Press Release

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.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.



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