Global Luxury car market is expected to reach USD173.12 billion growing at a CAGR of 10.89% between 2015 and 2024
Jaunuary, 2019 | Source: Profshare Market Research
The Global Luxury car market is expected to reach USD173.12 billion growing at a CAGR of 10.89% between 2015 and 2024. In the United States luxury car market, over the past few years, it is the crossovers and SUVs, which have been experiencing growth in sales. The luxury car market in the US has been categorized into two divergent, the budget cars and the ultra luxury cars. There is clustering of new purchases in the two extreme categories of budget and ultra luxury.
The growing opportunity in the sector has been investigated along with analysis of the five markets of luxury cars: United States, Europe, China India and Middle East. The luxury car segment is a niche market,its target audience are very specific socio economic classes and demographics. The premium cars are characterized by high price, elegant styling and looks and upper class engineering.top three names associated with luxury car market are Mercedes, BMW and Audi.
Luxury cars’ demand in Europe had been at a low for nearly two decades and started recovering gradually from 2018. In Europe, there is greater demand for high-end luxury cars as compared to the emerging markets of China where the entry-level luxury markets are seeing greater growth. New players in the market such as Hyundai have big plans for Europe even though traditionally the foreign players have not been able to match the big 3 German brands which account for approximately 4 out of 5 luxury cars in the market.
China at present has the highest growth potential among all emerging countries in the luxury car segment. The premium car makers like Audi, BMW, Benz, Lexus and Volvo have always maintained a positive growth in the Chinese luxury car market.In 2017, luxury cars are experiencing fabulous growth rate.As the number of millioners in china are increasing year on year i.e 10% growth in the year 2016. Despite the government's austerity drive, sales of super-luxury and supercar sales have not slowed down in China.Best month is witnessed by Mercedes benz in china in 2017.
India is having a very large market for vehicles and posses very huge potential for segments of luxury cars. While the luxury car penetration level in the country is low but leading luxury car manufacturers are betting on the market's potential.currently India stands at 1.1% penetration of luxury cars. Launch of multiple strategically priced models at various price points coupled with smart financing schemes and a robust dealer network is boosting the sales of luxury cars in India.
The global luxury car market has seen been relatively untouched by the financial crisis and has been posting growth driven by the emerging markets. The three German players BMW, Audi and Mercedes-Benz account for approximately 80% share of the global luxury car market.global leader in terms of luxury car is BMW which is followed by Mercedes and Audi. World over while mass automobile manufacturers are struggling with margins, high end manufacturers are enjoying steadily increasing sales. The Premium Car market is primarily dominated by the German Trio of Mercedes, BMW and Audi.
Luxury and full-size cars have more electronically controlled features as compared to mid or small sized cars, resulting in higher electrical content per unit for Lear. This is the reason for growth in the premium vehicle market contributed to record sales in Lear’s EPMS segment last year. Revenues in this segment grew by 19% to over USD4.2 billion for the company, Potential growth of the luxury car market could further propel this figure in the coming years. We currently expect the company’s to rise by 3% in 2022. The figure increased by a whopping 47% in the last couple of years, rebounding after weak economic conditions hampered demand for luxury vehicles in previous years.
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