Executive Cars - Worldwide

Worldwide

Highlights

Revenue in the Executive Cars market is projected to reach US$121bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.29%, resulting in a projected market volume of US$188bn by 2029.
Executive Cars market unit sales are expected to reach 2.8m vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$53k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Worldwide is experiencing significant growth and development. Customer preferences are shifting towards luxury vehicles with advanced features and technology. This trend is driven by the increasing disposable income of consumers and their desire for comfort and prestige. Additionally, the demand for executive cars is also influenced by local special circumstances and underlying macroeconomic factors in different countries.

Customer preferences: In the Executive Cars market, customers are increasingly seeking vehicles that offer a combination of luxury, performance, and advanced technology. They are willing to pay a premium for features such as leather interiors, high-end audio systems, and advanced safety features. Additionally, customers are also prioritizing fuel efficiency and environmental sustainability, leading to a growing demand for hybrid and electric executive cars.

Trends in the market: One of the key trends in the Executive Cars market is the rise of SUVs and crossover vehicles. These larger and more spacious vehicles are becoming increasingly popular among consumers who value both luxury and practicality. This trend is driven by the desire for increased cargo space, higher seating positions, and better off-road capabilities. Another trend in the market is the integration of advanced technology into executive cars. Features such as touchscreen infotainment systems, smartphone connectivity, and driver assistance systems are becoming standard in many models. This trend is driven by the increasing demand for convenience and connectivity in vehicles.

Local special circumstances: In different countries, there are specific circumstances that influence the Executive Cars market. For example, in emerging economies with a growing middle class, there is a rising demand for executive cars as a symbol of social status and success. On the other hand, in developed countries with mature markets, the demand for executive cars is driven by replacement purchases and the desire for the latest technology and features.

Underlying macroeconomic factors: The growth and development of the Executive Cars market are also influenced by underlying macroeconomic factors. For instance, a strong economy with low unemployment rates and high consumer confidence leads to increased consumer spending on luxury goods, including executive cars. On the other hand, economic downturns and financial instability can result in a decline in the market as consumers prioritize essential expenses over luxury purchases. In conclusion, the Executive Cars market in Worldwide is experiencing growth and development due to shifting customer preferences towards luxury vehicles with advanced features and technology. The rise of SUVs and the integration of advanced technology are key trends in the market. Local special circumstances and underlying macroeconomic factors also play a significant role in shaping the demand for executive cars in different countries.

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).