Luxury Cars - Worldwide

Worldwide

Highlights

Revenue in the Luxury Cars market is projected to reach US$24bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.89%, resulting in a projected market volume of US$54bn by 2029.
Luxury Cars market unit sales are expected to reach 386.2k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$115k.
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 Worldwide is experiencing significant growth and development.

Customer preferences: Customers in the Luxury Cars market worldwide are increasingly seeking high-end vehicles that offer both luxury and performance. They are looking for cars that provide a comfortable and prestigious driving experience, as well as the latest technological advancements. Additionally, there is a growing demand for environmentally friendly luxury cars, with customers showing a preference for electric or hybrid models.

Trends in the market: One of the key trends in the Luxury Cars market worldwide is the increasing popularity of SUVs. SUVs offer a combination of luxury, space, and versatility, making them a preferred choice for many customers. This trend is driven by the desire for larger vehicles that provide a sense of safety and comfort. Another trend is the integration of advanced technology in luxury cars, including features such as autonomous driving, connectivity, and smart infotainment systems. Luxury car manufacturers are constantly innovating to meet these evolving customer demands.

Local special circumstances: In different countries and regions, there are specific factors that influence the Luxury Cars market. For example, in emerging markets such as China and India, there is a growing middle class with increasing disposable income. This has led to a rise in demand for luxury cars as a symbol of status and success. In mature markets such as the United States and Europe, there is a strong tradition of luxury car ownership, with customers valuing craftsmanship, heritage, and brand reputation.

Underlying macroeconomic factors: The growth of the Luxury Cars market worldwide is also influenced by macroeconomic factors. Economic stability and growth play a significant role in driving demand for luxury cars. When the economy is strong, customers are more willing to spend on high-end vehicles. Additionally, low interest rates and favorable financing options make luxury cars more affordable and accessible to a wider customer base. On the other hand, economic downturns can impact the luxury car market, as customers may prioritize essential purchases over luxury items. In conclusion, the Luxury Cars market in Worldwide is experiencing growth and development driven by customer preferences for luxury, performance, and advanced technology. The popularity of SUVs and the integration of advanced features are key trends in the market. Local special circumstances in different countries and regions, as well as underlying macroeconomic factors, also influence the growth of the luxury car market.

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).