Luxury Car Industry Analysis - Luxury Car Market Share, Size, Trends, and Forecast Market Analysis
Luxury Car Market Overview
The size of the global luxury car market is expected to increase by 6,663 thousand units between 2017-2022, accelerating at a CAGR of almost 12% during the forecast period. Technavio's luxury car industry analysis highlights this growth in market size will be primarily attributed to the continuously rising demand for luxury SUVs. Luxury SUVs offer higher safety owing to the installation of various safety features, which are standard fitments in these vehicles. These high-end automobiles are high-power vehicles with higher seating, ground clearance, and sufficient capability to travel on off-road conditions. The demand for premium cars is also increased owing to declining fuel prices which influence buyers to prefer luxury sedans and SUVs without considering the cost of fuel.
Additionally, numerous emerging trends are expected to gain traction in the luxury car market over the next few years, positively impacting market growth. These top trends include increasing technological updates in luxury cars to beat the competition and the launch of electric luxury car models. Currently, electric vehicles are mostly sedans and hatchbacks. Electric SUVs tend to be bulky and require a significant amount of power to operate, posing a major challenge for these vehicles. However, automobile manufacturers are now starting to produce and launch electric luxury SUVs due to advancements in the manufacturing process of electric batteries and an increasing amount of charging stations. Other insights provided within Technavio’s luxury car market reports include:
Luxury Car Market Insights
- The 2018 year-over-year growth rate for the global luxury car market was approximately 10.2%. During the forecast period, 43% of total market growth will come from the Asia-Pacific (APAC) region. APAC will be the fastest growing region through 2022, outpacing EMEA and the Americas, however, EMEA currently holds the largest regional luxury car market share.
- The increasing demand for custom, hand-built limited-edition luxury vehicles and classic cars will be one of the primary growth factors for the luxury car coachbuilding market. Thriving financial markets and booming economies are influencing consumer demand for retro-inspired cars that will incorporate traditional premium quality coachbuilding with modern hi-tech technologies. The shift towards hi-tech and elegant environment-friendly cars is identified to be one of the key trends contributing to the growth of the luxury car coachbuilding market.
- One of the primary drivers for luxury car ambient lighting system market is the rising popularity of ambient lighting systems. Ambient lighting is used to accessorize and add aesthetic appeal to the interior of vehicles. Ambient lighting is provided in a vehicle by using light pipes, light rings, LED pin spotlights, and diffuser lenses that are assimilated into the vehicle’s console, door panels, instrument panel, and seat frames. One of the latest trends to gain traction in this market is the integration of infotainment systems with ambient lighting systems.
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Luxury Car Market Share and Segmentation
Within our luxury car industry analysis, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment this market by luxury car products, drive types, vehicle type, vehicle size, and application. Based on product, the executive luxury car segment will dominate the luxury cars market share through 2022 but the super luxury cars market segment will grow at a faster rate.
Our luxury car market segmentation research offerings include:
- Luxury Car Market by Product
- Executive luxury cars market
- Super luxury cars market
- Luxury Car Market by Vehicle
- Luxury hatchback market
- Luxury sedan market
- Luxury SUV market
- Luxury Car Market by Drive Type
- IC engine market
- Electric vehicle market
- Luxury Car Market by Size of Vehicles
- Premium compact segment market
- Entry-level luxury/compact executive cars market
- Mid-size luxury/executive cars market
- High-end luxury/full-size luxury cars market
- Ultra-luxury cars and luxury SUV/crossover vehicles market
- Performance luxury car market
- Luxury Car Market by Application
- Domestic luxury car market
- Commercial luxury car market
We at Technavio, with our comprehensive understanding of the luxury car market, have been monitoring the latest industry trends and developments to create an in-depth portfolio market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our luxury market reports offer the following insights:
- Luxury car market share
- Luxury car market size
- Luxury car market growth
- Luxury car market trends
- Luxury car market forecast
- Luxury car industry statistics
