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Luxury Car Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by Vehicle Type (Hatchback, Sedan, SUV), Drive Type (IC Engine, Electric), and Geography.
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2018 - 2026
Base Year:
2020
Fastest Growing Market:
Asia Pacific
Largest Market:
Asia Pacific
CAGR:
6 %
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Market Overview
The global luxury car market (henceforth referred to as the market studied) is anticipated to register a CAGR of about 6% during the forecast period (2020-2025).
- A rise in tangible luxury offerings in vehicles, shifting consumer preferences from sedan to SUVs, and increasing disposable incomes of consumers have been propelling the demand for luxury cars around the world. However, there are a few factors, such as increase in import tariffs, which are expected to hinder the growth of the luxury car market. For instance; the US President elect will increase the import tariffs on German luxury cars. The BMW and other Germany luxury car manufacturers might have to face a 35% import duty for cars not built in the United States.
- As luxury cars are provide high level of comfort and safety features creating opportunities for the market. Also the growing trend of electric luxury vehicle across the regions fueling the demand of luxury car market. Major luxury car manufacturers launching electric variants of their vehicles due to growing environmental concerns and increasing fuel prices, which is also likely to accelerate the growth of the luxury car market over the forecast period.
- Some of the major players in the market are Mercedes-Benz, BMW, Lexus, Audi, Volvo, Land Rover and Jaguar and Tesla. In 2018, Mercedes-Benz dominated the luxury car market with a market share of ~16%, followed by BMW. The other players in the market include, Ferrari, Lamborghini, and Porsche amongst others.
Scope of the Report
The global luxury car market covers all the latest R&D initiatives, investment done by the governments and vehicle manufacturers across the globe. The scope of the report includes
| Vehicle Type | |
| Hatchback | |
| Sedan | |
| Sports Utility Vehicle |
| Drive Type | |
| IC Engine | |
| Electric |
| Geography | |||||||
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Key Market Trends
IC Engines Expected to Witness Slow Growth Rate
The IC engine is currently leading the market, however it is anticipated that the demand for IC engine vehicles will slow down over the forecast period. At present, major players, such as Mercedes-Benz, BMW, and Audi covers a significant percentage of share in the drive type market segmentation in the global luxury car market.
With the growing environmental concerns, owing to rising exhaust emissions, the governments and environmental associations across the world are tightening the emission norms. As a result, the demand for sustainable and environment-friendly transportation, such as EVs, is increasing, with governments offering higher incentives and subsidies to the owners of these vehicles.
- For instance, China registered the highest number of new EV registrations in FY 2017-2018.
- However, North America is expected to lead the luxury EV sales, owing to higher disposable incomes and the availability of EV infrastructure in the region.
The growing demand for and focus on style, power, and advanced telematics, are expected to continue to propel the demand for luxury EVs.
- Additionally, luxury car component manufacturers are focusing on the development of next-generation smart mobility technologies, such as autonomous driving, personal voice assistance, and retina recognition, which are also expected to boost the sales of luxury EVs
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Asia-Pacific expected to be the Fastest Growing market in coming years
Currently, China has the highest growth potential among all developing countries in the luxury car market. The premium car makers, such as Audi, Mercedes-Benz, BMW, Lexus, and Volvo have always maintained positive growth in the Chinese luxury car market. In 2017, luxury cars in the country accounted for more than 9% of the overall passenger cars sales. With the growing business opportunities in the country, the market for luxury cars is expected to witness moderately fast growth.
Mercedes and BMW have dominated the luxury sedan segment of the Indian Market. In 2017, Mercedes India has registered 16% growth compared to its previous year. C-Class and E-class are the majorly sold models by the company.
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Competitive Landscape
Some of the key players of the luxury car market are Mercedes-Benz, BMW, Volvo and Tesla. The market is highly driven with factors like advanced technology, more comfort, growing investment in R7D projects and growing living standard of people around the world. To provide more luxurious experience to the people, major luxury car manufacturer are making joint venture with technology providers. For instance; In February 2019, Daimler AG and BMW AG have agreed to cooperate on developing self-driving cars. Both the manufacturer has signed a memorandum of understanding (MoU) to jointly develop the next generation of autonomous-driving technology, which should be market-ready by the middle of the next decade.
Mercedes Benz which is a top manufacturer of luxury cars bring in a range of new technologies in order to increase their foot print in India. The company will upgraded internal combustion engines to battery-powered electric vehicles and plug-in hybrids
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Table Of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Hatchback
5.1.2 Sedan
5.1.3 Sports Utility Vehicle
5.2 Drive Type
5.2.1 IC Engine
5.2.2 Electric
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share**
6.2 Company Profiles
6.2.1 Daimler AG (Mercedes-Benz)
6.2.2 Bayerische Motoren Werke AG (BMW)
6.2.3 Volvo Group
6.2.4 Volkswagen Group
6.2.5 Tata Motor Limited
6.2.6 Fiat Chrysler Automobiles
6.2.7 Ford Motor Company
6.2.8 Toyota Motor Corporation
6.2.9 Jaguar Land Rover
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
*List Not Exhaustive
** Subject to Availability
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