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Luxury Car Market to surge at 35% CAGR and reach $21.921 million by 2023, according to Global Luxury Car Market Analysis Report published by Market Research Future. Luxury car is a vehicle provides best comfort, equipped with latest technology, and focus on best quality than other vehicles. Global Luxury Car Industry Report analyzes Market for Luxury Car by Body Type (SUV, Sedan, Hatchback), Component (LiDAR, Biometric Sensors, Radar), Fuel Type (ICE, BEV, FCEV, Hybrid), End-User (Car Pooling, Personal Mobility), Region with Forecast to 2023.Major Luxury Car Companies covered in the market report include Audi AG (Germany), BMW (Germany), Daimler AG (Germany), Delphi Technologies Inc. (UK), Denso Corporation (Japan), General Motors Company (USA), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Porsche AG (Germany), Robert Bosch GmbH (Germany), and Tesla Inc. (USA).
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Global Market Highlights:
Global Luxury Car Market Can Grow Due to Rising Purchasing Power of Consumers. The automotive consumer of today considers the ‘value for money’ factor while planning to buy a car. Therefore, automobile manufacturers make sure that the kind of automobile owned by a consumer would be equivalent to a status/style statement, triggering the rise of the luxury vehicle sector. Market Research Future (MRFR) has published a research report about the global Automotive luxury vehicle market that is estimating boost for this market at 35% CAGR during the forecast period between 2017 and 2023.
The vital factors driving growth for the global Luxury Car market are the rising purchasing power of consumers and growing competition among Luxury Car manufacturers. Regarding technology, the factors contributing to the market growth include innovations to enhance features and growing demand for luxury cars. With the lifestyle of people changing, the market is growing due to rise in the number of consumers preferring personalized automobile, rise in ownership of the car in developing markets, preference for environment-friendly cars, and rise in the number of baby boomers who value quality. In terms of the law, the government initiatives to encourage production, as well as, sales of eco-friendly cars, and effective brand management strategy to create awareness among consumers is also boosting the market growth. However, high import tariffs on luxury cars, the rising preference for top models of budget cars, growing fuel price, and the surge in import of second-hand luxury cars can stunt the market growth.
Luxury Car Industry Segments:
Regarding body type, the segmentation of this market covers Hatchback, Sedan, and sport utility vehicle (SUV). The component-based segmentation of this market features biometric sensors, Light Detection and Ranging (LiDAR), and radar.
In the context of the end user, the market has been segmented into carpooling and personal mobility. Carpooling is defined as a commuting activity where people going to destinations in the same route sit in one vehicle that is owned by either one of the people going on that route, and they get down when their destination comes.
By fuel type, the market has been segmented into battery electric vehicle (BEV), fuel cell vehicle (FCV), Hybrid, and internal combustion engine (ICE).
Regional Analysis:
North America is one of the biggest automotive markets due to the state-of-the-art road infrastructure. Many big automotive market players are based in the USA. Other important factors leading to market growth are increasing purchasing power, robust economy, and growing demand for luxury vehicles. Canada is another powerful country-specific market in this region.
The European people are known for their keen interest and spending in lavish, high-performance vehicles. The priority country-specific markets in this region are France, Germany, Italy, Spain, and the UK. Other countries in Europe also form a significant market.
The Asia Pacific region is being the next automotive hub of the world, and market growth opportunities in this region are being perceived due to the emerging economies of China and India. The growing purchasing power of people is also contributing to the market growth.
In the RoW segment, many Gulf Cooperation Council (GCC) have been covered. In these countries, the market can grow due to the high purchasing power and low oil prices. Saudi Arabia and UAE can contribute maximum to the market.
Latest Industry News:
General Motors is planning to build an electric vehicle that might relaunch the defunct gas-guzzling Hummer brand in the market. 18 JUNE 2019
Continental has developed the first ultra-compact, high-performance head-up display (HUD) for a sports car in a project that has been started by its development and production service provider, Continental Engineering Services. 18 JUNE 2019
TABLE OF CONTENTS:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Luxury Car Market, By Body Type
5.1 Introduction
5.2 SUV
5.2.1 Market Estimates & Forecast, 2017-2023
5.2.2 Market Estimates & Forecast By Region, 2017-2023
5.3 Sedan
5.3.1 Market Estimates & Forecast, 2017-2023
5.3.2 Market Estimates & Forecast By Region, 2017-2023
5.4 Hatchback
5.4.1 Market Estimates & Forecast, 2017-2023
5.4.2 Market Estimates & Forecast By Region, 2017-2023
Continued…
LIST OF TABLES:
Table 1 Global Luxury Car Market: By Region, 2018-2023
Table 2 North America Luxury Car Market: By Country, 2018-2023
Table 3 Europe Luxury Car Market: By Country, 2018-2023
Table 4 Asia-Pacific Luxury Car Market: By Country, 2018-2023
Table 5 RoW Luxury Car Market: By Country, 2018-2023
Continued…
LIST OF FIGURES:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter's Five Forces Analysis
FIGURE 7 Value Chain Analysis
Continued…
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Organization: Market Research Future
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Website: https://www.marketresearchfuture.com/reports/automotive-luxury-vehicle-market-5783
Release ID: 88893674
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