Luxury Car Market Size
The global luxury car market is expected to register a CAGR of 11.3% to reach USD 178 billion by the year 2023. With a rise in tangible luxury offerings in the vehicles, shifting consumer preference from sedan to hatchback, and increasing disposable income of the consumers is propelling the demand for luxury cars.
The market is experiencing more opportunities across a wider range of geographies, reaching both developing and emerging markets. The United States luxury car market, over the past few years, has been witnessing increasing sales in the crossovers and SUVs segment. The luxury car market in the US has categorized into two divergent, the budget cars and the ultra-luxury cars. There is clustering of new purchases in the two extreme categories of budget and ultra-luxury.
China largest Market for Luxury Cars in Developing Countries
Currently, China has the highest growth potential among all developing countries in the luxury car market. The premium car makers, such as Audi, Mercedes-Benz, BMW, Lexus, and Volvo have always maintained positive growth in the Chinese luxury car market. In 2017, luxury cars in the country accounted for more than 9% of the overall passenger cars sales. With the growing business opportunities in the country, and growing demand from women, the market for luxury cars is expected to witness moderately fast growth.
Comments