The global luxury car market size is anticipated to reach USD 1,046.87 billion by 2030, registering a CAGR of 6.9% from 2023 to 2030. The demand for luxury cars is expected to grow owing to the increasing adoption of smart-connectivity features and advanced driver-assistance systems (ADAS) in luxury cars.
The COVID-19 outbreak had a negative impact. The demand for luxury cars by dealers and consumers declined significantly due to the lockdown measures imposed across the world. The COVID-19 along with the semiconductors shortage led to production stoppages and supply bottlenecks throughout the entire automotive industry. According to the European Automobile Manufacturers’ Association (ACEA), private vehicle registrations in Europe were contracted by 38.1% year-on-year for the first half of 2020.
According to the International Energy Agency (IEA), worldwide spending on electric vehicles by the consumers and governments experienced a significant rise during 2021 as the spending doubled as compared to 2020, reaching approximately USD 250.0 billion. In 2021, government spending including purchase subsidies and tax exemptions increased to USD 30 billion approximately.
The COVID-19 outbreak had a negative impact. The demand for luxury cars by dealers and consumers declined significantly due to the lockdown measures imposed across the world. The COVID-19 along with the semiconductors shortage led to production stoppages and supply bottlenecks throughout the entire automotive industry. According to the European Automobile Manufacturers’ Association (ACEA), private vehicle registrations in Europe were contracted by 38.1% year-on-year for the first half of 2020.
According to the International Energy Agency (IEA), worldwide spending on electric vehicles by the consumers and governments experienced a significant rise during 2021 as the spending doubled as compared to 2020, reaching approximately USD 250.0 billion. In 2021, government spending including purchase subsidies and tax exemptions increased to USD 30 billion approximately.
Luxury Car Market Report Highlights
- Based on vehicle type, the sports utility segment accounted for the maximum revenue share of 57.6% in 2022. Customers prefer sports utility vehicles owing to their various advantages such as extra space to carry extra cargo or passengers, all-wheel drive ability, and high-ground clearance
- Based on propulsion type, the electric segment is likely to expand at the highest CAGR of 7.8% during the forecast period. Increasing adoption of electric vehicles owing to low running and maintenance costs, convenient charging, and the enhanced driving experience is pushing the segment growth
- Europe held the largest share of 39.3% in 2022 and is expected to retain its position during the forecast period. This can be attributed to the presence of prominent market players in the region. Moreover, the highly developed automotive market and resilient supply chain are aiding the market growth of the region
- In January 2021, Mercedes-Benz launched its 2021 GLC SUV equipped with a digital instrumental cluster, front massage seats, and the latest connected car technology called Mercedes me connect.
- The MMC technology is integrated with google, Alexa home, and various navigation system apps.
Table of Contents
Chapter 1 Methodology and Scope1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
1.4 Market Segmentation and Scope
Chapter 2 Executive Summary
2.1 Luxury Car Market - Industry Snapshot & Key Buying Criteria, 2017 - 2030
2.2 Global Luxury Car Market, 2017 - 2030
2.2.1 Global luxury car market, by region, 2017 - 2030
2.2.2 Global luxury car market, by vehicle type, 2017 - 2030
2.2.3 Global luxury car market, by propulsion type, 2017 - 2030
Chapter 3 Luxury Car Industry Outlook
3.1 Market Lineage Outlook
3.1.1 Parent market outlook
3.2 Market Size, Penetration, and Growth Prospect Mapping
3.3 Regulatory Scenario
3.4 Luxury Car Market - Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing number of ultra-high-net-worth individuals
