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Luxury Electric Vehicle (EV) Market Trends

Report ID: GMI7482
Published Date: Nov 2023
Report Format: PDF

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Luxury Electric Vehicle Market Trends

Advancements in battery technology are expected to continue, leading to improvements in the range and performance of luxury EVs. As automakers develop more efficient batteries, luxury electric vehicles are likely to offer extended driving ranges on a single charge, addressing a common concern among consumers considering the switch to electric.

Quoting an instance, in January 2023, Swiss start-up Morand unveiled a groundbreaking battery technology capable of charging electric vehicles (EVs) in approximately 72 seconds. Named eTechnology, this innovative EV battery employs a hybrid system that combines traditional battery and ultracapacitor technologies. Remarkably, it achieves an 80% charge within the brief timeframe of 72 seconds and can fully charge an EV in just 2.5 minutes. While not designed for the extensive ranges of long-distance EVs, this technology is well-suited for compact city cars, e-bikes, and drones. Additionally, it exhibits efficient performance even in extreme temperatures.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

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.

The battery electric vehicles segment accounted for a market share of around 58% in 2022, owing to technological advancements in battery efficiency and range.

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.