Automotive Luxury Vehicle Market

Posted by Abhijeet Bendre on September 18th, 2019

Market Research Future Published a Research Report on Global Automotive Luxury Vehicle Market Research Report.

Over the recent years, there has been significant consolidation within the automotive industry. The global automotive luxury vehicle market is poised to capture a CAGR of 35% during the forecast period 2017-2023, reveals a new study by Market Research future (MRFR). The automotive luxury vehicle industry is sensitive to macroeconomic pressures, and some of the factors influencing the growth of the market include rising purchasing power of consumers which has gone up over the years. As the competition intensifies, the global automotive luxury vehicle manufacturers try to come up with different innovations to broaden their product offerings. The emergence of new wealth in emerging markets has resulted in a shift from economy cars to luxury segments which creates new opportunities for luxury vehicles brand. Rise in ownership of car in developing markets, growth in number of consumers preferring personalized automobile, preference for environment friendly cars shaped by environmental concern and government policies, significantly higher profit margins for luxury cars, rise in number of baby boomers who value quality, effective brand management strategy to gain brand awareness with end-users, price and safety above fuel economy further boost the market. On the flip side, rising fuel price, high import tariffs on luxury cars, low dealership penetration, the rise in import of second-hand luxury cars are significant restraints to the market. Also, rising preference for top models of budget cars might pose a threat to the luxury car market.

Segmentation

The global automotive luxury vehicle market has been segmented based on body type, component, fuel type, and end-user. By body type, the market has been segmented into SUV, sedan, hatchback. By component, the market has been segmented into LiDAR, Biometric Sensors, and Radar. By fuel type, the market has been segmented into ICE, BEV, FCEV, and Hybrid. By end-user, the market has been segmented into Car Pooling and Personal Mobility.

Regional Analysis

The key markets of the global automotive luxury vehicle market are North America, Asia-Pacific, Europe, and Rest of the World. North America accounts for the maximum share of the automotive vehicle market owing to a robust economy, increasing purchasing power, growing demand for luxury vehicles coupled with developed infrastructures. In Europe, the prevailing challenging economic conditions do not provide much scope for market consolidation; however, the market has been able to maintain sales volume of higher end models due to demand for high-end vehicles in the region. The Asia-Pacific region has lucrative growth opportunities for the luxury vehicle market, and it is projected to be the next automotive hub of the world. The emerging economies of India and China are foreseen to provide favorable growth circumstances during the forecast period owing to rising purchasing power of people. The automotive luxury vehicles market is well consolidated in the GCC region. U.A.E. and Saudi Arabia and major contributors. The low oil prices in the region and high purchasing power in the region facilitate the growth of the market.

Competitive Landscape

The automotive luxury vehicle market is volatile and highly competitive with the presence of some well-established vendors. The eminent players of the market include Tesla, Inc. (U.S.), Denso Corporation (Japan), Delphi Technologies, Inc. (U.K), NXP Semiconductors N.V. (Netherlands),Infineon Technologies AG (Germany), General Motors Company (U.S.), BMW (Germany),Daimler AG (Germany),Audi AG (Germany),Robert Bosch GmbH (Germany), Porsche AG (Germany), and Continental AG (Germany).

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contact Info:

Company Name: Market Research Future

Email: sales@marketresearchfuture.com

Address: Market Research Future Office No. 528,

Amanora Chambers Magarpatta, Road, Pune, India.,

Phone: +1 646 845 9312