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.
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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.
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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.
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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)
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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)
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