Luxury Car Market Size Analysis and Top Companies
The global luxury car market size is projected to surpass around USD 1,278.29 billion by 2033 from USD 655.31 billion in 2023, expanding at a CAGR of 6.91% between 2023 and 2033. The top companies in the luxury car market are Mercedes-Benz Group AG, BMW Group, Volkswagen, Tesla, TOYOTA MOTOR CORPORATION (Lexus), Volvo Car Corporation, Aston Martin, and Others.
Market Report Coverage
| Report Attributes |
Details |
| Market Size by 2033 |
USD 1,278.29 Billion |
| Market Size in 2023 |
USD 655.31 Billion |
| Market Growth Rate from 2023 to 2033 |
CAGR of 6.91% |
| Largest Market |
Europe |
| Base Year |
2023 |
| Forecast Period |
2023 to 2033 |
| Segments Covered |
Vehicle Type, Propulsion Type, and Regions |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America and Middle East, and Africa |
Luxury Car Key Players
- Mercedes-Benz Group AG
- BMW Group
- Volkswagen
- Tesla
- TOYOTA MOTOR CORPORATION (Lexus)
- Volvo Car Corporation
- Aston Martin
Recent Developments
- In April 2024, Li Auto Inc. introduced the new Li L6, a mid-to-large-size luxury 5-seater family SUV. The Li L6 model has a 1.5T four-cylinder range extender, a 36.8 kWh lithium-iron phosphate battery, and a 300 kW/529 Nm dual-motor intelligent 4WD system.
- In April 2023, Jaguar Land Rover Automotive PLC announced plans to accelerate its transition to become the world's leading modern luxury car manufacturer through its Halewood plant in the United Kingdom. The plant will become an all-electric production facility.
- In January 2023, BMW AG launched India's highly anticipated i7 sedan. The i7 is based on the flagship 7-Series. Unlike Mercedes Benz, which has localized the assembly of its EQS sedan, BMW will be introducing the i7 as a fully built-up unit (FBU).
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