Future of Luxury Car Market– Global Industry Insights, Trends, Outlook, and Opportunity Analysis 201
Automotive Luxury Vehicle Market May Grow at 35% CAGR Between 2017 and 2023. Global Automotive Luxury Vehicle 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 luxury car 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 Automotive luxury vehicle market are the rising purchasing power of consumers and growing competition among automotive luxury vehicle 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.
Market Segmentation
The global Automotive luxury vehicle market segmentation covers body type, component, end- use, and fuel type. MRFR is exploring features of these segments
Regional Segmentation
The regional segmentation of the global Automotive luxury vehicle market covers the regional markets that are Asia Pacific, North America, Europe, and rest of the world RoW). 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.
Europe is the regional market where the majority of the world’s expensive and high-end car manufacturers have their headquarters. 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 seen as 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. Japan is another important country-specific market in this region. Other countries of the Asia Pacific region also form a sizable market.
Key Players
Major players in the global Automotive luxury vehicle market 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).
Related news: Luxury Vehicles Market 2019: Global Industry Trends, Future Growth, Regional Overview, Market Share, Size, Revenue, and Forecast Outlook till 2024
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