Global Luxury Car Market value will cross USD 35 billion by 2032, cites a recent report by Global Market Insights Inc.
As per the study, selective tastes & preferences of affluent consumers for vehicles are driving the industry growth. Wealthy individuals are seeking vehicles that provide a blend of performance, comfort, and prestige, and luxury car manufacturers are delivering on these expectations with assurance. Rising disposable incomes, increasing consumer aspirations, and the growing desire for superior driving experiences will boost the product demand.
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Additionally, there is constant emphasis on advancements in automotive technologies. Luxury car manufacturers are incorporating cutting-edge features and innovative technologies to enhance the driving experience and provide a seamless integration of digital capabilities. From autonomous driving capabilities to electric and hybrid powertrains, luxury cars are at the forefront of automotive innovation, which will strengthen the industry outlook.
Comfort & smooth driving experience to boost demand for sedans
Based on vehicle type, the market is bifurcated into sport utility vehicle, sedan, and hatchback. The luxury car industry share from sedan segment will grow substantially over 2023 to 2032, on account of classic design, practicality, and versatility of the vehicle type. Sedans offer a blend of style and functionality with their sleek profiles, spacious interiors, and comfortable seating. Sedans provide a smooth driving experience for daily commuting as well as long-distance travel, creating strong demand for these types of luxury vehicles. Additionally, sedan models often incorporate advanced safety features and the latest automotive technologies, ensuring the comfort and security of passengers, which will further amplify vehicle sales.
Credibility & trust factor to increase preference for franchised dealers
In terms of sales channel, the industry is divided into independent dealer and franchised dealer. Luxury car market size from franchised dealer segment will record notable growth through 2032. Franchised dealerships serve as authorized representatives of automotive manufacturers, offering customers a comprehensive range of vehicles and related services. They provide a one-stop-shop experience, allowing customers to explore different models, compare options, receive expert guidance, and get reliable after-sales services. Franchised dealers also bring the credibility and trust associated with established automotive brands, ensuring customers’ access to genuine products and reliable customer service, which may lead to a shift in preference toward this sales channel.
Automotive superiority in cars above USD 80K to boost industry value
In terms of car price, the market is segmented into above USD 80K, USD 50K - 80K, USD 30K - 50K. The luxury car industry value from above USD 80K segment will register strong CAGR during 2023 and 2032. The growth is attributed to elite buyers seeking luxury, performance, and exclusivity in their automotive choices. Luxury vehicles over USD 80k boast top-tier craftsmanship, cutting-edge technology, and superior driving dynamics. Buyers in this price range value not only the prestige associated with owning a high-end vehicle but also the unmatched quality and attention to detail that accompanies it. The automakers offering above 80K variants place keen focus on innovation, incorporating advanced safety features, autonomous driving capabilities, and sustainable powertrain options. Opulent features, from plush leather interiors to state-of-the-art infotainment systems, are further favoring segment growth.
Sustainability & electrification trends to push luxury vehicle demand Europe
Regionally, Europe luxury car market revenue will grow tremendously by 2032, owing to the region's robust infrastructure, affluent consumer base, and passion for automotive excellence. There is a strong demand for luxury sedans, SUVs, and high-performance sports cars. Consumers in Europe appreciate the blend of comfort, prestige, and driving dynamics that luxury cars provide. Additionally, European automakers have embraced the trend of sustainability and electrification, with an increase in the number of luxury electric and hybrid model launches. This, along with the emphasis on craftsmanship, sophisticated design, and exceptional performance is helping in the regional industry expansion.
Luxury Car Industry Players
Daimler AG, BMW AG, Volvo Car Corporation, Tata Motors Limited, Volkswagen AG, Tesla, Aston Martin, Toyota Motor Corporation, Mazda Motor Corporation, and Isuzu Motors Ltd.
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Luxury Car Industry News:
- In April 2023, Jaguar Land Rover Automotive PLC, a British automaker owned by Tata Motors, announced an investment of USD 15 billion over the next five years to accelerate its plan for modern luxury electric-first future.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation.
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources.
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Luxury SUV market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Fuel type trends
2.5 Sales channel trends
2.6 Car price trends
2.7 Type trends
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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