Automotive Luxury Vehicle Market Predicted to Witness Sustainable Evolution in Future.
Automotive Luxury Vehicle Market -Overview
According to Market Research
Future (MRFR), the global automotive
luxury vehicle market is estimated to grow at 35% CAGR during the
assessment period. The COVID-19 outbreak has deeply impacted the traditional
method of offline lead generation and selling luxury cars. However,
manufacturers and dealers have shifted from the offline lead generation model
to online sales. This initiative to engage with prospective buyers through
digital channels proves to be a game-changer in market growth.
The global automotive luxury
vehicle market is garnering remarkable growth. The market growth is attributed
to the rising sales of luxury vehicles. Besides, the continual product launches
and increasing aftermarket activities drive the growth of the market. The
strong economic growth worldwide had been continually spurring the demand in
the automotive industry until the recent Coronavirus pandemic. However, the
market is again experiencing an uptick over the past 4-5 months, further
escalating the market growth.
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Additionally, rapid advances in
technologies and manufacturing technologies influence the growth of the market.
Rising adoption of luxury cars to add comfort in vehicles and minimize
maintenance costs pushes market growth. The growing sales of luxury vehicles
and sports cars impact the growth of the market positively. Also, the constant
rise in smart and autonomous vehicle sales boosts market revenues.
Segmental Analysis
The automotive luxury vehicle
market is segmented into body type, component, fuel type, end-user, and region.
Based on body type, the automotive luxury vehicle market consists of a sedan,
hatchbacks, and SUVs. The component basis of segmenting the automotive luxury
vehicle market consists of biometric sensors, LiDAR, and radar. Based on the
fuel type, the automotive luxury vehicle market consists of FCEV, ICE, Hybrid,
and BEV. On the basis of end-user, the automotive luxury vehicle market
consists of personal mobility and carpooling. On the basis of regions, the
automotive luxury vehicle market comprises of Asia Pacific, Europe, North
America, and rest of the regions.
Detailed Regional
Analysis
The regional scrutiny of the
automotive luxury vehicle market comprises of Asia Pacific, Europe, North
America, and the rest of the regions. The North American region is one of the
primary automotive markets in the world. The massive landscape roads in the
region coupled with state of the art road setup make this region perfect for
the constantly swelling automotive sales. The European region is where the
mainstream of the world’s affluent and high-end car producers have their global
headquarters. The people located in this region are identified for their
intense interest and expenditure in lavish and high-performance vehicles. The
Asia Pacific region is likely to be the subsequent automotive center of the
world. The two of the most encouraging economies in terms of growth, i.e.,
India and China, are expected to have exponentially growing automotive sales
for a reliable period of time.
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Competitive Analysis
The market is observed to be on a
hot streak of expansion in the forecast period. The market players are expected
to contribute in a significant way to the progress of the market by investing
capital and fortifying their assets along with their competencies, in the
market to match the pulse of the market. The customer inclinations are
projected to define the growth of the global market more than ever in the
coming years. The intensive attention focused on research and development
activities is projected to open up new areas for the development of the market
in the forecast period. The robust marketing activities undertaken by the
contenders in the market are inspiring the next steps for market development in
the forecast period. The improved backing by government and trade bodies are
creating a favorable pace of growth in the market. The control of overhead
costs is projected to motivate the market considerably in the forecast period.
The fundamental companies in
automotive luxury vehicle market are BMW (Germany), Audi AG (Germany), General
Motors Company (U.S.), Denso Corporation (Japan), Daimler AG (Germany), Tesla,
Inc. (U.S.), Delphi Technologies, Inc. (U.K), NXP Semiconductors N.V.
(Netherlands), Infineon Technologies AG (Germany), Robert Bosch GmbH (Germany),
Porsche AG (Germany), and Continental AG (Germany).
Industry Updates:
Feb 2020 Toyota
Kirloskar Motor (TKM) recently commenced the launch of a luxury self-charging
hybrid electric vehicle Vellfire in India. The newest Toyota car in India is
armed with dual electric motors and a hybrid battery for reduced
emissions.
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