3.4.1.2 Increasing disposal income
3.4.2 Market restraint/challenge analysis
3.4.2.1 High maintenance cost
3.4.3 Market opportunity analysis
3.4.3.1 Increasing adoption of electric vehicles (EV)s
3.5 Luxury Car Market- Porter’s Five Forces Analysis
3.6 Luxury Car Market - PEST Analysis
3.7 COVID-19 Impact on the Luxury Car Market
Chapter 4 Luxury Car Market Type Outlook
4.1 Luxury Car Market Share, by Vehicle Type, 2022
4.2 Hatchback
4.2.1 Hatchback luxury car market, 2017 - 2030
4.3 Sedan
4.3.1 Sedan luxury car services market, 2017 - 2030
4.4 Sports Utility
4.4.1 Sports Utility luxury car market, 2017 - 2030
Chapter 5 Luxury Car Market Propulsion Type Outlook
5.1 Luxury Car Market Share, by Propulsion Type, 2022
5.2 Internal Combustion Engine (ICE)
5.2.1 Internal combustion engine (ICE) luxury car market, 2017 - 2030
5.3 Electric
5.3.1 Electric luxury car market, 2017 - 2030
Chapter 6 Luxury Car Regional Outlook
6.1 Luxury Car Market Share, by Region, 2022
6.2 North America
6.2.1 North America luxury car market, 2017 - 2030
6.2.2 North America luxury car market, by vehicle type, 2017 - 2030
6.2.3 North America luxury car market, by propulsion type, 2017 - 2030
6.2.4 U.S.
6.2.4.1 U.S. luxury car market, 2017 - 2030
6.2.4.2 U.S. luxury car market, by vehicle type, 2017 - 2030
6.2.4.3 U.S. luxury car market, by propulsion type, 2017 - 2030
6.2.5 Canada
6.2.5.1 Canada luxury car market, 2017 - 2030
6.2.5.2 Canada luxury car market, by vehicle type, 2017 - 2030
6.2.5.3 Canada luxury car market, by propulsion type, 2017 - 2030
6.3 Europe
6.3.1 Europe luxury car market, 2017 - 2030
6.3.2 Europe luxury car market, by vehicle type, 2017 - 2030
6.3.3 Europe luxury car market, by propulsion type, 2017 - 2030
6.3.4 U.K.
6.3.4.1 U.K. luxury car market, 2017 - 2030
6.3.4.2 U.K. luxury car market, by vehicle type, 2017 - 2030
6.3.4.3 U.K. luxury car market, by propulsion type, 2017 - 2030
6.3.5 Germany
6.3.5.1 Germany luxury car market, 2017 - 2030
6.3.5.2 Germany luxury car market, by vehicle type, 2017 - 2030
6.3.5.3 Germany luxury car market, by propulsion type, 2017 - 2030
6.3.6 France
6.3.6.1 France luxury car market, 2017 - 2030
6.3.6.2 France luxury car market, by vehicle type, 2017 - 2030
6.3.6.3 France luxury car market, by propulsion type, 2017 - 2030
6.3.7 Italy
6.3.7.1 Italy luxury car market, 2017 - 2030
6.3.7.2 Italy luxury car market, by vehicle type, 2017 - 2030
6.3.7.3 Italy luxury car market, by propulsion type, 2017 - 2030
6.4 Asia Pacific
6.4.1 Asia Pacific luxury car market, 2017 - 2030
6.4.2 Asia Pacific luxury car market, by vehicle type, 2017 - 2030
6.4.3 Asia Pacific luxury car market, by propulsion type, 2017 - 2030
6.4.4 China
6.4.4.1 China luxury car market, 2017 - 2030
6.4.4.2 China luxury car market, by vehicle type, 2017 - 2030
6.4.4.3 China luxury car market, by propulsion type, 2017 - 2030
6.4.5 India
6.4.5.1 India luxury car market, 2017 - 2030
6.4.5.2 India luxury car market, by vehicle type, 2017 - 2030
6.4.5.3 India luxury car market, by propulsion type, 2017 - 2030
6.4.6 Japan
6.4.6.1 Japan luxury car market, 2017 - 2030
6.4.6.2 Japan luxury car market, by vehicle type, 2017 - 2030
6.4.6.3 Japan luxury car market, by propulsion type, 2017 - 2030
6.5 Latin America
6.5.1 Latin America luxury car market, 2017 - 2030
6.5.2 Latin America luxury car market, by vehicle type, 2017 - 2030
6.5.3 Latin America luxury car market, by propulsion type, 2017 - 2030
6.5.4 Brazil
6.5.4.1 Brazil luxury car market, 2017 - 2030
6.5.4.2 Brazil luxury car market, by vehicle type, 2017 - 2030
6.5.4.3 Brazil luxury car market, by propulsion type, 2017 - 2030
6.5.5 Mexico
6.5.5.1 Mexico luxury car market, 2017 - 2030
6.5.5.2 Mexico luxury car market, by vehicle type, 2017 - 2030
6.5.5.3 Mexico luxury car market, by propulsion type, 2017 - 2030
6.6 MEA
6.6.1 MEA luxury car market, 2017 - 2030
6.6.2 MEA luxury car market, by vehicle type, 2017 - 2030
6.6.3 MEA luxury car market, by propulsion type, 2017 - 2030
Chapter 7 Competitive Analysis
7.1 Key Company Heat Map Analysis, 2022
7.2 Recent Developments & Impact Analysis, By Key Market Participants
7.3 List of Few Market Players
7.4 Vendor Landscape
Chapter 8 Competitive Landscape
8.1 Mercedes-Benz Group AG
8.1.1 Company overview
8.1.2 Financial performance
8.1.3 Product benchmarking
8.1.4 Strategic initiatives
8.2 BMW Group
8.2.1 Company overview
8.2.2 Financial performance
8.2.3 Product benchmarking
8.2.4 Strategic initiatives
8.3 Volkswagen
