Luxury Car Market: Analysis of Industry Size, Share, and Competition

MANHATTAN, N.Y. - May 19, 2023 - PRLog -- According to the "Global Luxury Car Market By Vehicle Type, By Fuel Type, By Engine Capacity, By Region, Competition, Forecast & Opportunities, 2026" report by TechSci Research, the luxury car market experienced sales of 8 million units in 2018 and is projected to grow at a remarkable rate in the forecast period. This growth can be attributed to the wide range of features offered in luxury cars, including accident avoidance systems, advanced infotainment systems, surround sound audio, TPMS-equipped tires, and luxurious interiors. Furthermore, the increasing disposable income and demand for high-horsepower vehicles are expected to drive the global demand for luxury cars.

The global luxury car market can be segmented based on vehicle type, fuel type, and engine capacity. Sedans hold the largest market share in terms of vehicle type, and this trend is anticipated to continue due to their superior interiors, high-speed stability, and comfortable suspension setup at a comparable price point. In terms of engine capacity, the <2500cc segment dominates the global luxury car market, as major luxury cars fall within this category. Petrol fuel type accounted for the majority share in 2018. However, the "others" segment, which includes CNG and electric vehicles, is expected to grow rapidly during the forecast period due to increasing concerns about air pollution and government subsidies for electric vehicle adoption.

Browse 170 market data Figures spread through 110 Pages and an in-depth TOC on "Global Luxury Car Market"

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Leading players operating in the global luxury car market include Bayerische Motoren Werke AG (BMW), Mercedes-Benz, Audi AG, Toyota Motor Corporation, Honda Motor Company, Ltd, Passat (Santana), Cadillac, Mini, Lexus, Tesla, and others. These companies are focused on enhancing the design and functionality of their vehicles to meet the growing demand for luxurious vehicles. For example, Mercedes-Benz has collaborated with Google to integrate Google Home and Google Assist software, providing cutting-edge technologies. In 2018, Daimler signed a Memorandum of Understanding with Baidu to incorporate the latter's connectivity services into Mercedes-Benz's new car infotainment system.

Europe dominated the global luxury car market in 2018, driven by the presence of leading players and early adoption of advanced technologies. However, the demand for luxury cars is expected to increase in the Asia-Pacific region due to rising per capita income, the popularity of high-speed cars among the youth, and growing demand for enhanced comfort and convenience, according to Mr. Karan Chechi, Research Director at TechSci Research.

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