IMARC Group, a leading market research company, has recently releases report titled “Luxury Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global luxury car market trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the luxury car market?

What are Luxury cars?

Luxury cars are premium vehicles equipped with technologically advanced features such as entertainment systems, integrated seat massagers, cameras, maps, automatic safety features, and upgraded suspension and engines. Some standard features in luxury cars include an anti-kidnapping heartbeat monitor, jump seat, trunk hinges, top speed key, starlight headliner, gear selector, pop-up tweeters, and air vent slats, among others. In addition to this, they exhibit high-quality interiors that provide enhanced ease and comfort to drivers and passengers, due to which they cost significantly more than economy or mid-sized cars.

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What are the growth prospects and trends in the luxury car industry?

The changing consumer preferences toward luxury cars, rising disposable incomes, and substantial increase in tangible luxury offerings within a vehicle are primarily driving the market growth. Moreover, escalating demand for sustainable and eco-friendly electric luxury vehicles due to growing environmental concerns among the masses and the implementation of stringent emission norms are positively influencing the market growth. Additionally, the introduction of next-generation smart mobility technologies, such as personal voice assistance, autonomous driving, and retina recognition, combined with the integration of intelligence (AI), machine learning (ML), and the internet of things (IoT), is propelling the market growth. Furthermore, the expanding popularity of pre-owned luxury vehicles on account of affordability, lower entry prices, and annual maintenance contracts is aiding in market expansion.

Who are the key players operating in the industry?

The report covers the major market players including:

• AB Volvo,
• Aston Martin Lagonda Global Holding Plc,
• BMW AG,
• Daimler AG,
• Ferrari N.V.,
• Nissan Motor Company Ltd.,
• Tesla Inc,
• Toyota Motor Corporation
• Volkswagen AG.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Vehicle Type:

• Hatchback
• Sedan
• Sports Utility Vehicle

Breakup by Fuel Type:

• Gasoline
• Diesel
• Electric

Breakup by Price Range:

• Entry-Level
• Mid-Level
• High-End
• Ultra

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)

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