Global Automotive Luxury Vehicle Industry/ Innovation/ Related News:
Global Automotive Luxury Vehicle September 02, 2020
---- British
carmaker Rolls-Royce launched USD 311,000 car as the demand for luxury vehicles
is returning to normal despite the COVID 19 Crises continues. At the launch of
the Rolls-Royce Ghost model, Rolls-Royce CEO said the market for luxury cars is
more or less back to normal in Asia, Europe, and the Middle East. Rolls-Royce
sales were down 30% in the first half of the year, but things were now looking
up. The car manufacturer said the latest Ghost had been completely redesigned,
making it the most technologically advanced Rolls-Royce yet.
Global Automotive Luxury Vehicle Market
Overview:
The global automotive
luxury vehicle market size 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.
According to Market Research Future (MRFR),
the global automotive luxury vehicle market is estimated to grow at 35% CAGR
during the assessment period (2017-2023). 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.
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.
Automotive Luxury Vehicle Market –
Segmentation
The
report is segmented into five dynamics.
·
By Body Type : SUV, Sedan, Hatchback, and others.
·
By Component: LiDAR, Biometric, Sensors, Radar, and others.
·
By Fuel Type : Petrol, Diesel, ICE, BEV, FCEV,
and Hybrid.
·
By End-User : Car Pooling, Personal Mobility,
and others.
·
By Regions : Americas, Europe, Asia Pacific, and the
Rest-of-the-World.
Automotive Luxury Vehicle Market –
Regional Analysis
Europe
leads the global automotive luxury vehicle market. The region is the global hub
for expensive and high-end car manufacturers. Besides, the demographics in this
region are known for their keen interest and spending on lavish,
high-performance vehicles. Moreover, the largest market share attributes to the
presence of the well-established automotive industry in the region.
The
increase in sales and R&D investments in luxury vehicle developments boost
the growth of the regional market. Germany houses the world's largest luxury
car brands, providing a considerable impetus to the regional market's
development. The European automobile industry is projected to retain its
dominance throughout the estimated period.
North
America stands second in the global automotive luxury vehicle market. The
region is a promising market for luxury vehicles. Additionally, the constant
rise in the automotive industry and increasing demand for personal uses
substantiate market growth. With a more extensive fleet of premium and luxury
passenger cars, the US accounts for a substantial share in the regional market.
The North American automotive luxury vehicle market is estimated to create a
notable revenue pocket.
The Asia
Pacific automotive luxury vehicle market is growing rapidly. The region is
expected to be the next automotive hub of the world. Factors such as the
increasing production & sales of luxury vehicles influence the growth of
the regional market. Moreover, the well-established automobile industry in this
region creates substantial opportunities for the region's automobile industry.
Japan,
China, South Korea, and India are the largest markets for luxury vehicles.
Furthermore, increasing vehicle maintenance costs and safety concerns impact
the regional market growth positively. The APAC automotive luxury vehicle
market is anticipated to grow rapidly during the forecast period.
Automotive Luxury Vehicle Market –
Competitive Analysis
Highly
competitive, the automotive luxury vehicle market appears fragmented with the
presence of several notable industry players. These players initiate strategic
moves such as mergers & acquisitions, collaboration, innovation, and brand
reinforcement to gain a larger competitive share.
Major
Players:
Players
leading the automotive luxury vehicle market
include BMW (Germany), Tesla, Inc. (US), Denso Corporation (Japan), Delphi
Technologies, Inc. (UK), Daimler AG (Germany), Audi AG (Germany), Robert Bosch
GmbH (Germany), NXP Semiconductors NV (Netherlands), Infineon Technologies AG
(Germany), General Motors Company (US), Porsche AG (Germany), and Continental
AG (Germany), among others.
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