The global Automotive Luxury Vehicle Industry is expected to grow in a profound fashion during the forthcoming years. Market Research Future (MRFR) states in a release that the global market is projected to grow at monumental CAGR of 35% during the forecast period between 2020 and 2023.
The striking growth of the market can be attributed to several key factors. The rising level of purchasing power of the global consumer base of automotive has gone significantly higher in recent years. This is due to an increasing number of families and individuals climbing the money ladder and moving into the upper middle class and rich bracket. Following this, there has been a rising growth in the preference level of consumers to own personal automobiles. Lastly, the highly competitive nature of the automobile industry has prompted automakers in always trying to provide something better and unique in terms of value.
To the contrary, factors such as rising price level of fuels, low dealership penetration, high import tariffs on luxury cars, rising import volume of second-hand luxury cars are expected to cause massive restraint to the overall growth of the market.
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The global Automotive Luxury Vehicle Industry segmentation is divided on the basis of body type, fuel type, end-user, and component.
By body type, the market includes sedan, SUV, and hatchback. The most popular segment in this category are sedan and SUVs as these are priced at a comparatively higher range and boast a status quo to its name.
By fuel type, the market comprises FCEV, ICE, hybrid, and BEV. The ICE segment leads the market category with the highest share. Furthermore, it is expected to grow at a notable CAGR during the forecast period.
By component, the market includes biometric sensors, LiDAR, and Radar.
By end-user, the market segments into personal mobility and carpooling. Both the market segments are expected to grow at an equally high rate during the forecast period.
The global Automotive Luxury Vehicle Industry segmentation covers the following regions: Europe, Asia Pacific, North America, and the Rest-of-the-World (RoW).
North America holds the largest share in the global market due to various burgeoning factors. This includes increasing purchasing power, robust economy, increasing demand for luxury vehicles, and developed infrastructures.
The European region holds a huge market for some of the world’s leading and high-end vehicle manufacturers. This aids the region to stand out as one of the pioneering regional players in the global Automotive Luxury Vehicle Industry. Although the prevailing economic challenges do not offer much scope for the market to consolidate, it has nonetheless been able to maintain a high percentage of sales of its higher-end expensive car models.
The Asia Pacific region is identified to hold lucrative growth opportunities in the global landscape. The region is positioned to be the next automotive hub of the world. The emerging economies in this region, namely India and China, are expected to offer favorable growth opportunities during the forecast period due to the increasing purchasing power of the consumers.
Lastly, the market in the Middle East & Africa is expected to be driven by the GCC region, wherein both UAE and Saudi Arabia stand out as the major contributors. The decent market growth herein can be attributed to the low prices of oil and high power of purchasing.
The global Automotive Luxury Vehicle Industry comprises various prominent players. This includes names such as Daimler AG (Germany), Tesla, Inc. (U.S.), Robert Bosch GmbH (Germany), Delphi Technologies, Inc. (U.K), Audi AG (Germany), BMW (Germany), NXP Semiconductors N.V. (Netherlands), Porsche AG (Germany), General Motors Company (U.S.), Denso Corporation (Japan), Continental AG (Germany), Infineon Technologies AG (Germany), and others.
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