European Luxury Cars Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


European Luxury Cars Market Analysis:

1. The European luxury car market is currently valued at USD 157.3 billion and is projected to reach USD 229.25 billion in the next five years, with a compound annual growth rate (CAGR) of 9% during the forecast period. However, the market has been adversely affected by the COVID-19 pandemic, leading to production and sales declines due to lockdowns and manufacturing facility shutdowns. Despite this, certain luxury brands like Porsche, Lexus, and Jaguar have experienced increased sales in Q1 2020 compared to the same period in 2019, thanks to the easing of restrictions post-pandemic. On the other hand, the UK has witnessed a decrease in passenger car sales, with a 14.3% decline in March 2022 and a 1.9% decrease in year-to-date sales for the first three months of 2022, according to the Society of Motor Manufacturers and Traders (SMMT).

2. Looking ahead, the luxury car market is expected to benefit from factors such as growing awareness of the advantages of luxury vehicles and their appealing aesthetics, particularly among the younger millennial generation. These factors are likely to drive demand in the market. Additionally, the increasing demand for a comfortable driving experience and the rising popularity of electric mobility are anticipated to contribute to the adoption of luxury cars in the coming years.

3. The rise of SUVs in the market can be attributed to various reasons, including their versatility, ability to carry heavy loads, ease of driving, commanding view from the driver’s seat, and convenient cabin access. Many of the latest SUV models fall into the crossover category, which are larger and more rounded vehicles compared to traditional pickup truck-based sports utilities. The introduction of new European luxury car launches, such as Hyundai’s announcement of three Genesis luxury electric vehicles in the European market, has further boosted sales in this segment. Hyundai’s flagship premium models, the Genesis G80 and SUV GV80, were expected to be available in Europe by the end of June 2022, adding to the growing range of luxury options for consumers.

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