Market Size of North America Luxury Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Luxury Car Market Analysis
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.
