Global Automotive Luxury Vehicle Market to Witness Increasing Product Launches; MRFR Reveals Insights for 2017-2023
Global Automotive Luxury Vehicle Industry/ Innovation/ Related News:
Global Automotive Luxury Vehicle September 02, 2020 —- British carmaker Rolls-Royce launched USD 311,000 car as the demand for luxury vehicles is returning to normal despite the COVID 19 Crises continues. At the launch of the Rolls-Royce Ghost model, Rolls-Royce CEO said the market for luxury cars is more or less back to normal in Asia, Europe, and the Middle East. Rolls-Royce sales were down 30% in the first half of the year, but things were now looking up. The car manufacturer said the latest Ghost had been completely redesigned, making it the most technologically advanced Rolls-Royce yet.
Global Automotive Luxury Vehicle Market Overview:
The global automotive luxury vehicle market size is garnering remarkable growth. The market growth is attributed to the rising sales of luxury vehicles. Besides, the continual product launches and increasing aftermarket activities drive the growth of the market. The strong economic growth worldwide had been continually spurring the demand in the automotive industry until the recent Coronavirus pandemic. However, the market is again experiencing an uptick over the past 4-5 months, further escalating the market growth.
According to Market Research Future (MRFR), the global automotive luxury vehicle market is estimated to grow at 35% CAGR during the assessment period (2017-2023). The COVID-19 outbreak has deeply impacted the traditional method of offline lead generation and selling luxury cars. However, manufacturers and dealers have shifted from the offline lead generation model to online sales. This initiative to engage with prospective buyers through digital channels proves to be a game-changer in market growth.
Additionally, rapid advances in technologies and manufacturing technologies influence the growth of the market. Rising adoption of luxury cars to add comfort in vehicles and minimize maintenance costs pushes market growth. The growing sales of luxury vehicles and sports cars impact the growth of the market positively. Also, the constant rise in smart and autonomous vehicle sales boosts market revenues.
Automotive Luxury Vehicle Market – Segmentation
The report is segmented into five dynamics.
· By Body Type : SUV, Sedan, Hatchback, and others.
· By Component: LiDAR, Biometric, Sensors, Radar, and others.
· By Fuel Type : Petrol, Diesel, ICE, BEV, FCEV, and Hybrid.
· By End-User : Car Pooling, Personal Mobility, and others.
· By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Automotive Luxury Vehicle Market – Regional Analysis
Europe leads the global automotive luxury vehicle market. The region is the global hub for expensive and high-end car manufacturers. Besides, the demographics in this region are known for their keen interest and spending on lavish, high-performance vehicles. Moreover, the largest market share attributes to the presence of the well-established automotive industry in the region.
The increase in sales and R&D investments in luxury vehicle developments boost the growth of the regional market. Germany houses the world’s largest luxury car brands, providing a considerable impetus to the regional market’s development. The European automobile industry is projected to retain its dominance throughout the estimated period.
North America stands second in the global automotive luxury vehicle market. The region is a promising market for luxury vehicles. Additionally, the constant rise in the automotive industry and increasing demand for personal uses substantiate market growth. With a more extensive fleet of premium and luxury passenger cars, the US accounts for a substantial share in the regional market. The North American automotive luxury vehicle market is estimated to create a notable revenue pocket.
The Asia Pacific automotive luxury vehicle market is growing rapidly. The region is expected to be the next automotive hub of the world. Factors such as the increasing production & sales of luxury vehicles influence the growth of the regional market. Moreover, the well-established automobile industry in this region creates substantial opportunities for the region’s automobile industry.
Japan, China, South Korea, and India are the largest markets for luxury vehicles. Furthermore, increasing vehicle maintenance costs and safety concerns impact the regional market growth positively. The APAC automotive luxury vehicle market is anticipated to grow rapidly during the forecast period.
Automotive Luxury Vehicle Market – Competitive Analysis
Highly competitive, the automotive luxury vehicle market appears fragmented with the presence of several notable industry players. These players initiate strategic moves such as mergers & acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share.
Players leading the automotive luxury vehicle market include BMW (Germany), Tesla, Inc. (US), Denso Corporation (Japan), Delphi Technologies, Inc. (UK), Daimler AG (Germany), Audi AG (Germany), Robert Bosch GmbH (Germany), NXP Semiconductors NV (Netherlands), Infineon Technologies AG (Germany), General Motors Company (US), Porsche AG (Germany), and Continental AG (Germany), among others.