8.3.1 Company overview
8.3.2 Financial performance
8.3.3 Product benchmarking
8.3.4 Strategic initiatives
8.4 Tesla
8.4.1 Company overview
8.4.2 Financial performance
8.4.3 Product benchmarking
8.4.4 Strategic initiatives
8.5 TOYOTA MOTOR CORPORATION (Lexus
8.5.1 Company overview
8.5.2 Financial performance
8.5.3 Product benchmarking
8.5.4 Strategic initiatives
8.6 Volvo Car Corporation
8.6.1 Company overview
8.6.2 Financial performance
8.6.3 Product benchmarking
8.6.4 Strategic initiatives
8.7 JAGUAR LAND ROVER AUTOMOTIVE PLC (Tata Motors)
8.7.1 Company overview
8.7.2 Product benchmarking
8.8 Aston Martin
8.8.1 Company overview
8.8.2 Product benchmarking
Chapter 9 KoL Commentary
9.1 KoL Commentary
List of Tables
Table 1 Luxury car market - industry snapshot & key buying criteria, 2017 - 2030
TABLE 2 Global luxury car market, 2017 - 2030 (USD Billion, 000’ Units)
TABLE 3 Global luxury car market, by region, 2017 - 2030 (USD Billion)
TABLE 4 Global luxury car market, by region, 2017 - 2030 (000’ Units)
TABLE 5 Global luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 6 Global luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 7 Global luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 8 Global luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 9 North America luxury car market, 2017 - 2030 (USD Billion)
TABLE 10 North America luxury car market, 2017 - 2030 (000’ Units)
TABLE 11 North America luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 12 North America luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 13 North America luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 14 North America luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 15 U.S. luxury car market, 2017 - 2030 (USD Billion)
TABLE 16 U.S. luxury car market, 2017 - 2030 (000’ Units)
TABLE 17 U.S. luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 18 U.S. luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 19 U.S. luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 20 U.S. luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 21 Canada luxury car market, 2017 - 2030 (USD Billion)
TABLE 22 Canada luxury car market, 2017 - 2030 (000’ Units)
TABLE 23 Canada luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 24 Canada luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 25 Canada luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 26 Canada luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 27 Europe luxury car market, 2017 - 2030 (USD Billion)
TABLE 28 Europe luxury car market, 2017 - 2030 (000’ Units)
TABLE 29 Europe luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 30 Europe luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 31 Europe luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 32 Europe luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 33 U.K. luxury car market, 2017 - 2030 (USD Billion)
TABLE 34 U.K. luxury car market, 2017 - 2030 (000’ Units)
TABLE 35 U.K. luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 36 U.K. luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 37 U.K. luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 38 U.K. luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 39 Germany luxury car market, 2017 - 2030 (USD Billion)
TABLE 40 Germany luxury car market, 2017 - 2030 (000’ Units)
TABLE 41 Germany luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 42 Germany luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 43 Germany luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 44 Germany luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 45 France luxury car market, 2017 - 2030 (USD Billion)
TABLE 46 France luxury car market, 2017 - 2030 (000’ Units)
TABLE 47 France luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 48 France luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 49 France luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 50 France luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 51 Italy luxury car market, 2017 - 2030 (USD Billion)
TABLE 52 Italy luxury car market, 2017 - 2030 (000’ Units)
TABLE 53 Italy luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 54 Italy luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 55 Italy luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 56 Italy luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 57 Asia Pacific luxury car market, 2017 - 2030 (USD Billion)
