LUXURY CAR MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Luxury Car Market Analysis:

The luxury car market has been valued at approximately USD 440 billion and is projected to reach USD 600 billion, with a Compound Annual Growth Rate (CAGR) of approximately 5% during the forecast period. The COVID-19 pandemic had a significantly negative impact on the luxury car market in the short term, resulting in a decline in sales and production in 2020. However, the market regained its lost momentum after the restrictions were lifted.

Over the medium term, luxury cars offer a high level of comfort and safety features, creating opportunities for the market. Additionally, the growing trend of electric luxury vehicles is fueling the demand for luxury cars worldwide. The significant growth of tangible luxury offerings in vehicles, shifting consumer preferences from sedans to SUVs, and increasing disposable incomes of consumers have been propelling the demand for luxury cars globally.

However, an increase in import tariffs is expected to hinder the growth of the luxury car market. For instance, the US President-elect is expected to increase import tariffs on German luxury cars, which may result in a 35% import duty on cars not built in the United States. Despite this, luxury cars continue to provide a high level of comfort and safety features, creating opportunities for the market. Moreover, the growing trend of electric luxury vehicles worldwide fuels the demand for luxury cars. Major luxury car manufacturers are launching electric variants of their vehicles due to growing environmental concerns and increasing fuel prices, which may accelerate the growth of the luxury car market during the forecast period.

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