Luxury Car market key Company reviewed in report:
Tesla, Inc. (U.S.), BMW (Germany), Denso Corporation (Japan), Daimler AG (Germany), Delphi Technologies, Inc. (U.K), Audi AG (Germany), NXP Semiconductors N.V. (Netherlands), Robert Bosch GmbH (Germany), Infineon Technologies AG (Germany), Porsche AG (Germany), General Motors Company (U.S.), and Continental AG (Germany).
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Luxury Car Market Synopsis:
The automotive Luxury Car industry is sensitive to macroeconomic pressures, and some of the factors influencing the growth of the market include rising purchasing power of consumers which has gone up over the years. As the competition intensifies, the global automotive Luxury Car manufacturers try to come up with different innovations to broaden their product offerings. The emergence of new wealth in emerging markets has resulted in a shift from economy cars to luxury segments which creates new opportunities for Luxury Cars brand. Rise in ownership of car in developing markets, growth in number of consumers preferring personalized automobile, preference for environment friendly cars shaped by environmental concern and government policies, significantly higher profit margins for luxury cars, rise in number of baby boomers who value quality, effective brand management strategy to gain brand awareness with end-users, price and safety above fuel economy further boost the market. On the flip side, rising fuel price, high import tariffs on luxury cars, low dealership penetration, the rise in import of second-hand luxury cars are significant restraints to the market. Also, rising preference for top models of budget cars might pose a threat to the luxury car market.
There are several factors that are responsible for the growth of the automotive luxury vehicle market in the global scenario. Firstly, the purchasing power of the global automotive consumer has gone up over the years due to the rise in the number of people belonging to the middle class. Secondly, the number of people preferring to have personal automobiles has increased drastically. Thirdly, in a highly competitive market, automakers always try to provide something extra and unique in terms of the value offering to differentiate their product offering. The global automotive luxury vehicle market is estimated to grow at a CAGR of approx. 35% (2017 to 2023).
Luxury Car Market Segmentation:
Segmentation by Body Type: On the basis of body type, the most popular luxury vehicles are sedan and SUVs – since these are priced beyond a certain pricing point and thus, have a status quo attached to them.
Segmentation by Component: On the basis of component, sensors (parking sensors, camera sensors, and so forth) and to some extent, biometric sensors are frequently used due to the low cost of production and installation (especially in mass/batch production cases).
Segmentation by Fuel Type: On the basis of fuel type, the most economical type of vehicle to manufacture and utilize on road is the internal combustion engine fired vehicles (petrol or diesel being used as a fuel).
Segmentation by End-User: On the basis of end-user, the opportunity for growth of the luxury vehicle market is equally high in the case of carpooling and personal mobility.
Luxury Car Market Regional Analysis:
The key markets of the global automotive luxury vehicle market are North America, Asia-Pacific, Europe, and Rest of the World. North America accounts for the maximum share of the automotive vehicle market owing to a robust economy, increasing purchasing power, and growing demand for luxury vehicles coupled with developed infrastructures. In Europe, the prevailing challenging economic conditions do not provide much scope for market consolidation; however, the market has been able to maintain sales volume of higher end models due to demand for high-end vehicles in the region.
The Asia-Pacific region has lucrative growth opportunities for the luxury vehicle market, and it is projected to be the next automotive hub of the world. The emerging economies of India and China are foreseen to provide favorable growth circumstances during the forecast period owing to rising purchasing power of people. The automotive luxury vehicles market is well consolidated in the GCC region. U.A.E. and Saudi Arabia and major contributors. The low oil prices in the region and high purchasing power in the region facilitate the growth of the market.
Luxury Car Industry Developments:
In June 2018, Tesla’s CEO Elon Musk announced through a tweet, the release of version 9 of its autopilot program in August. The version would focus on enabling full self-driving features.
BMW and Mercedes-Benz maker Daimler might face trade risks due to the ongoing intense dispute between the European Union and the US. US President Donald Trump announced the imposition of tariffs on auto imports and sport utility vehicles. In response, Germany announced about the retaliatory measures that they would take on US products. The imposition of the auto tariff will impact both the car makers significantly.
Major Table of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Automotive Luxury Vehicle Market, By Body Type
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