Luxury Car Market size in Australia to grow by 27,350 Units | Driven by Integration of Advanced Safety Technologies | Technavio
NEW YORK, Dec. 10, 2021 /PRNewswire/ -- The luxury car market in Australia is fragmented due to the presence of a number of car manufacturers. The fragmented nature of the market has increased the competition among vendors, which is compelling them to deploy growth strategies such as new product launches to stay competitive. For instance, in October 2021, Aston Martin Lagonda Ltd. introduced the Laureato Chronograph Aston Martin edition. Such successful new product launches are attracting consumer interest, which is creating several growth opportunities for market players.
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Technavio estimates the luxury car market size in Australia to grow by 27,350 units between 2021 and 2026, expanding at a CAGR of 5.12%. The report segments the market by propulsion type (IC engine-based vehicles and electric vehicles) and vehicle type (SUV and others).
By propulsion type, the market witnessed high adoption of IC engine-based luxury cars in 2021. The growth of the segment can be attributed to factors such as increased disposable incomes of consumers and improvements in IC engines in terms of emission, performance, and fuel efficiency. The market growth in this segment will be significant over the forecast period. Similarly, by vehicle type, SUVs accounted for the maximum number of sales in 2021. The growing interest in adventurous activities, especially among millennials in the country is increasing the adoption of SUVs.
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Luxury Car Market in Australia: Growth Drivers
The market is driven by the integration of advanced safety technologies in luxury cars to gain higher safety ratings. Rising fatality rates caused by road accidents are forcing automotive OEMs to incorporate advanced technologies to make vehicles safer to drive. Some of the recent technological developments such as emergency brake assist, lane departure warning systems, collision mitigation warning, blind-spot detection, and automatic emergency braking systems are being incorporated to increase the safety levels in vehicles. Moreover, growing consumer awareness regarding crash tests conducted by Australasian New Car Assessment Program (ANCAP) has pushed automakers to increase the safety levels in their vehicles. Such developments are expected to have a positive impact on the growth of the luxury car market in Australia during the forecast period. In addition, new product launches by OEMs will further accelerate the market growth.
However, the growing shortage of semiconductor chips in the automotive industry will have a negative impact on the growth of the luxury car market in Australia to some extent. The shortage of semiconductor chips slowed down the production activities as several car manufacturers temporarily halted their production activities in 2021. It forced new car buyers to wait for long periods to take the delivery of their vehicles. The global semiconductor shortage is expected to continue in 2022 as well. This could result in reduced sales and revenue loss for luxury car manufacturers.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Luxury Car Market in Australia Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2021 |
Forecast period | 2022-2026 |
Growth momentum & CAGR | Accelerate at a CAGR of 5.12% |
Market growth 2022-2026 | 27,350 units |
Market structure | Fragmented |
YoY growth (%) | 3.78 |
Regional analysis | Australia |
Performing market contribution | Australia at 100% |
Key consumer countries | Australia |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | Aston Martin Lagonda Ltd., BMW AG, Daimler AG, Ferrari NV, JAGUAR LAND ROVER AUTOMOTIVE PLC, Stellantis NV, Tesla Inc., Toyota Motor Corp., Volkswagen AG, and Volvo Car Corp. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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