Luxury Vehicles Market to Reach USD 779660 Million by 2027 at a CAGR of 6.2% | Valuates Reports

BANGALORE, India, Oct. 14, 2021 /PRNewswire/ -- The Luxury Vehicles Market is Segmented by Type (Compact Car, Mid-size Car, Full-size Car, Larger Car, SUV/Crossover, Super Sport Car), by Application (Financing/Loan, Cash Payment, Leasing). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Motor Vehicles Category.

In 2020, the global Luxury Vehicles market size was USD 511720 Million and it is expected to reach USD 779660 Million by the end of 2027, with a CAGR of 6.2% during 2021-2027.

The major factor driving the growth of the luxury vehicles market are:

Increasing disposable incomes of consumers have been propelling the luxury vehicles market. 

The growing trend of vehicle electrification is expected to provide lucrative growth opportunities for the luxury vehicles market.

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TRENDS INFLUENCING THE GROWTH OF THE LUXURY VEHICLE MARKET

The increased disposable income in numerous countries around the world has been the major driver for the growth of the luxury vehicles market. As disposable income increases the preference of people to choose comfort and Quality. A luxury vehicle usually has a greater level of interior, comfort, and performance than a standard vehicle. 

Moreover, the growing trend of vehicle electrification worldwide is fueling the demand for luxury cars. Major luxury car manufacturers are launching electric variants of their vehicles, due to growing environmental concerns and increasing fuel prices. Emission standards are also being tightened by governments and environmental organizations all around the world. As a result, demand for environmentally friendly and sustainable transportation, such as electric vehicles (EVs), is growing, with governments providing larger incentives and subsidies to EV owners. This is also likely to accelerate the growth of the luxury car market with players launching Luxury EVs into the market.

Since Luxury vehicles are typically sold after one or two years of use by owners to upgrade to better models and upgrades, there is an ever-increasing demand for pre-owned luxury vehicles. To accommodate rising demand, the used luxury vehicle market is becoming increasingly systemized, with easy financing, cheaper entry pricing, and annual maintenance contracts. This is expected to provide lucrative growth opportunities for the Luxury Vehicles market players.

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LUXURY VEHICLES MARKET SHARE ANALYSIS

Luxury SUVs are expected to witness rapid growth during the forecast period. The sales of luxury SUVs is increasing as the buyers are shifting their focus on luxury SUV from Luxury Sedans and Luxury Hatchbacks.

Based on region, Europe is the largest market, with a market share of 50%.

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TOP COMPANIES IN THE LUXURY VEHICLES MARKET

Global Luxury Vehicles' main players are Mercedes Benz, BMW, Audi, Land Rover, Porsche, etc. Global top five manufacturers hold a share over 60%. 

Key Companies

• Lexus
• Volvo
• MINI
• Cadillac
• Infiniti
• Acura
• Jaguar
• Smart
• Lincoln
• Tesla
• Maserati
• Bentley
• Ferrari
• Rolls-Royce
• Lamborghini
• McLaren
• Aston Martin.

LUXURY VEHICLES MARKET SEGMENTATION

By Type

• Compact Car
• Mid-size Car
• Full-size Car
• Larger Car
• SUV/Crossover
• Super Sport Car.

By Application

• Financing/Loan
• Cash Payment
• Leasing.

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SIMILAR REPORTS 

-  Global Luxury Cars Sales Market Report 2021

-  Global Full-Size Luxury Car Sales Market Report 2021

-  Global Luxury Electric Vehicle Sales Market Report 2021

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-  The global automotive V2X market was valued at USD 2,565.6 Million in 2019, and is projected to reach USD 11,718.7 Million by 2027, registering a CAGR of 28.4%.

-  The globally connected car market size was valued at USD 63.03 billion in 2019 and is projected to reach USD 225.16 billion by 2027, registering a CAGR of 17.1% during the forecast period.

-  In 2020, the global Luxury Yacht market size was USD 10460 Million and it is expected to reach USD 15830 Million by the end of 2027, with a CAGR of 6.1% during 2021-2027.

-  The global Electric Car market size is projected to reach USD 476730 Million by 2026, from USD 97260 Million in 2019, at a CAGR of 25.3% during 2021-2026.

-  The global electric vehicle market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027, registering a CAGR of 22.6%.

-  Global Sports Car Market Research Report 2021

Click here to see related reports on Luxury Vehicles Market

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