Executive Cars - North America

North America

The Executive Cars market in North America is projected to generate a revenue of US$20,650m in 2024.
It is expected to experience a compound annual growth rate (CAGR 2024-2028) of -2.36%, resulting in a projected market volume of US$18,770m by 2028.
In terms of unit sales, the Executive Cars market is expected to reach 438.1k vehicles in 2028.
The volume weighted average price of Executive Cars market in 2024 is projected to be US$42k.
From an international perspective, it is evident that China will generate the highest revenue, amounting to US$62,750m in 2024.
In North America, the market for executive cars is booming, with luxury brands like Cadillac and Lincoln dominating the segment.

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

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Analyst Opinion

The Executive Cars market in North America is experiencing steady growth due to customer preferences for luxury and performance vehicles, as well as the overall economic stability in the region.

Customer preferences: Customers in North America have a strong preference for executive cars that offer both luxury and performance. They value high-quality materials, advanced technology features, and comfortable interiors. This is reflected in their choice of vehicles, with brands such as BMW, Mercedes-Benz, and Audi being popular choices in the market. Additionally, customers in this region often prioritize safety features and fuel efficiency when selecting executive cars.

Trends in the market: One of the key trends in the Executive Cars market in North America is the increasing demand for electric and hybrid vehicles. With growing concerns about the environment and rising fuel costs, customers are gravitating towards more sustainable options. Luxury car manufacturers have responded to this trend by introducing electric and hybrid models, offering customers a wider range of choices. This shift towards greener vehicles is expected to continue driving the growth of the Executive Cars market in North America. Another trend in the market is the integration of advanced technology features in executive cars. Customers in North America are tech-savvy and expect their vehicles to be equipped with the latest connectivity, entertainment, and safety features. As a result, car manufacturers are investing heavily in developing and incorporating innovative technologies into their executive car models. This includes features such as advanced driver-assistance systems, voice recognition, and smartphone integration. The integration of these technologies enhances the overall driving experience and attracts customers who value convenience and connectivity.

Local special circumstances: One of the unique aspects of the North American market is the presence of a large number of affluent customers who are willing to spend on luxury vehicles. The region has a high concentration of high-net-worth individuals, who have the purchasing power to invest in executive cars. This creates a favorable market environment for luxury car manufacturers, as they can target a specific customer segment that values premium features and brand reputation.

Underlying macroeconomic factors: The overall economic stability in North America plays a significant role in the growth of the Executive Cars market. A strong economy and low unemployment rates contribute to increased consumer spending power, allowing customers to afford luxury vehicles. Additionally, favorable interest rates and easy access to financing options make it more feasible for customers to purchase executive cars. These macroeconomic factors create a favorable environment for car manufacturers, enabling them to expand their market presence and cater to the growing demand for executive cars in North America. In conclusion, the Executive Cars market in North America is driven by customer preferences for luxury and performance vehicles, as well as the region's overall economic stability. The demand for electric and hybrid vehicles, as well as the integration of advanced technology features, are key trends shaping the market. The presence of affluent customers and favorable macroeconomic factors further contribute to the growth of the Executive Cars market in North America.

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).