Luxury Car Market by Vehicle Type (Sedan, Sedan, and Sport Utility Vehicle) and Fuel Type: Global Opportunity Analysis and Industry Forecast, 2019-2030.
PORTLAND, OREGON, UNITED STATES, January 3, 2022 /EINPresswire.com/ – The increasing demand for luxury vehicles and the preference for a comfortable driving experience are fueling the growth of global luxury car market. However, the high cost of luxury cars is hampering the growth of the market. On the other hand, the emergence of electric luxury cars and efforts to improve quality, provide better equipment and improve comfort offer lucrative opportunities in the market.
Rising demand for luxury vehicles and preference for a comfortable driving experience are fueling global growth luxury car market.
The main market players analyzed in the luxury car market studies include Volkswagen AG, Lexus, Daimler AG, BMW AG, Infiniti, Audi AG, Volvo Car, Tesla, Aston Martin Lagonda and Ferrari NV
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According to the study published by Allied Market Research, the global luxury car market generated $ 495.7 billion in 2018 and is expected to reach $ 733.2 billion by 2026, registering a CAGR of 5.2% of 2019 to 2026. The report offers in-depth analysis of changing market dynamics, key segments, current market size and estimates, market share and competitive landscape.
On the basis of fuel type, the gasoline segment accounted for the highest share of the total market, contributing more than two-thirds of the global luxury car market in 2018, and is expected to maintain its dominance in terms of sales revenue. ‘by 2026. However, the electric segment is expected to grow at the fastest CAGR of 9.7% during the forecast period, due to increased demand for fuel efficient vehicles and government regulations taken to control shows.
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On the basis of vehicle type, the sport utility vehicle (SUV) segment held almost half of the total market share in 2018 and is expected to dominate during the forecast period. In addition, this segment is expected to grow at the fastest CAGR of 5.9% from 2019 to 2026. This is attributed to the slant of the new line of luxury SUVs which provide better comfort and better driving experience. The research also addresses segments such as the sedan and hatchback.
Based on region, North America is expected to register the highest CAGR of 6.7% from 2019 to 2026, due to the foray of major players in the region and the opening of new stores. of cars. However, Asia-Pacific held the largest market share in terms of revenue, accounting for almost half of the total market share in 2018, and is expected to continue to maintain its leading status during the forecast period. This is attributed to the emergence of a new range of luxury vehicles and the expansion of car manufacturers in the region.
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