Luxury Cars Market to Reach USD 655 Billion and Grow at 9.3% CAGR by 2027; Presence of Several Large Scale Companies will Provide Impetus to Market Growth, says Fortune Business Insights(TM)
Pune, India, March 01, 2021 (GLOBE NEWSWIRE) — According to the report, Luxury Car Market size is projected to reach USD 655 Billion value by 2027, exhibiting a CAGR of 9.3%. The Luxury Car Industry was valued at USD 449.7 billion in 2019. The global luxury cars market size is projected to reach USD 655.0 billion by the end of 2027. The rising disposable income across the world will contribute to the growth of the market in the coming years.
Increasing Number of Company Collaborations will Emerge in Favor of Market Growth
A luxury car provides an improved level of interior, comfort, and performance which is usually higher than a basic car. The rising disposable income in several countries across the world has given the platform for the companies operating in the market. The massive investments in luxury car can be attributable to several reasons, among which comfort and quality stand out.
The presence of several large scale luxury cars manufacturers will emerge in favor of growth of the market in the coming years. Companies such as BMW and Mercedes-Benz have completely changed the face of the global luxury car market, with these companies together accounting for a dominant market share. The increasing demand for luxury cars across the world will have a huge impact on the growth of the global market in the coming years.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/luxury-car-market-104453
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing demand for the product, there is a healthy market competition across the world. The strong market competition has encouraged companies to adopt newer strategies that have helped them establish a stronghold in the market.
In August 2020, Mercedes-Benz and CATL announced that they have formed a strategic partnership; a step that is consequential to the former’s efforts to introduce electric vehicles. This partnership is aimed at the development of a cutting-edge battery technology for use in Mercedes-Benz’s upcoming electric cars. Increasing number of such company collaborations will have a huge impact on the growth of the overall market in the forthcoming years.
Click here to get the short-term and long-term impacts of COVID-19 on this Market. Please visit: https://www.fortunebusinessinsights.com/luxury-car-market-104453
Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The presence of several large scale manufacturers in this region has had a huge impact on the growth of the regional market. The constantly increasing population in countries such as India and China have given the for the companies operating in the luxury car market in Asia Pacific. The increasing production units in these regions is attributable to the low-costs and tax savings associated with assembly and sale procedures across several countries. As of 2019, the market in Asia Pacific was worth USD 231.8 billion and this value is projected to rise at considerable pace in the coming years.
Quick Buy – Luxury Car Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/104453
January 2019 – Mercedes-Benz’s partnership with Farasis Energy Co. Ltd. is aimed at delivering a safe source of battery cell supply for Mercedes-Benz’s electrification strategy. The key fundamentals of the agreement include the industrialization and development of highly advanced battery technology, as well as the ambitious goal of achieving cost competitiveness. While Farasis has secured safety through planned capacity construction.
- Daimler AG (Stuttgart, Germany)
- Bayerische Motoren Werke AG, (Munich, Germany)
- Volvo Car Corporation (Gothenburg, Sweden)
- Volkswagen AG (Wolfsburg, Germany)
- Tata Motors Limited (Mumbai, India)
- Toyota Motor Corporation (Toyota, Aichi, Japan)
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/luxury-car-market-104453
Global Luxury Car Market Segmentation:
By Vehicle Type:
- Sport Utility Vehicle
By Propulsion Type:
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/luxury-car-market-104453
Have a Look at Related Reports:
Automotive Blind Spot Detection System Market Size, Share & Industry Analysis, By Component Type (Ultrasonic, RADAR, Camera) By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026
Vehicle Rental and Leasing Market Size, Share & Covid-19 Impact Analysis, By Rent Type (Business and Personal Use), By Vehicle Type (Car, Light Commercial Vehicle, and Medium/Heavy Commercial Vehicle), and Regional Forecasts, 2020-2027
Rolling Stock Market Size, Share & Industry Analysis, By Product Type (Locomotive, Rapid Transit Vehicle, Wagons), By Application Type (Passenger Rail, Freight Rail), and Regional Forecast, 2020-2027
Automotive Shielding Market Size, Share & Covid-19 Impact Analysis, By Shielding Type (Heat Shield and Electromagnetic Interference [EMI] Shield), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027
Low Speed Vehicle Market Size, Share & Industry Analysis, By Engine Type (ICE, Electric), By Vehicle Type (Industrial Utility, Golf Cart, Personal Carrier, Public Transport Vehicle), and Regional Forecasts, 2019-2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]
Fortune Business Insights™
LinkedIn | Twitter | Blogs