol captured the major share in 2018. While, others segment which includes CNG and electric is poised to grow at a high rate during the forecast period, on account of increasing concerns regarding harmful effects of air pollution and government subsidies for the adoption of electric vehicles.
Browse 170 market data Figures spread through 110 Pages and an in-depth TOC on "Global Luxury Car Market"
Bayerische Motoren Werke AG (BMW), Mercedes-Benz, Audi AG, Toyota Motor Corporation, Honda Motor Company, Ltd, Passat (Santana), Cadillac, Mini, Lexus, Tesla, among others are some of the leading players operating in global luxury car market. Surging popularity of luxurious vehicles is pushing the companies to focus on improving the design and functionality of vehicles. Mercedes Benz has collaborated with Google for Google Home and Google Assist Software in order to offer cutting-edge technologies. In 2018, Daimler signed MoU with Baidu to integrate the latter’s connectivity services in the Mercedes-Benz’s new car infotainment system.
“Europe dominated the global luxury car market in 2018 , backed by the presence of leading players and early adoption of advanced technologies. The demand for luxury cars is anticipated to increase in Asia-Pacific region in the coming years, on account of increasing per capita income, popularity of high-speed cars among youth and growing demand for enhanced comfort and convenience.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Luxury Car Market By Vehicle Type, By Fuel Type, By Engine Capacity, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global luxury car market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global luxury car Market.