North America Luxury Car Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The North American market is poised to register a CAGR of over 6% over the forecast period (2020-2025).

· Increasing disposable income, changing customer preferences has become one of the most important aspects of the growth of the luxury car market. These cars offer outstanding comfort, indulging and silky-smooth ride, extensive levels of technology used, ample performance, excellent drivability, refinement and above all it serves as a better status symbol than most things on four wheels.

· Automotive industry is America’s largest manufacturing sector, accounting for 3% of America’s GDP in 2018. The automotive industry is also the country’s largest exporter. Over the past five years, around $692 billion worth of vehicles and parts have been exported to other countries.

· The SUV segment is expected to record high CAGR, on account of the rising sales of this segment over other luxury cars segment. passenger-vehicle sales declined at roughly the same rate as SUV sales have risen. Some of the reasons for the rise of SUVs are flexibility, payload-carrying ability, driveability, ease of cabin access and above all commanding view from driver’s seat.

· Some of the major players in the market are GM, Ford. In 2019, have dominated the luxury car market. The other players in the market include other major European and Asian players such as BMW, Mercedes Benz, and Nissan amongst others.

Scope of the Report

The North America luxury car market covers the latest trends and technological development in the luxury car market, demand by the vehicle type, drive type, country and market share of major automotive luxury car producer companies in North America.

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Key Market Trends

Rise in electrification of vehicles

The factor which is likely to fuel the demand of the automotive luxury car market in North America is the growing production of electric vehicles backed by many established players and new startups such as Tesla, Rivian, and Lucid Motors.

Major automotive OEMs have their plan for launching various electric vehicle models. For instance, in 2019, Ford introduced its famous Mustang Mach-E electric SUV and revealed its plans to invest around $11.5 billion in the technology between 2020 to 2022. The company plans to manufacture a variety of EVs and plug-in hybrids which include an electric version of the next-generation F-150 pickup.

In March 2020, GM introduced its EV plans along with its new Ultium battery technology. GM is will be spending around US$20 billion by 2025 to develop electric vehicles and autonomous vehicles, in which 20 all-electric models will be launched by 2023.

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