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Luxury Cars - Chile

Chile
  • Revenue in the Luxury Cars market is projected to reach US$65m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.14%, resulting in a projected market volume of US$65m by 2029.
  • Luxury Cars market unit sales are expected to reach 1.1k vehicles in 2029.
  • The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$57k.
  • From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

The Luxury Cars Market segment includes passenger cars of an average footprint around 5m2 (54 ft2), an average mass around 2200kg (4850lbs) and a passenger/cargo volume larger than 3.4 m3 (120 ft3). Models in this market are characterized by their high price. There are numerous companies that produce exclusively for this market. All key figures shown represent the sales of new luxury cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models.

  • European Car Segment: F (Luxury Cars)
  • US Car Segment: Large Cars
  • Chinese Car Segment: Category B
  • Also known as: Full-size Luxury Cars, High-end Luxury Cars, Oberklasse

Example models: Audi A8, BMW 7 Series, Jaguar XJ, Mercedes-Benz S-Class, Porsche Panamera.

In-Scope

  • Passenger cars - Luxury cars
  • Ulta-luxury cars

Out-Of-Scope

  • Premium Compact and Executive cars
  • Luxury SUVs/Crossover cars
Luxury Cars: market data & analysis - Cover

Market Insights report

Luxury Cars: market data & analysis

Study Details

    Unit Sales

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Analyst Opinion

    The Luxury Cars market in Chile has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Luxury Cars market in Chile have shifted towards vehicles that offer both luxury and sustainability.

    There is a growing demand for electric and hybrid luxury cars, as consumers become more conscious of their environmental impact. Additionally, customers in Chile are increasingly seeking vehicles that combine luxury with advanced technology features, such as autonomous driving capabilities and integrated connectivity. Trends in the Luxury Cars market in Chile reflect global trends in the industry, but with some unique characteristics.

    One notable trend is the rise of luxury SUVs in the market. SUVs are popular among Chilean consumers due to their versatility and ability to navigate the country's diverse terrain. Luxury SUVs offer a combination of comfort, performance, and off-road capabilities, making them highly desirable among affluent consumers in Chile.

    Another trend in the Luxury Cars market in Chile is the growing popularity of luxury car rental services. This trend is driven by the increasing number of tourists visiting the country, as well as the desire of local consumers to experience luxury vehicles without the long-term commitment of ownership. Luxury car rental services provide an opportunity for consumers to enjoy the prestige and comfort of luxury cars for special occasions or leisure activities.

    Local special circumstances also contribute to the development of the Luxury Cars market in Chile. The country's stable political and economic environment, as well as its high income levels, create a favorable environment for luxury car sales. Additionally, Chile has a well-developed infrastructure, including a network of luxury car dealerships and service centers, which supports the growth of the market.

    Underlying macroeconomic factors play a crucial role in shaping the Luxury Cars market in Chile. The country's strong economic growth and rising disposable incomes have increased the purchasing power of consumers, enabling them to afford luxury cars. Furthermore, favorable government policies, such as tax incentives for electric and hybrid vehicles, have encouraged the adoption of sustainable luxury cars in the market.

    In conclusion, the Luxury Cars market in Chile is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for luxury SUVs, electric and hybrid vehicles, and luxury car rental services is driving the market forward, while Chile's stable political and economic environment, high income levels, and supportive infrastructure create a conducive environment for luxury car sales.

    Technical Specifications

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation in which the vehicle can perform most driving tasks. In certain scenarios, human intervention is still needed.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Price

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    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).

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