Global Luxury Car Market Forecast to 2028 - Increasing Number of High Net Worth Individuals (HNWI) and Ultra HNWIs Drives Demand

DUBLIN, Dec. 19, 2023 /PRNewswire/ -- The "Global Luxury Car Market: Analysis By Volume, By Price Band (Entry & Mid-Level Luxury and Ultra Luxury), By Body Type (SUV, Sedan, Sports), By Propulsion Type (Non-BEV and BEV) Size and Trends and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global luxury car market was valued at US$596.50 billion in 2022. The market value is expected to reach US$883 billion by 2028. Whereas, the global luxury car market volume stood at 1.72 million units in 2022.

The promising high-growth forecast of luxury cars is driven by customer demand, supply proliferation, and favorable policy. The distinctive features of luxury and ultra-luxury cars, including high performance, aesthetics, exclusivity, and brand heritage, are expected to be further appreciated by affluent customers in the coming years. From the supply side, the market growth is being driven by increasingly abundant product offerings, more applications of cutting-edging technologies in luxury and ultra-luxury EVs, and the accelerated launches of BEV SUVs. Furthermore, the stimulus seen from sustainability, and the investment boost witnessed in the luxury industry is also expected to contribute to market growth in forthcoming years. The luxury car market is expected to grow at a CAGR of approx. 6.8% over the projected period of 2023-2028.

Market Segmentation Analysis:

• By Price Band: Entry & Mid-Level Luxury and Ultra Luxury. The entry & mid-level luxury segment held the highest share in the market, whereas the ultra luxury is expected to be the fastest growing segment in the forecasted period. The demand for entry & mid-level luxury cars has been increasing globally due to a growing affluent middle class in emerging markets like China and India has boosted demand for premium vehicles.
• By Body Type: SUV, Sedan, Sports, and Others. SUV held the highest share in the market, and is expected to be the fastest-growing segment. SUVs have been a popular category in the traditional ICE market, given their perceived safety and practicality. Leading OEMs are currently pushing the electric migration of SUVs. More than 10 luxury and ultra-luxury BEV SUV models would be introduced in the next five years, and this number would increase in the longer term as the EV transition evolves.
• By Propulsion Type: Non-BEV and BEV. Multiple forces are behind the increasing battery electric vehicle (BEV) penetration level, including electrification technology advancements, favorable government regulations, and the rising purchasing preference for BEVs among customers.
• By Region: In terms of value, Europe held the held share of the market, whereas, Asia Pacific is expected to be the fastest-growing region in the coming years.
  • Germany has one of the largest automotive industries and workforces in Europe and is not far behind the US and China worldwide. Germany is famous for the high-performance and high-quality sports cars made by Porsche, and the cars of Mercedes, BMW, and Audi are famous for their quality and technological innovation.
  • In Asia Pacific region, China held the highest share in the market, whereas India is expected to be the fastest growing region. China will be a crucial part of the growth engine for the luxury car market. The market growth would be driven by a rapid increase in the number of HMWIs and UHNWIs in the country. Traditionally, global luxury-car OEMs have single-handedly led this growth. Recently, however, local champions have developed a strong connection with consumers by offering a seamless customer experience, technological ecosystems, and innovative offerings.

Market Dynamics:

Growth Drivers

• Increasing Number of HNWIs and UHNWIs
• Surging Millennials and Gen Z
• Rapid Urbanization
• Increasing Adoption of AI
• Increasing Connectivity
• Surging Investments in the EV Market
• Favorable Government Policies
• Resale Value
• Marketing and Branding

Challenges

• Shortage of Raw Materials
• Trade Tariffs and Regulations

Market Trends

• Increasing BEV Penetration Rate
• Advanced Autonomous Driving (AD)
• Emerging Vehicle Usage Models
• Technological Advancements
• Personalization and Customization

Competitive Landscape:

The global luxury car market is consolidated, with few players operating on a global scale. The key players in the global luxury car market are:

• Mercedes-Benz
• Tesla
• BMW
• Volkswagen
• Volvo
• Tata Motors
• Toyota Motor
• Stellantis
• Aston Martin Lagonda Global Holdings
• Ferrari

Key Topics Covered:

1. Executive Summary

2. Introduction
2.1 Luxury Car: An Overview
2.2 Luxury Car Segmentation: An Overview

3. Global Market Analysis
3.1 Global Luxury Car Market: An Analysis
3.2 Global Luxury Car Market: Volume Analysis
3.3 Global Luxury Car Market: Price Band Analysis
3.4 Global Luxury Car Market: Body Type Analysis
3.5 Global Luxury Car Market: Propulsion Type Analysis

4. Regional Market Analysis

5. Impact of COVID-19

6. Market Dynamics

7. Competitive Landscape
7.1 Global Luxury Car Brands Volume by Market Share
7.2 Europe Luxury Car Brands Volume by Market Share
7.3 Asia Pacific Luxury Car Brands Volume by Market Share
7.4 North America Luxury Car Brands Volume by Market Share
7.5 India Luxury Car Brands Volume by Market Share

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/tgi5i8

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