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Major companies operating in the luxury electric vehicle industry are:
Tesla, Inc. holds the largest market share, the company offering cutting-edge features, exceptional range, and high-performance capabilities. The company's commitment to building a comprehensive charging infrastructure, notably the supercharger network, addresses a critical concern for EV buyer range, the automotive industry undergoes a transformative shift toward electric mobility, Tesla's strategic positioning and commitment to innovation have been key drivers of its market leadership in the luxury EV segment.
The battery electric vehicles segment accounted for a market share of around 58% in 2022, owing to technological advancements in battery efficiency and range.
The market size of luxury electric vehicles reached USD 189.9 billion in 2022 and is poised to witness a CAGR of over 8% through 2032, attributed to the brand image and the prestige associated with luxury vehicles.
North America market held a revenue share of over 30% in 2022, driven by increasing demand for high-end, environmentally conscious vehicles, and a growing emphasis on sustainability.
Audi AG, BMW Group, Maserati (Stellantis), Mercedes-Benz are some of the major industry contenders.