Global Luxury Car Market Top Major Players 2024, Forecast To 2033
8 Mar, 2024
The luxury car market has seen significant expansion, escalating from $582.19 billion in 2023 to $632.68 billion in 2024, reflecting a CAGR of 8.7%. This growth is propelled by factors such as economic prosperity, brand prestige, and emerging markets. Moving forward, the market is expected to continue its upward trajectory, reaching $850.93 billion by 2028 at a CAGR of 7.7%. Key trends encompass electrification, subscription-based ownership, and digitalization of customer experiences, emphasizing sustainability, connectivity, and innovation in design and engineering.
Global Luxury Car Market Key Driver
The luxury car market anticipates growth due to the rising trend of electric luxury vehicles, exemplified by Tesla's impressive production and delivery figures for luxury electric vehicles. Increased consumer interest in electric luxury automobiles propels market expansion.
Get A Free Sample Of The Global Luxury Car Market ReportGlobal Luxury Car Market Segments
The luxury car market covered in this report is segmented –
1) Vehicle:Hatchback, Sedan, Sports Utility, Multi-Purpose Vehicle
2) Vehicle Class:Entry-Level Luxury, Mid-Level Luxury, Ultra Luxury
3) Propulsion:Internal Combustion Engine (ICE), Electric
4) Fuel:Gasoline, Diesel, Electric
By Geography: The countries covered in the luxury car market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the luxury car market in 2023. The regions covered in the luxury car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Luxury Car Industry Players
Volkswagen Group; Toyota Motor Corporation; Stellantis N.V.; Mercedes-Benz Group AG; Ford Motor Company; BMW AG; Honda Motor Co Ltd.; Hyundai Motor Group; Tesla Inc.; Nissan Motor Co. LTD; Audi AG; Kia Corporation; Renault Group; Continental AG; Tata Motors Limited; Volvo Car Corporation; Mazda Motor Corporation; Subaru Corporation; Jaguar Land Rover Automotive PLC; Rolls-Royce plc; Ferrari N.V.; Aston Martin Lagonda Group Limited; Acura; Brilliance Auto Group; Aiways.
Get The Full Global Luxury Car Market ReportLuxury Car Market Overview
Luxury cars refer to vehicles with more potent motors, quieter interiors, improved handling, sophisticated safety features, and electronic technology. It is used for a certain level of prestige and social status.