United Kingdom luxury car
market is anticipated to register growth with an impressive CAGR in the
forecast period, 2023-2027. The market growth can be attributed to growing
demands for the premium car ownerships. Rising disposable income among the
population is a major factor driving the growth of the United Kingdom luxury
car market in the upcoming five years. Growing demands for the drive in style,
and a way of wealth demonstration, the population is highly inclined toward
owning luxury cars and thus supports the growth of the United Kingdom luxury
car market in the next five years. Although COVID-19 had severe impact on the
manufacturing sector and distribution of the luxury cars thereby affecting the
market growth, but the reinstatement of the industries and growing expenses
from the consumers, facilitate the growth of the United Kingdom luxury car
market in the future five years.
Growing Demands For Electric
Vehicle Drives Market Growth
Rising demand for the
electric vehicles is one of the important factors, driving the growth of the
United Kingdom luxury car market in the upcoming five years. With advanced
technologies, premium services, and exquisite make model of the vehicles, the
electric cars are considered among luxury cars. Moreover, growing demands for
the electric type of SUVs, and MPVs, also add to the growth of the United
Kingdom luxury car market in the next five years.
In the year 2021, although
the automotive industry suffered due to COVID, sales scale of the electric cars
recorded over 76% increase as compared to previous year. Including sedans, hatchbacks
and SUVs there are over 450,000 electric cars currently adorning the roads in
the United Kingdom. Also, the demand for the electric vehicle is also
increasing due to consumers’ awareness toward environment. High end
technologies, auto parts in network connections with the internet and premium
quality of the looks of the cars further facilitate the growth of the United
Kingdom luxury car market in the future five years.
Rising Disposable Income
Drives Higher Sales
Economic stability in the
country is high. The population is earning considerable income that allows them
to spend lavishly over assets like luxury cars. Moreover, the financial
companies providing car loans to make luxury cars more affordable, also play an
important role in the growth of the United Kingdom luxury car market in the
upcoming five years. The consumers are highly interested in borrowing money to
own luxury cars from brands like McLarens, Ferraris, Aston Martins, and
Porsches lately.
Luxury super cars
like Rolls Royce Cullinan, sports cars, convertible are also gaining rapid
popularity that is expected to support the growth of the market. Records
mention, that within last year, 2021, British population have shelled out over
USD250 billion over luxury cars. Restraining due to COVID and disrupted
distribution channels might have created a slowed supply, but indeed the sales
have heightened in the previous years, and with relaxations in the regulations,
the market is anticipated to boom in the forecast years through 2027.
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Market Segmentation
The
United Kingdom luxury car market is segmented by vehicle type, propulsion,
level of autonomy, competitional landscape, and regional distribution. Based on vehicle type, the
market is fragmented into hatchback, sedan, and SUV/MPV. By propulsion, the
market is differentiated between ICE and electric. Based on level of autonomy,
the market is bifurcated into level 1, level 2, level 3, and level 4/5. The market
analysis also studies the regional segmentation to devise regional market segmentation,
divided among London, East Anglia, Southwest, Southeast, Scotland, East
Midlands, and Yorkshire & Humberside.
Company Profile
Daimler AG (Mercedes-Benz),
Bayerische Motoren Werke (BMW) AG, Volvo Group, Volkswagen Group, Jaguar Land
Rover Automotive PLC, Fiat Chrysler Automobiles, Aston Martin Lagonda Global
Holdings PLC, Toyota Motor Corporation (Lexus), Stellantis N.V., Ferrari S.p.A., among others is a partial
list of major market players of the companies responsible for the growth of United
Kingdom luxury car market.
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Attribute
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Details
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Base Year
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2021
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Historical Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, volume in units, and CAGR for 2017-2021
and 2022-2027
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Report coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments covered
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·
Vehicle Type
·
Propulsion
·
Level of Autonomy
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Regional scope
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London, East Anglia, Southwest, Southeast, Scotland, East
Midlands, and Yorkshire & Humberside
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Key companies profiled
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Daimler AG (Mercedes-Benz), Bayerische
Motoren Werke (BMW) AG, Volvo Group, Volkswagen Group, Jaguar Land Rover
Automotive PLC, Fiat Chrysler Automobiles, Aston Martin Lagonda Global
Holdings PLC, Toyota Motor Corporation (Lexus), Stellantis N.V., Ferrari
S.p.A.
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Customization scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, United Kingdom luxury car market has been segmented into
following categories, in addition to the industry trends which have also been
detailed below:
- United Kingdom Luxury Car Market,
By Vehicle Type:
- United Kingdom Luxury Car Market,
By Propulsion:
- United Kingdom Luxury Car Market,
By Level of Autonomy:
- Level 1
- Level 2
- Level 3
- Level4/5
- United Kingdom Luxury Car Market,
By Region:
o London
o East Anglia
o Southwest
o Southeast
o Scotland
o East Midlands
o Yorkshire & Humberside
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in United Kingdom luxury car market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
Detailed analysis and
profiling of additional market players (up to five).
UK Luxury Car Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]