According to the latest report by IMARC Group, titled “Luxury Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” the global luxury car market size reached a value of US$ 402.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 543.5 Billion by 2027, exhibiting a CAGR of 5.07% during 2022-2027.
A luxury car is a technologically advanced motor vehicle that provides an increased level of comfort, amenities, quality, equipment, and associated status compared to economy cars. These automobiles are equipped with lavish interiors, better performance capabilities, and the latest safety and technology features. Luxury cars are equipped with leather seats, heated steering wheels, maps, cameras, integrated seat massagers, water-resistant windows, automatic safety features, entertainment systems, and upgraded suspension and engines, making them priced higher than mid-sized cars. Additionally, these cars are equipped with high-quality body parts, better sound insulation, and carbon fiber or aluminum components instead of steel.
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Luxury Car Market Trends:
The global luxury car market is primarily driven by the inflating consumer per capita income and the presence of umpteen large-scale luxury car manufacturers. Moreover, the adoption of the latest technologies, the rising popularity of autonomous cars, and rapid urbanization are other growth-inducing factors. Additionally, key market manufacturers are integrating machine learning (ML) and artificial intelligence (AI) to manufacture advanced luxury cars, which is creating a positive outlook for the market. Other factors, such as the rising demand for electric cars, the increasing adoption of used luxury cars, and burgeoning investments in research and development (R&D) activities, are providing a considerable thrust to the market growth.
Competitive Landscape with Key Players:
The competitive landscape of the luxury car market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the luxury car market on the basis of vehicle type, fuel type, price range, and region.
Breakup by Vehicle Type:
Breakup by Fuel Type:
Breakup by Price Range:
Breakup by Region:
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Key Highlights of the Report:
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