Global Luxury Car Market: Size and Trends with Impact of COVID-19 and Forecast up to 2028

The report provides insight into the luxury car market value and volume based on the regions namely, Asia Pacific, Europe, North America, and Rest of the World.
DELHI, India - Oct. 6, 2023 - PRLog -- The global luxury car market was valued at US$596.50 billion in 2022. The market value is expected to reach US$883.00 billion by 2028. Whereas, the global luxury car market volume stood at 1.72 million units in 2022. Luxury cars, often referred to as high-end or premium vehicles, are automobiles that go beyond basic transportation functionality to offer an elevated and exceptional driving experience. Global political and economic trends can influence the growth of luxury vehicles.

The promising high-growth forecast of luxury cars would be mainly driven by customer demand, supply proliferation, and favorable policy. The distinctive features of luxury and ultra-luxury cars, including high performance, aesthetics, exclusivity, and brand heritage, are expected to be further appreciated by affluent customers in the coming years. From the supply side, the market growth is being driven by increasingly abundant product offerings, more applications of cutting-edging technologies in luxury and ultra-luxury EVs, and the accelerated launches of BEV SUVs. Furthermore, the stimulus seen from sustainability, and the investment boost witnessed in the luxury industry is also expected to contribute to market growth in forthcoming years. The luxury car market is expected to grow at a CAGR of approx. 6.8% over the projected period of 2023-2028.

The global luxury car market is consolidated, with few players operating on a global scale. The key players in the global luxury car market are:

Mercedes-Benz Group AG
Tesla Inc.
Bayerische Motoren Werke AG (BMW Group)
Volkswagen Group
Volvo Car Group
Tata Motors Group
Toyota Motor Corporation
Stellantis N.V. (Maserati)
Aston Martin Lagonda Global Holdings Plc
Ferrari N.V

Mercedes Benz India announced plans to introduce 10 new products including some electric vehicles in 2023. The company introduced Mercedes-AMG E 53 4MATIC+ Cabriolet, the first Cabriolet in an AMG Avatar in India, the new models were aligned with the company's 2023 motto: 'DESIRE for the Extraordinaire'. On the other hand, in 2023, Lexus has ushered in a new era of luxury with the global reveal of the first-ever TX, a vehicle made specifically for the North American market.

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