About Luxury Electric Vehicle
In recent times, electric vehicles are becoming more popular across the globe. EVs have created economic development opportunities by improving quality of life, reducing energy spending, and reliance on fossil fuels. Increasing government initiatives and support for electric vehicles in order to reduce carbon emissions from the environment accelerated the market. More and more consumers are looking for premium or luxury electric vehicles with the next-generation features and technology that will create huge demand for luxury electric vehicles.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that European Vendors will contribute the maximum growth to Global Luxury Electric Vehicle market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
The Mercedes-Benz Group AG (Germany), Lucid (United States), Tesla, Inc. (United States), Porsche AG (Germany), Bayerische Motoren Werke AG (Germany), Tata Motors (India), Audi (Germany), NIO (China), Volvo (Sweden), Nissan (Japan), Dongfeng Motor Corporation (China) and Geely (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Luxury Electric Vehicle market by Type (BEV, PHEV, FCEV and Hybrid), Application (Personal and Government) and Region.
On the basis of geography, the market of Luxury Electric Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Speed, the sub-segment i.e. ~150mph will boost the Luxury Electric Vehicle market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Type, the sub-segment i.e. Lead-Acid will boost the Luxury Electric Vehicle market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Focus on the Integration of Innovative Features
Market Growth Drivers:
Increasing Disposable Income of People and Growing Popularity of Luxury EVs and Increased Adoption of Luxury Electric Vehicles for Personal Use
Challenges:
Intense Competition in the Market Due to Presence of Global Manufacturers
Restraints:
Less Acceptance Due to Inadequate EV Charging Infrastructure Facilities
Opportunities:
Growing Popularity of Luxury Electric Vehicles in the Indian Market
In 2021, Chinese automotive manufacturer Geely launched Zeekr, a new brand of luxurious electric vehicles. The new range of EV comes with smart connectivity options and offers driving ranges of up to 435 miles. With this move, the main aim of the company is to capture the share of the luxury EV market and remain the highest-selling Chinese auto brand.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Luxury Electric Vehicle Manufacturers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.