Luxury Car Market Growth & Trends
The global luxury car market size is anticipated to reach USD 1,046.87 billion by 2030, registering a CAGR of 6.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The demand for luxury cars is expected to grow owing to the increasing adoption of smart-connectivity features and advanced driver-assistance systems (ADAS) in luxury cars.
The COVID-19 outbreak had a negative impact. The demand for luxury cars by dealers and consumers declined significantly due to the lockdown measures imposed across the world. The COVID-19 along with the semiconductors shortage led to production stoppages and supply bottlenecks throughout the entire automotive industry. According to the European Automobile Manufacturers’ Association (ACEA), private vehicle registrations in Europe were contracted by 38.1% year-on-year for the first half of 2020.
According to the International Energy Agency (IEA), worldwide spending on electric vehicles by the consumers and governments experienced a significant rise during 2021 as the spending doubled as compared to 2020, reaching approximately USD 250.0 billion. In 2021, government spending including purchase subsidies and tax exemptions increased to USD 30 billion approximately.
Based on vehicle type, the sports utility segment accounted for the maximum revenue share of 57.6% in 2022. Customers prefer sports utility vehicles owing to their various advantages such as extra space to carry extra cargo or passengers, all-wheel drive ability, and high-ground clearance.
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Luxury Car Market Segmentation
Grand View Research has segmented the global luxury car market based on the vehicle type, propulsion type, and region:
Luxury Car Vehicle Type Outlook (Revenue, USD Billion, Volume, 000’ Units, 2017 – 2030)
- Sports Utility
Luxury Car Propulsion Type Outlook (Revenue, USD Billion, Volume, 000’ Units, 2017 – 2030)
- Internal Combustion Engine (ICE)
List of key players in the global luxury car market include
- Mercedes-Benz Group AG
- BMW Group
- TOYOTA MOTOR CORPORATION (Lexus)
- Volvo Car Corporation
- JAGUAR LAND ROVER AUTOMOTIVE PLC (Tata Motors)
- Aston Martin
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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