Luxury Cars Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR43011
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The luxury cars market size has the potential to grow by 66.67 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by product (executive luxury cars and super luxury cars) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including AB Volvo, Aston Martin Lagonda Ltd., BMW AG, BYD Company Ltd., Daimler AG, JAGUAR LAND ROVER AUTOMOTIVE PLC, Renault SA, Tesla Inc., Toyota Motor Corp., and Volkswagen AG.

Market Overview

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Market Competitive Analysis

The luxury cars market is concentrated. Market vendors are planning to increase their production capacity by opening new manufacturing plants or expanding existing plants. AB Volvo, Aston Martin Lagonda Ltd., and BMW AG are some of the major market participants. Although the rising demand for luxury SUVs will offer immense growth opportunities, the increase in tax on luxury cars will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this luxury cars market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this luxury cars market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • AB Volvo
  • Aston Martin Lagonda Ltd.
  • BMW AG
  • BYD Company Ltd.
  • Daimler AG
  • JAGUAR LAND ROVER AUTOMOTIVE PLC
  • Renault SA
  • Tesla Inc.
  • Toyota Motor Corp.
  • Volkswagen AG

Luxury Cars Market: Segmentation by Geography

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North America was the largest luxury cars market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of the majority of the HNWI population, availability of cheap credit, decreased prices of fuel, increased requirement for personal mobility, and rising penetration of Android Auto multimedia systems will significantly drive luxury cars market growth in this region over the forecast period.

Almost 52% of the market’s growth will originate from North America during the forecast period. The US is a crucial market for luxury cars in North America. Market growth in this region will be faster than the growth of the market in South America.

Luxury Cars Market: Segmentation by Product

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The executive luxury cars segment is dominated by three German automakers Audi, BMW, and Mercedes-Benz. Most of the auto manufacturers have a separate brand for luxury cars. This type of brand positioning has allowed many automotive players to enter the luxury cars market. The executive luxury cars segment is expected to have a steady growth rate during the forecast period.

However, market growth in this segment will be slower than the growth of the market in the super luxury cars segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the luxury cars market size.

Luxury Cars Market: Key Drivers and Trends

The continuously rising demand for luxury SUVs will be the primary factor triggering the luxury cars market growth during the forecast period. SUVs offer higher safety due to the installation of various safety features. These high-end cars are high-power vehicles with higher seating, ground clearance, and sufficient capability to travel on off-road conditions. This luxury cars market analysis suggests the demand for premium cars is growing in the US, owing to the declining fuel prices, which influence the buyers to prefer luxury sedans and SUVs. Consequently, making the US one of the most favorable market for luxury cars. SUV crossovers are increasingly being preferred in Europe, in turn, positively influencing the growth of luxury cars market size.

The launch of electric luxury car models is one of the most prominent luxury cars market trends that will gain traction during the next few years. Advancements in the manufacturing process of electric batteries and a continuous rise in the number of charging stations, especially in developed countries, have induced automotive manufacturers to manufacture electric luxury SUVs. The luxury cars market forecast predicts that fueled by these factors, the luxury cars market size will grow at a CAGR of almost 7% during the forecast period.

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Luxury Cars Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive luxury cars market growth during the next five years
  • Precise estimation of the luxury cars market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the luxury cars industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of luxury cars market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product
  • Executive luxury cars - Market size and forecast 2019-2024
  • Super luxury cars - Market size and forecast 2019-2024
  • Market opportunity by Product

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • AB Volvo
  • Aston Martin Lagonda Ltd.
  • BMW AG
  • BYD Co. Ltd.
  • Daimler AG
  • JAGUAR LAND ROVER AUTOMOTIVE Plc
  • Renault SA
  • Tesla Inc.
  • Toyota Motor Corp.
  • Volkswagen AG

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The luxury cars market growth will increase by $66.67 thousand units during 2019-2024.
The luxury cars market is expected to grow at a CAGR of 6.64% during 2019-2024.
Technavio has segmented the luxury cars market by product (Executive luxury cars and Super luxury cars) and geographic (North America, Europe, APAC, MEA, and South America).
AB Volvo, Aston Martin Lagonda Ltd., BMW AG, BYD Co. Ltd., Daimler AG, JAGUAR LAND ROVER AUTOMOTIVE Plc, Renault SA, Tesla Inc., Toyota Motor Corp., Volkswagen AG are a few of the key vendors in the luxury cars market.
North America will register the highest growth rate of 51.61% among the other regions. Therefore, the luxury cars market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Germany
  • UK
  • Italy
  • France
The key factors driving the luxury cars market growth are:
  • Rising demand for luxury SUVs
  • Launch of electric luxury car models
The luxury cars market vendors should focus on grabbing business opportunities from the executive luxury cars segment as it accounted for the largest market share in the base year.
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