The potential growth difference for the luxury vehicle market between 2021 and 2026 is 3251.30 thousand units. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
- Market Driver - The integration of advanced safety technologies in luxury cars to gain higher safety ratings is one of the key drivers supporting the luxury vehicle market growth. The automotive industry in the country is witnessing the development of safety technologies, which are making luxury vehicles safer and more reliable on roads. SUVs are known for reliability combined with the fuel efficiency and comfort of cars. The high fatality rates due to the growing number of accidents have pushed automotive OEMs to incorporate new safety features to make the crossovers safer to drive. The penetration rate of such advanced safety systems, such as emergency brake assist, lane departure warning system, and others, is found to be higher in sedans compared with SUVs. Such safety technologies are being introduced in crossovers on a larger scale will positively impact the market growth during the forecast period.
- Market Challenges - The decline in the automotive industry due to the global semiconductor chip shortage is one of the factors hindering the luxury vehicle market growth. For instance, the entire car industry is amid a severe parts shortage forcing carmakers to halt production and slash exports to Australia. Also, vendors such as Toyota were one of the worst affected in 2021, and thus, production slowed down in Australia. Moreover, Australian new-car buyers are being urged to get in the queue and order early to avoid delays, as data reveals the global semiconductor shortage could continue for 2022 as well. Moreover, the semiconductor chip shortage faced by American and European key vendors would negatively impact the market in focus during the forecast period.
To learn about additional key drivers, trends, and challenges - Read our FREE Sample Report right now!
Segmentation Analysis
The luxury vehicle market report is segmented by Type (Passenger cars and Commercial vehicles) and Geography (Europe, APAC, North America, MEA, and South America).
The luxury vehicle market share growth by the passenger cars segment will be significant for revenue generation. The growth of the global luxury vehicle market is expected to be in proportion with the growth of the luxury passenger cars market. The luxury passenger cars can be further sub-segmented into executive luxury cars and super luxury cars. The executive luxury cars segment is dominated by three German vehicle manufacturers: Volkswagen AG's subsidiary brand AUDI AG, Bayerische Motoren Werke (BMW) AG, and Daimler AG's brand Mercedes-Benz Cars. Of five, four luxury cars sold globally are from one of these manufacturers. The demand for luxury cars is increasing globally, which pushes auto manufacturers to focus on their luxury segment. Such increasing demand is driving the segment growth.
View our sample report for additional insights into the contribution of all the segments & regional opportunities in the report.
Some Companies Mentioned
The luxury vehicle market is fragmented and the vendors are deploying growth strategies such as quality, price, service, brand image, distribution, and marketing to compete in the market.·
- Bayerische Motoren Werke AG
- Ford Motor Co.
- General Motors Co.
- Honda Motor Co. Ltd.
- Mercedes Benz AG
- Nissan Motor Co. Ltd.
- Stellantis NV
- Tata Motors Ltd.
- Tesla Inc.
- Zhejiang Geely Holding Group
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
Related Reports:
- The hybrid car market share is expected to increase by 1271.96 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.41%. Download a free sample now!
- The luxury car market in Australia is expected to increase by 27350.00 units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.12%. Download a free sample now!
Luxury Vehicle Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.45% |
Market growth 2022-2026 |
3251.30 thousand units |
Market structure |
Fragmented |
YoY growth (%) |
5.93 |
Performing market contribution |
Europe at 39% |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Bayerische Motoren Werke AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Mercedes Benz AG, Nissan Motor Co. Ltd., Stellantis NV, Tata Motors Ltd., Tesla Inc., and Zhejiang Geely Holding Group |
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 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. |
Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2021
- Market outlook: Forecast for 2021 - 2026
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- Passenger cars - Market size and forecast 2021-2026
- Commercial vehicles - Market size and forecast 2021-2026
- Market opportunity by Type
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2021-2026
- APAC - Market size and forecast 2021-2026
- North America - Market size and forecast 2021-2026
- MEA - Market size and forecast 2021-2026
- South America - Market size and forecast 2021-2026
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Bayerische Motoren Werke AG
- Ford Motor Co.
- General Motors Co.
- Honda Motor Co. Ltd.
- Mercedes Benz AG
- Nissan Motor Co. Ltd.
- Stellantis NV
- Tata Motors Ltd.
- Tesla Inc.
- Zhejiang Geely Holding Group
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:[email protected]
Website: www.technavio.com/
SOURCE Technavio
Share this article