Luxury Cars Market is Estimated Progress at a CAGR of 5.12%
According to a recent report published by MarkNtel Advisors, the Global Luxury Cars Market is projected to grow at a CAGR of around 5.12% during the forecast period, i.e., 2024-30. The thriving automotive industry globally, booming urbanization, increment in the disposable incomes of individuals, rising issues of safety among vehicle owners, and the flourishing demand for autonomous vehicles are some of the major factors driving the Global Luxury Cars Market.
Moreover, the report further states that the implementation of various initiatives by the government to endorse the adoption of EVs (Electric Vehicles) as a green mobility alternative owing to the increasing environmental awareness given the distressing levels of carbon emissions are also prompting the inclination of consumers towards luxury and premium vehicles, thus acting as one of the key opportunity for the present, as well as future progression of the Luxury Cars Market.
Glancing at the Top Contenders in the Global Luxury Cars Market
Amongst all, Volkswagen Group, Tata Motor Ltd, Tesla Inc, General Motors Co, Ford Motors Co, Audi AG, Toyota Motors, Porsche, and others, are the major companies acquiring a major stake in the Global Luxury Cars Market. These companies cater to a large customer base of a diverse range and have been prominently standing in the luxury car industry for a long time.
Analyzing the Market Segmentation of Global Luxury Cars Market
- By Vehicle Type (Hatchback, Sedan, and SUV)
- By Drive Type (IC Engine and Electric Vehicle)
- By Size of Vehicle (Premium compact segment cars, Entry level luxury/ Compact executive cars, Mid-size luxury/executive cars, High-end luxury/full-size luxury cars, Ultra luxury cars and luxury SUV/ crossover vehicle market, and Performance luxury market)
- By Engine Capacity (Up to 3,000 cc and Above 3,000 cc)
- By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)
Amongst all the types of cars, Luxury SUVs are likely to register the highest growth in the Global Luxury Cars Market in the forecast period. These SUVs not only offer premium safety, convenience, styling, and comfort but also provide a very high degree of safety and greater protection against escalating road accidents and deaths globally, which is why it is highly preferred. Moreover, the demand for SUVs is escalating tremendously in the Luxury Cars Market owing to which the automakers are continuously integrating their products with the best technologies and latest advancements. This is adding to the popularity of these vehicles thus proliferating the segment’s growth.
Asia-Pacific is anticipated to see the maximum growth in the Luxury Cars Market for the forecast period, 2024-30 with China and India being the most significant contributors. The regional growth is attributed to several factors such as the increasing demand for luxury SUVs since they provide additional space & comfort, the swiftly growing number of high- & ultra-high-net-worth individuals, and the introduction of numerous models with wide-ranging price and easy financing schemes across the region. Additionally, the escalating inclination of the Chinese population to buy vehicles offering craftsmanship & quality as top considerations, advanced technologies, digital interactions, connectivity, and ADAS, etc., are also contributing significantly in propelling the Asia-Pacific Luxury Cars Market.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
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