Luxury Cars - Central & Western Europe

Central & Western Europe

The Luxury Cars market in Central & Western Europe is projected to generate a revenue of US$4,339m in 2024.
This market segment is expected to experience an annual growth rate (CAGR 2024-2028) of 0.35%, resulting in a projected market volume of US$4,400m by 2028.
In that year, unit sales in the Luxury Cars market are expected to reach 28,100.0vehicles.
Taking into account the country's market, the volume weighted average price of Luxury Cars market in 2024 is projected to be US$154k.
When comparing international markets, it is evident that United States will generate the highest revenue, amounting to US$6,654m in 2024.
Luxury car sales in Germany continue to dominate the market, with high demand for premium German brands like Mercedes-Benz and BMW.

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

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Analyst Opinion

The Luxury Cars market in Central & Western Europe has been experiencing significant growth in recent years. Customer preferences for high-end, luxury vehicles have been a key driver of this trend.

Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in Central & Western Europe have shifted towards luxury cars due to several factors. Firstly, there is a growing desire among consumers to showcase their wealth and social status.

Luxury cars are seen as a symbol of success and prestige, and owning one can elevate an individual's social standing. Secondly, there is an increasing emphasis on comfort and luxury in the region. Consumers are willing to invest in high-quality vehicles that offer superior comfort, advanced technology, and luxurious features.

Finally, there is a rising interest in sustainable and environmentally-friendly transportation options. Luxury car manufacturers have responded to this demand by introducing hybrid and electric models, which appeal to environmentally-conscious consumers. Trends in the Luxury Cars market in Central & Western Europe have also been influenced by local special circumstances.

For example, some countries in the region have implemented favorable tax policies and incentives for luxury car buyers. This has made it more affordable for consumers to purchase high-end vehicles, leading to an increase in demand. Additionally, the presence of a strong luxury car culture in certain countries has contributed to the market's growth.

Luxury car ownership is highly valued in these countries, and consumers are willing to invest a significant amount of their income in purchasing and maintaining these vehicles. Underlying macroeconomic factors have played a crucial role in the development of the Luxury Cars market in Central & Western Europe. The region has experienced a period of economic stability and growth, which has increased consumers' purchasing power.

As a result, more individuals are able to afford luxury cars and are willing to spend a higher proportion of their income on these vehicles. Furthermore, low interest rates and favorable financing options have made it easier for consumers to finance their luxury car purchases. In conclusion, the Luxury Cars market in Central & Western Europe has seen substantial growth due to customer preferences for high-end vehicles, local special circumstances, and underlying macroeconomic factors.

As consumer demand for luxury cars continues to rise, manufacturers are likely to introduce new models and features to cater to the evolving preferences of the market.

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).