Luxury Cars - Germany

Germany

Revenue in the Luxury Cars market is projected to reach US$3,678m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.45%, resulting in a projected market volume of US$3,762m by 2029.
Luxury Cars market unit sales are expected to reach 19,780.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$180k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$7,024m in 2024).

Key regions: United States, Worldwide, United Kingdom, Europe, Germany

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Analyst Opinion

The Luxury Cars market in Germany has been experiencing steady growth in recent years. Customer preferences in the Luxury Cars market in Germany are driven by a desire for high-quality, prestigious vehicles.

German consumers value craftsmanship, performance, and cutting-edge technology when it comes to luxury cars. They are willing to pay a premium for brands that are known for their engineering excellence and attention to detail. German consumers also prioritize safety features and fuel efficiency in their luxury vehicles.

One trend in the Luxury Cars market in Germany is the growing demand for electric and hybrid vehicles. With increasing concerns about climate change and environmental sustainability, German consumers are becoming more conscious of their carbon footprint. As a result, there has been a shift towards greener and more eco-friendly luxury cars.

German automakers have been quick to respond to this trend by introducing a range of electric and hybrid models to cater to the changing preferences of their customers. Another trend in the Luxury Cars market in Germany is the rise of luxury SUVs. SUVs have become increasingly popular among German consumers due to their versatility and practicality.

Luxury SUVs offer ample space, comfort, and advanced features, making them an attractive choice for families and individuals alike. German automakers have capitalized on this trend by expanding their SUV offerings and introducing new models to cater to the growing demand. Local special circumstances in the Luxury Cars market in Germany include the strong presence of German luxury car brands.

Germany is home to renowned luxury car manufacturers such as BMW, Mercedes-Benz, and Audi. These brands have a long-standing reputation for producing high-quality vehicles and have a loyal customer base in Germany. The strong domestic presence of these brands contributes to the overall growth and development of the Luxury Cars market in Germany.

Underlying macroeconomic factors that have influenced the Luxury Cars market in Germany include the country's strong economy and high disposable income levels. Germany has one of the largest economies in Europe and a high standard of living. This has led to a significant number of affluent consumers who are able to afford luxury cars.

Additionally, low interest rates and favorable financing options have made luxury car purchases more accessible to a wider range of consumers. In conclusion, the Luxury Cars market in Germany is thriving due to customer preferences for high-quality, prestigious vehicles, the growing demand for electric and hybrid cars, the popularity of luxury SUVs, the strong presence of German luxury car brands, and favorable macroeconomic factors.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).