Luxury Cars - NAFTA

NAFTA

Highlights

Revenue in the Luxury Cars market is projected to reach US$7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.55%, resulting in a projected market volume of US$7bn by 2029.
Luxury Cars market unit sales are expected to reach 91.0k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$80k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Luxury Cars market in NAFTA has been witnessing significant growth in recent years. Customer preferences for luxury cars have been evolving, leading to changes in the market trends. Additionally, there are local special circumstances and underlying macroeconomic factors that have contributed to the development of the Luxury Cars market in NAFTA.

Customer preferences: Customers in NAFTA have shown a growing interest in luxury cars. They are increasingly looking for vehicles that offer both comfort and performance. Fuel efficiency and advanced safety features are also important considerations for customers when purchasing luxury cars. In addition, customers in NAFTA are becoming more conscious about the environmental impact of their vehicles, leading to a rise in demand for electric and hybrid luxury cars.

Trends in the market: One of the key trends in the Luxury Cars market in NAFTA is the increasing popularity of SUVs and crossovers. Customers are attracted to the spaciousness and versatility offered by these vehicles. Luxury SUVs are particularly in demand, as they combine the comfort and luxury of traditional luxury cars with the practicality and ruggedness of SUVs. This trend has led to the introduction of several new luxury SUV models in the market. Another trend in the Luxury Cars market in NAFTA is the integration of advanced technology in luxury cars. Customers are looking for vehicles that offer the latest connectivity features, such as smartphone integration and advanced infotainment systems. Additionally, autonomous driving features and advanced safety technologies are becoming increasingly important for customers in NAFTA.

Local special circumstances: One of the local special circumstances that has influenced the Luxury Cars market in NAFTA is the strong presence of domestic luxury car manufacturers. These manufacturers have been able to cater to the specific preferences and needs of customers in NAFTA, giving them a competitive advantage in the market. Additionally, the availability of a well-developed network of dealerships and service centers has contributed to the growth of the Luxury Cars market in NAFTA.

Underlying macroeconomic factors: The growth of the Luxury Cars market in NAFTA can also be attributed to underlying macroeconomic factors. The strong economic growth in the region has led to an increase in disposable income, allowing more customers to afford luxury cars. Additionally, low interest rates and favorable financing options have made luxury cars more accessible to a wider range of customers. The stability of the political and regulatory environment in NAFTA has also created a favorable business environment for luxury car manufacturers. In conclusion, the Luxury Cars market in NAFTA has been experiencing significant growth due to evolving customer preferences, including a demand for SUVs and advanced technology. Local special circumstances, such as the presence of domestic luxury car manufacturers, have also contributed to the market development. Furthermore, underlying macroeconomic factors, such as strong economic growth and favorable financing options, have played a crucial role in the growth of the Luxury Cars market in NAFTA.

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).