Luxury Cars Market Size Worth USD 655.0 Billion, Globally, by 2027 at 9.3% CAGR (2024)

Pune, India, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The global luxury cars market size is projected to reach USD 655.0 billion by the end of 2027. The rising disposable income across the world will contribute to the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Global Luxury Car Market Size, Share & Industry Analysis, By Vehicle Type (Hatchback, Sedan, and Sport Utility Vehicle), By Propulsion Type (ICE and Electric) and Regional Forecasts, 2020-2027” the market was worth USD 449.7 billion and will exhibit a CAGR of 9.3% during the forecast period, 2020-2027.

A luxury car provides an improved level of interior, comfort, and performance which is usually higher than a basic car. The rising disposable income in several countries across the world has given the platform for the companies operating in the market. The massive investments in luxury car can be attributable to several reasons, among which comfort and quality stand out. The presence of several large scale luxury cars manufacturers will emerge in favor of growth of the market in the coming years. Companies such as BMW and Mercedes-Benz have completely changed the face of the global luxury car market, with these companies together accounting for a dominant market share. The increasing demand for luxury cars across the world will have a huge impact on the growth of the global market in the coming years.

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Industry Development

Mercedes-Benz’s partnership with Farasis Energy Co. Ltd. is aimed at delivering a safe source of battery cell supply for Mercedes-Benz’s electrification strategy. The key fundamentals of the agreement include the industrialization and development of highly advanced battery technology, as well as the ambitious goal of achieving cost competitiveness. While Farasis has secured safety through planned capacity construction.

Report Scope & Segmentation:

Report Coverage	Details
Forecast Period	2020-2027
Forecast Period 2021 to 2028 CAGR	9.3%
2027 Value Projection	USD 655.0 Billion
Base Year	2019
Market Size in 2019	USD 449.7 Billion
Historical Data for	2016-2018
No. of Pages	200
Segments covered	By Vehicle Type, By Propulsion Type
Growth Drivers	Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies will Emerge in Favor of Market Growth
Growth Drivers	Increasing Number of Company Collaborations will Emerge in Favor of Market Growth

Regional Insights

Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies will Emerge in Favor of Market Growth

The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The presence of several large scale manufacturers in this region has had a huge impact on the growth of the regional market. The constantly increasing population in countries such as India and China have given the for the companies operating in the luxury car market in Asia Pacific. The increasing production units in these regions is attributable to the low-costs and tax savings associated with assembly and sale procedures across several countries. As of 2019, the market in Asia Pacific was worth USD 231.8 billion and this value is projected to rise at considerable pace in the coming years.

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Market Drivers

Increasing Number of Company Collaborations will Emerge in Favor of Market Growth

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing demand for the product, there is a healthy market competition across the world. The strong market competition has encouraged companies to adopt newer strategies that have helped them establish a stronghold in the market. In August 2020, Mercedes-Benz and CATL announced that they have formed a strategic partnership; a step that is consequential to the former’s efforts to introduce electric vehicles. This partnership is aimed at the development of a cutting-edge battery technology for use in Mercedes-Benz’s upcoming electric cars. Increasing number of such company collaborations will have a huge impact on the growth of the overall market in the forthcoming years.

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Covid-19 Impact

Covid-19 Pandemic has Halted Production of Vehicles; Luxury Car Manufacturers among the Worst-hit Categories

The recent coronavirus outbreak has had a massive impact on several economies across the globe. The efforts taken to curb the spread of the disease have limited the growth of the businesses across the world. Due to the rapid spread of the disease, several countries are looking to implement strict measures with a view to controlling the spread of the disease. The coronavirus outbreak has created hesitancy among people across the world and due to lack f labor and workforce, production units across all major industrial sectors have come to a halt. The automobile industry is among the worst-hit sectors across the world. With people now becoming hesitant to spend on luxury products, the market will witness a negative impact from the Covid-19 pandemic.