Asia-Pacific to Register Strong Growth in Global Luxury Car Market till 2024
Demand for advanced safety
features, customization options, and utmost comfort and convenience to boost
global luxury car market through 2024
According
to TechSci Research report, “Global Luxury Car Market By Vehicle Type, By
Fuel Type, By Transmission Type, By Engine Capacity, By Region, Competition,
Forecast & Opportunities, 2024”, global luxury car market is
projected to grow at a double-digit CAGR during 2019-2024, owing to a plethora
of features offered in luxury cars such as accident avoidance systems, double
staked infotainment systems, surround sound audio, TPMS equipped tires and opulent
interiors. Moreover, increasing disposable income and demand for high horse
power vehicles are expected to boost demand for luxury cars, globally, during the
forecast period.
Global luxury car market can be segmented based on vehicle type, fuel
type, transmission type and engine capacity. In terms of vehicle type, sedans
are preferred as they have better interiors, high speed stability and softer
suspension setup for comparable price. In terms of engine capacity, 2500-5000cc
is the dominating segment in global luxury car market, as major luxury cars
fall in this category. Based on fuel type, petrol captured the major share in
2018. While, others segment which includes CNG and electric is poised to grow
at a high rate during the forecast period, on account of increasing concerns regarding
harmful effects of air pollution and government subsidies for the adoption of electric
vehicles.
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Bayerische Motoren Werke AG (BMW), Daimler AG, Volkswagen AG, Tata
Motors Limited, General Motors Company, Volvo Group, Honda Motor Co. and Tesla
Inc. are some of the leading players operating in global luxury car market. Companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations in order to register positive growth in the market. Surging
popularity of luxurious vehicles is pushing the companies to focus on improving
the design and functionality of vehicles. Mercedes Benz has collaborated with Google
for Google Home and Google Assist Software in order to offer cutting-edge
technologies. In 2018, Daimler signed MoU with Baidu to integrate the latter’s
connectivity services in the Mercedes-Benz’s new car infotainment system.
“North America and Europe are the dominating regions in global luxury
car market, backed by the presence of leading players and early adoption of
advanced technologies. The demand for luxury cars is anticipated to increase in
Asia-Pacific region in coming years, on account of increasing per capita
income, popularity of high-speed cars among youth and growing demand for
comfort and convenience.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Luxury
Car Market By Vehicle Type, By Fuel Type, By Transmission Type, By Engine
Capacity, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global luxury
car market and provides statistics & information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global luxury car Market.
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