Automotive Luxury VehicleMarket Overview:
The global automotive luxuryvehicle market is garnering remarkable growth. The market growth is attributedto the rising sales of luxury vehicles. Besides, the continual product launchesand increasing aftermarket activities drive the growth of the market. Thestrong economic growth worldwide had been continually spurring the demand inthe automotive industry until the recent Coronavirus pandemic. However, themarket is again experiencing an uptick over the past 4-5 months, furtherescalating the market growth.
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According to Market ResearchFuture (MRFR), the global automotive luxury vehicle market is estimated to growat 35% CAGR during the assessment period (2017-2023). The COVID-19 outbreak hasdeeply impacted the traditional method of offline lead generation and sellingluxury cars. However, manufacturers and dealers have shifted from the offlinelead generation model to online sales. This initiative to engage withprospective buyers through digital channels proves to be a game-changer inmarket growth.
Additionally, rapid advances intechnologies and manufacturing technologies influence the growth of the market.Rising adoption of luxury cars to add comfort in vehicles and minimizemaintenance costs pushes AutomotiveLuxury Vehicle Market growth. The growing sales of luxury vehicles andsports cars impact the growth of the market positively. Also, the constant risein smart and autonomous vehicle sales boosts market revenues.
AutomotiveLuxury Vehicle Market – Segmentation
The report is segmented into fivedynamics.
By Body Type : SUV, Sedan, Hatchback, and others.
By Component: LiDAR, Biometric,Sensors, Radar, and others.
By Fuel Type : Petrol, Diesel, ICE, BEV, FCEV, andHybrid.
By End-User : Car Pooling, Personal Mobility, andothers.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
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Automotive Luxury Vehicle Market– Regional Analysis
Europe leads the globalautomotive luxury vehicle market. The region is the global hub for expensiveand high-end car manufacturers. Besides, the demographics in this region areknown for their keen interest and spending on lavish, high-performance vehicles.Moreover, the largest market share attributes to the presence of thewell-established automotive industry in the region.
The increase in sales and R&Dinvestments in luxury vehicle developments boost the growth of the regionalmarket. Germany houses the world's largest luxury car brands, providing aconsiderable impetus to the regional market's development. The Europeanautomobile industry is projected to retain its dominance throughout theestimated period.
North America stands second inthe global automotive luxury vehicle market. The region is a promising marketfor luxury vehicles. Additionally, the constant rise in the automotive industryand increasing demand for personal uses substantiate market growth. With a moreextensive fleet of premium and luxury passenger cars, the US accounts for asubstantial share in the regional market. The North American automotive luxuryvehicle market is estimated to create a notable revenue pocket.
The Asia Pacific automotiveluxury vehicle market is growing rapidly. The region is expected to be the nextautomotive hub of the world. Factors such as the increasing production &sales of luxury vehicles influence the growth of the regional market. Moreover,the well-established automobile industry in this region creates substantialopportunities for the region's automobile industry.
Japan, China, South Korea, andIndia are the largest markets for luxury vehicles. Furthermore, increasingvehicle maintenance costs and safety concerns impact the regional market growthpositively. The APAC automotive luxury vehicle market is anticipated to growrapidly during the forecast period.
Automotive Luxury Vehicle Market– Competitive Analysis
Highly competitive, theautomotive luxury vehicle market appears fragmented with the presence ofseveral notable industry players. These players initiate strategic moves suchas mergers & acquisitions, collaboration, innovation, and brandreinforcement to gain a larger competitive share.
Major Players:
Players leadingthe automotive luxury vehicle market include BMW (Germany), Tesla, Inc.(US), Denso Corporation (Japan), Delphi Technologies, Inc. (UK), Daimler AG(Germany), Audi AG (Germany), Robert Bosch GmbH (Germany), NXP SemiconductorsNV (Netherlands), Infineon Technologies AG (Germany), General Motors Company(US), Porsche AG (Germany), and Continental AG (Germany), among others.
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About Market Research Future:
Market Research Future (MRFR) isa global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
Our rapidly expanding marketresearch company is assisted by a competent team of research analysts whoprovide useful analytics and data on technological and economic developments.Our deemed analysts make industrial visits and collect valuable informationfrom influential market players. Our main goal is to keep our clients informedof new opportunities and challenges in various markets. We offer step-by-step assistanceto our valued clients through strategic and consulting services to reachmanagerial and actionable decisions.
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