Luxury Vehicle Market Scope
Luxury Vehicles refers to a vehicle which provides the passenger with increased comfort, a higher level of equipment and quality of a car with increased price. The vehicle has various features which include better performance, design, technology innovation and more precise construction which conveys the status, brand or prestige for the individual in the society. A shift of adoption of a conventional vehicle towards technologically advanced and demand for buyers in the emerging market will provide the opportunity for the luxury vehicle market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | BMW (Germany), Mercedes Benz (Germany), Toyota (Japan), Volvo (Sweden), Tesla Inc. (United States), Lamborghini (Audi AG) (Germany), Ferrari S.p.A. (Italy), McLaren Group (United Kingdom), Jaguar Land Rover (United Kingdom), Lincoln Motor Company (United States), Rolls-Royce (India), Lexus (Japan), Cadillac (United States), Porsche AG (Germany), Maserati (Fiat Chrysler Automobiles) (Italy) and Bentley (Volkswagen Group) (United Kingdom) |
CAGR | 35.14% |
Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Luxury Vehicle market throughout the predicted period.
BMW (Germany), Mercedes Benz (Germany), Toyota (Japan), Volvo (Sweden), Tesla Inc. (United States), Lamborghini (Audi AG) (Germany), Ferrari S.p.A. (Italy), McLaren Group (United Kingdom), Jaguar Land Rover (United Kingdom), Lincoln Motor Company (United States), Rolls-Royce (India), Lexus (Japan), Cadillac (United States), Porsche AG (Germany), Maserati (Fiat Chrysler Automobiles) (Italy) and Bentley (Volkswagen Group) (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Infiniti (Hong Kong), Honda Motors (Japan) and Aston Martin Lagonda Global Holdings plc (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Luxury Vehicle market by Type , by Application (General Use and Collect) and Region with country level break-up.
On the basis of geography, the market of Luxury Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In July 2023,Jardine Motors Group says it is ‘actively seeking new acquisition targets’ in the UK after its takeover by American car dealer supergroup Lithia.
In January 2024, Mercedes-Benz to launch 12 new models in India in 2024 aim to Strengthen presence in luxury vehicle segment
Influencing Trend:
Demand For Electric Luxury Car Models, Technological Advancements in Autonomous Vehicles and Integration Of Infotainment Systems With The Ambient Lighting Systems
Market Growth Drivers:
Growing Demand For Luxury Vehicles From Young Population, Integration Of Technology Used In The Vehicle and Growing Disposable Income Along With Rapid Urbanisation
Challenges:
Crowd Navigation, Mutual Interference Between LiDAR Scanner and Hike In Crude Oil Prices Will Hamper The Growth of Luxury Vehicles
Restraints:
Consumer Acceptance To Automation And High Cost, Cyber Security and Safety Concern and Inadequacy Of Improved Vehicle Care Service Centers
Opportunities:
Robotic Assistance, Customization In Vehicles According To The User Comfort and Strong Alliance to Provides Unique Customer Offering
Key Target Audience
Luxury Vehicle Manufacturers, Distributors And Suppliers Of Automotive Safety Systems, Industry Associations And Automotive Experts, Lidar And Radar Manufacturers, Automotive Component Manufacturers, Autonomous Vehicle Software Providers and Others