Luxury Car Market Revenue to Attain USD 1,278.29 Bn by 2033

07 Oct 2024

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Table of Content

1. Luxury Car Market Revenue and Trends 2. Market Overview 3. Report Highlights of Luxury Car Market 4. Luxury Car Market Trends 5. Regional Insights 6. Luxury Car Market Highlights 7. Market News

Luxury Car Market Revenue and Trends

The global luxury car market revenue surpassed USD 655.31 billion in 2023 and is predicted to attain around USD 1,278.29 billion by 2033, expanding at a CAGR of 6.91% during the forecast period. The increasing disposal income and net worth of individual with the rising demand for the electric vehicles is contributing in the growth of the luxury car Market.

Market Overview

Luxury vehicles have a wide range of advanced features and techniques that provide high comfort to an individual. Most of the brands focus on providing the drivers with top-quality manufactured material that makes the car look more luxurious. Moreover, many luxury car manufacturers focus on environmentally friendly and electric hybrid technologies to meet the increasing demand.

Also, the increasing demand for eco-friendly transportation creates a market for the adoption of electric vehicles as they reduce carbon emissions by transitioning towards cleaner energy sources. The increasing automobile industry and advanced technologies are also driving the luxury car market’s growth.

• For instance, JSW MG Motor India will launch a luxury car brand to sell its first premium cars by the first three months of 2025 under the brand “MG Select,” which will offer EVs, hybrids, and plug-ins and will set up showrooms across India.

Report Highlights of Luxury Car Market

• By propulsion type, the hybrid vehicle segment dominated the luxury car market, as the increased adoption of hybrid vehicles due to their dual combustion engine created a market for luxury cars.
• Electric vehicles are expected to grow in the forecast period as there is increasing demand for them due to their unique styling, better performance, and advanced technological features.
• By vehicle type, the SUV segment dominated the luxury car market in 2023 as it offers more capacity, spacious interiors, and better seating arrangements that attract consumers. Luxury SUVs offer consumers a premium driving experience that accommodates lifestyle needs.

Luxury Car Market Trends

Exclusive customization options:

• Luxury car brands offer superior performance with advanced technologies and high-quality materials, which creates demand for luxury cars in the market. Moreover, many luxury car manufacturers offer advanced features and customized options like premium audio systems, which creates a market for buyers and consumers.
• For instance, in June 2024, Lucid Air Pure Rear-Wheel Drive, a sporty and stylish EV, will offer an unsurpassed combination of range, driver-oriented performance, and design. It has 410 miles of range and also allows for faster charging, with the ability to add up to 150 miles in less than 12 minutes with DC fast charging.

Technological Advancements:

• Emerging advanced technologies, such as implementing electric vehicle charging stations with the Internet of Things (IoT), real-time information solutions, and fast-track method tools, drive the luxury car market growth for luxury car brands.
• For instance, advanced new features like Autonomous Emergency Braking (AEB) use a combination of camera, sensor, and laser to prepare the braking system for potential high-speed collision emergencies.

Rapid Urbanization:

• The rapid increase in urbanization due to increased industrialization, infrastructure, and the increasing standard of living, combined with people spending a lot of money on luxury vehicles, creates an opportunity for luxury brand cars.

Regional Insights

Europe dominated the luxury car market in 2023, as higher production facilities and the presence of various automobile companies drive the market growth in most of the European countries. Moreover, the presence of advanced manufacturing infrastructure in the European countries like France, United Kingdom, Germany, etc contribute in the growth of the market. Also, luxury manufacturers are highly investing in the electric vehicle technologies and the economic environment and consumer preferences influence the luxury car market growth. In addition, the market is also benefited with digital revolution, that allows manufacturers with luxury for modern day and improve the customer experience.

• For instance, on March 2024, Mercedes-Maybach EQS 680 SUV has made its debut in Europe with its luxury electric vehicle that offers exceptional driving experience with elegant comfort and unique appearance and features like two-tone paintwork and night series package that enhance its appeal.

Luxury Car Market Highlights

Market News

• In July 2023, Maserati Grecale launched in India that features a bold design with striking grille, LED headlights and boomerang shaped LED tail lights and also includes panoramic sunroof and three zone climate control.
• In January 2024, Rolls Royce unveiled its first car and this electric car is noiseless and clean with no smell or vibration and has become a reality for ultra-luxury car makers.

Market Segmentation

By Vehicle Type

• Hatchback
• Sedan
• Sports Utility

By Propulsion Type

• Internal Combustion Engine (ICE)
• Electric

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