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Luxury Cars - Czechia

Czechia
  • Revenue in the Luxury Cars market is projected to reach US$51m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.29%, resulting in a projected market volume of US$60m by 2029.
  • Luxury Cars market unit sales are expected to reach 482.0vehicles in 2029.
  • The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$121k.
  • 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 Czechia has been experiencing significant growth in recent years, driven by changing customer preferences and favorable local special circumstances. Czechia, known for its rich automotive history and engineering expertise, has become an attractive market for luxury car manufacturers.

    Customer preferences in the Luxury Cars market in Czechia have been evolving towards more sophisticated and high-end vehicles. As the country's economy has been growing steadily, the purchasing power of Czech consumers has increased, allowing them to afford luxury cars. Additionally, there has been a shift in consumer attitudes towards luxury cars, with more people considering them as a status symbol and a reflection of their personal success and lifestyle.

    This has led to an increased demand for luxury cars in Czechia. Trends in the Luxury Cars market in Czechia reflect global trends in the industry. One notable trend is the growing popularity of electric and hybrid luxury cars.

    As environmental concerns become more prominent, customers are increasingly looking for sustainable and eco-friendly options. Luxury car manufacturers have responded to this demand by introducing electric and hybrid models, which have gained traction in the Czech market. Another trend is the integration of advanced technology and connectivity features in luxury cars.

    Customers in Czechia, like in other markets, are seeking cars that offer the latest innovations in terms of infotainment systems, driver assistance features, and connectivity options. Local special circumstances have played a significant role in the development of the Luxury Cars market in Czechia. The country's central location in Europe makes it a strategic market for luxury car manufacturers to establish their presence.

    Czechia is also home to several automotive production plants, attracting investment from international luxury car brands. This has not only boosted the local economy but has also contributed to the availability and accessibility of luxury cars in the market. Underlying macroeconomic factors have also contributed to the growth of the Luxury Cars market in Czechia.

    The country's stable economy, low unemployment rate, and increasing disposable income have created a favorable environment for luxury car sales. Additionally, the government's supportive policies and incentives for electric and hybrid vehicles have encouraged the adoption of these cars in the market. In conclusion, the Luxury Cars market in Czechia is experiencing growth due to changing customer preferences, global industry trends, favorable local special circumstances, and underlying macroeconomic factors.

    As Czech consumers continue to seek sophisticated and high-end vehicles, luxury car manufacturers are likely to expand their presence in the market and introduce new models tailored to the preferences of Czech customers.

    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

    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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