Latest News- Luxury Cars Market: Executive luxury car is expected to lead the Product segment during 2025-2029

The Luxury Cars Market is being driven by Rising demand for luxury SUVs

The Luxury Cars Market is expected to grow at a CAGR of 6.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 232 billion. The luxury car market is witnessing a shift towards electric vehicles (EVs), with sedans and hatchbacks being the most common EV models due to their efficient power consumption. However, the production of electric SUVs and crossovers poses a challenge due to their size and high power requirements, which can limit their effective driving range. Nevertheless, advancements in battery manufacturing and the expansion of charging infrastructure, particularly in developed countries, are bolstering the confidence of luxury vehicle manufacturers like Audi, BMW, and Mercedes-Benz to introduce long-range electric luxury cars. For instance, Mercedes-Benz unveiled plans to launch an electric vehicle in India in 2022. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Executive luxury car
  • Super luxury car
• Propulsion
  • IC engine-based vehicles
  • Electric vehicles
• Vehicle Type
  • Hatchbacks
  • Sedans
  • Sports Utility Vehicles (SUVs)
  • Multi-purpose Vehicles (MPVs)
  • Others
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for luxury SUVs
• Increasing preference for safety and comfort
• Rising number of high-net-worth individuals

However, the market also witnesses some limitations, which are as follows:

• Increase in tax on luxury cars
• Challenges due to global semiconductor chip shortage
• Regulatory changes for internal combustion engines

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Market Scope in Luxury Cars Market Research Report

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Research Analysis Overview

The Luxury Car Market encompasses various vehicle types, including SUVs, Sports, and Super Luxury Cars, featuring High-Quality Materials for Passenger and Driver Comfort, Superior Driving Experience, and High-Performance capabilities. Amidst Energy shortages and Emission standards, OEMs are innovating with Electric Vehicles (EVs) and Hybrid Technologies, offering Sustainable Transportation solutions. EVs and IC Engines coexist, with EVs boasting Connectivity Features, IoT Capabilities, AI-driven Interfaces, and Eco-friendly Alternatives to Carbon Emissions. Smart mobility technology advances, including Autonomous Vehicles, further enhances the Luxury Cars Market.

Market Research Overview

In the luxury car segment of the global automobile manufacturing industry, market growth is driven by several key factors. These include the adoption of advanced technologies such as electronic components and secured safety systems, as well as the integration of autonomous capabilities and emission standardization. Additionally, there is a growing emphasis on increasing fuel efficiency through electronic fuel control and vehicle customization. Amidst the backdrop of energy shortages and stricter emission regulations, the shift towards sustainable transportation through Electric Vehicles, or EVs, is gaining momentum. Manufacturers are investing heavily in research and development to meet these demands and offer innovative solutions to consumers. The luxury car market is expected to witness significant growth as a result of these trends.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/