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.
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.
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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