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Luxury Car Market Size

Report ID: GMI5707
Published Date: May 2023
Report Format: PDF

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Luxury Car Industry Analysis

Luxury Car Market was worth USD 14.3 billion in 2022 and is anticipated to grow at 10% CAGR from 2023 to 2032 driven by the rising number of ultra-high-net-worth individuals and increasing disposable incomes.

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Contemporary lifestyles and the use of cutting-edge technologies are bringing social changes in the market. The global market for luxury cars has been growing rapidly due to factors such as the rise of luxury products in automobiles, shifting consumer preference from sedans to SUVs, and rising consumer disposable incomes. Currently, the increasing import taxes may limit the luxury car industry expansion.

Luxury Car Market Report Attributes
Report Attribute	Details
Base Year:	2022
Luxury Car Market Size in 2022:	USD 14.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10%
2032 Value Projection:	USD 35 Billion
Historical Data for:	2018 – 2022
No. of Pages:	250
Tables, Charts & Figures:	278
Segments covered:	Vehicle Type, Fuel Type, Sales Channel, Car Price
Growth Drivers:	Increasing disposable income of consumers Growing demand for premium features and advanced technology in vehicles Rising popularity of luxury SUVs and crossovers Expansion of luxury car brands into emerging markets Shift towards eco-friendly luxury cars with hybrid or electric powertrains
Pitfalls & Challenges:	High cost associated with luxury cars Limited charging infrastructure in developing economies

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The global shortage of semiconductor chips is hampering the automotive sector production, in turn, affecting the luxury car market growth. Owing to the slowdown in car production, suppliers such as Toyota have been particularly affected. The shortage of semiconductors is expected to continue globally, thus new car buyers are urged to queue up and place their orders early to avoid delays.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of luxury car was valued at USD 14.3 billion in 2022 and is estimated to record 10% CAGR from 2023 to 2032 due to the rising number of ultra-high-net-worth individuals worldwide.

Hybrid/electric luxury car industry size exceeded USD 2 billion in 2022 and will witness expansion from 2023-2032 owing to the increasing environmental concerns and higher influx of stringent environmental regulations.

Asia Pacific dominated 65% of the luxury car industry share in 2022 driven by the strong presence of numerous large-scale businesses in the region.

Demand for USD 60K - 90K luxury cars is estimated to observe 10% growth during 2023-2032 due to the higher availability of convenient financing options.

Major manufacturers in luxury car industry are Daimler AG, Bayerische Motoren Werke AG, Volvo Car Corporation, Volkswagen AG, Tata Motors Limited, Toyota Motor Corporation, Tesla, Aston Martin, Mazda Motor Corporation, and Isuzu Motors Ltd.