TABLE 58 Asia Pacific luxury car market, 2017 - 2030 (000’ Units)
TABLE 59 Asia Pacific luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 60 Asia Pacific luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 61 Asia Pacific luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 62 Asia Pacific luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 63 China luxury car market, 2017 - 2030 (USD Billion)
TABLE 64 China luxury car market, 2017 - 2030 (000’ Units)
TABLE 65 China luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 66 China luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 67 China luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 68 China luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 69 India luxury car market, 2017 - 2030 (USD Billion)
TABLE 70 India luxury car market, 2017 - 2030 (000’ Units)
TABLE 71 India luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 72 India luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 73 India luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 74 India luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 75 Japan luxury car market, 2017 - 2030 (USD Billion)
TABLE 76 Japan luxury car market, 2017 - 2030 (000’ Units)
TABLE 77 Japan luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 78 Japan luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 79 Japan luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 80 Japan luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 81 Latin America luxury car market, 2017 - 2030 (USD Billion)
TABLE 82 Latin America luxury car market, 2017 - 2030 (000’ Units)
TABLE 83 Latin America luxury car market, by vehicle type, 2017 - 2030 (USD Billion
TABLE 84 Latin America luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 85 Latin America luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 86 Latin America luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 87 Brazil luxury car market, 2017 - 2030 (USD Billion)
TABLE 88 Brazil luxury car market, 2017 - 2030 (000’ Units)
TABLE 89 Brazil luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 90 Brazil luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 91 Brazil luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 92 Brazil luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 93 Mexico luxury car market, 2017 - 2030 (USD Billion)
TABLE 94 Mexico luxury car market, 2017 - 2030 (000’ Units)
TABLE 95 Mexico luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 96 Mexico luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 97 Mexico luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 98 Mexico luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
TABLE 99 MEA luxury car market, 2017 - 2030 (USD Billion)
TABLE 100 MEA luxury car market, 2017 - 2030 (000’ Units)
TABLE 101 MEA luxury car market, by vehicle type, 2017 - 2030 (USD Billion)
TABLE 102 MEA luxury car market, by vehicle type, 2017 - 2030 (000’ Units)
TABLE 103 MEA luxury car market, by propulsion type, 2017 - 2030 (USD Billion)
TABLE 104 MEA luxury car market, by propulsion type, 2017 - 2030 (000’ Units)
List of Figures
Fig. 1 Market segmentation and scope
FIG. 2 Luxury car market, 2017 - 2030 (USD Billion)
FIG. 3 Key opportunities prioritized
FIG. 4 Luxury car market - Key market driver impact
FIG. 5 Luxury car market - Key market restraint/challenge impact
FIG. 6 Luxury car market - Key market opportunity impact
FIG. 7 Luxury car market - Porter’s five forces analysis
FIG. 8 Luxury car market - PEST analysis
FIG. 9 Luxury car market, by vehicle type, 2022
FIG. 10 Luxury car market, by propulsion type, 2022
FIG. 11 Luxury car, by region, 2022
FIG. 12 Luxury car - regional takeaways
FIG. 13 North America luxury car market - key takeaways
FIG. 14 Europe luxury car market - key takeaways
FIG. 15 Asia Pacific luxury car market - key takeaways
FIG. 16 Latin America luxury car market - key takeaways
FIG. 17 MEA luxury car market - key takeaways
FIG. 18 Luxury car - key company heat map analysis, 2022
FIG. 19 KoL Commentary
Companies Mentioned
- Mercedes-Benz Group AG
- BMW Group
- Volkswagen
- Tesla
- TOYOTA MOTOR CORPORATION (Lexus
- Volvo Car Corporation
- JAGUAR LAND ROVER AUTOMOTIVE PLC (Tata Motors)
- Aston Martin
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | February 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 617.36 Billion |
| Forecasted Market Value ( USD | $ 1046.87 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
