Automotive Luxury Vehicle Market New Opportunities, Segmentation Details with Financial Facts By 2030 from Soniya Shaha's blog

Automotive Luxury Vehicle Market -Overview

According to Market Research Future (MRFR), the global automotive luxury vehicle market is estimated to grow at 35% CAGR during the assessment period. The COVID-19 outbreak has deeply impacted the traditional method of offline lead generation and selling luxury cars. However, manufacturers and dealers have shifted from the offline lead generation model to online sales. This initiative to engage with prospective buyers through digital channels proves to be a game-changer in market growth. 

The global automotive luxury vehicle market is garnering remarkable growth. The market growth is attributed to the rising sales of luxury vehicles. Besides, the continual product launches and increasing aftermarket activities drive the growth of the market. The strong economic growth worldwide had been continually spurring the demand in the automotive industry until the recent Coronavirus pandemic. However, the market is again experiencing an uptick over the past 4-5 months, further escalating the market growth.

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Additionally, rapid advances in technologies and manufacturing technologies influence the growth of the market. Rising adoption of luxury cars to add comfort in vehicles and minimize maintenance costs pushes market growth. The growing sales of luxury vehicles and sports cars impact the growth of the market positively. Also, the constant rise in smart and autonomous vehicle sales boosts market revenues.

Segmental Analysis

The automotive luxury vehicle market is segmented into body type, component, fuel type, end-user, and region. Based on body type, the automotive luxury vehicle market consists of a sedan, hatchbacks, and SUVs. The component basis of segmenting the automotive luxury vehicle market consists of biometric sensors, LiDAR, and radar. Based on the fuel type, the automotive luxury vehicle market consists of FCEV, ICE, Hybrid, and BEV.  On the basis of end-user, the automotive luxury vehicle market consists of personal mobility and carpooling. On the basis of regions, the automotive luxury vehicle market comprises of Asia Pacific, Europe, North America, and rest of the regions.

Detailed Regional Analysis 

The regional scrutiny of the automotive luxury vehicle market comprises of Asia Pacific, Europe, North America, and the rest of the regions. The North American region is one of the primary automotive markets in the world. The massive landscape roads in the region coupled with state of the art road setup make this region perfect for the constantly swelling automotive sales. The European region is where the mainstream of the world’s affluent and high-end car producers have their global headquarters. The people located in this region are identified for their intense interest and expenditure in lavish and high-performance vehicles. The Asia Pacific region is likely to be the subsequent automotive center of the world. The two of the most encouraging economies in terms of growth, i.e., India and China, are expected to have exponentially growing automotive sales for a reliable period of time.

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Competitive Analysis

The market is observed to be on a hot streak of expansion in the forecast period. The market players are expected to contribute in a significant way to the progress of the market by investing capital and fortifying their assets along with their competencies, in the market to match the pulse of the market. The customer inclinations are projected to define the growth of the global market more than ever in the coming years. The intensive attention focused on research and development activities is projected to open up new areas for the development of the market in the forecast period. The robust marketing activities undertaken by the contenders in the market are inspiring the next steps for market development in the forecast period. The improved backing by government and trade bodies are creating a favorable pace of growth in the market. The control of overhead costs is projected to motivate the market considerably in the forecast period.

The fundamental companies in automotive luxury vehicle market are BMW (Germany), Audi AG (Germany), General Motors Company (U.S.), Denso Corporation (Japan), Daimler AG (Germany), Tesla, Inc. (U.S.), Delphi Technologies, Inc. (U.K), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), Robert Bosch GmbH (Germany), Porsche AG (Germany), and Continental AG (Germany).

Industry Updates:

Feb 2020 Toyota Kirloskar Motor (TKM) recently commenced the launch of a luxury self-charging hybrid electric vehicle Vellfire in India. The newest Toyota car in India is armed with dual electric motors and a hybrid battery for reduced emissions. 

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By Soniya Shaha
Added May 27 '22

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