Luxury Car Market: Electric Luxury Car Industry Segment All Set to Rise at 9.7% CAGR during 2019-2026
Pune, Maharashtra, February 26, 2020 (Wired Release) Allied Analytics Luxury Car Market 2020-2026: On the basis of vehicle type, the sports utility vehicle (SUV) segment dominated the global luxury car market in 2018, in terms of revenue. In addition, on the basis of fuel type, the gasoline segment is expected to lead the market throughout the forecast period. Presently, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA.
The key players analyzed in this luxury car market report are Volkswagen AG, Daimler AG, Lexus, Infiniti, BMW AG, Volvo Car, Audi AG, Aston Martin Lagonda, Tesla, and Ferrari N.V.
Allied Market Research published a report, titled, Luxury Car Market by Vehicle Type (Hatchback, Sedan, and Sport utility vehicle) and Fuel Type (Gasoline, Diesel, and Electric): Global Opportunity Analysis and Industry Forecast, 20192026. According to the research, the global luxury car industry garnered $495.7 billion in 2018 and is expected to generate $733.2 billion by 2026, growing at a CAGR of 5.2% from 2019 to 2026.
Drivers, restraints, and opportunities
The surge in demand for luxury vehicles and inclination toward comfortable driving experience drive the growth of the global luxury car market. However, the expensive nature of luxury cars hinders the market growth. On the other hand, the advent of electric luxury cars and the endeavor of automakers toward improving quality, better equipment, and enhance comfort create new opportunities in the market.
The sport utility vehicle (SUV) segment to maintain its leadership status by 2026
Based on vehicle type, the sport utility vehicle (SUV) segment accounted for nearly half of the total share of the global luxury car market in 2018 and is estimated to maintain its leadership status throughout the forecast period. Moreover, this segment is expected to register the highest CAGR of 5.9% from 2019 to 2026. This is a lucrative segment, owing to the advent of a new range of luxury SUVs that offer enhanced comfort and better driving experience. The research also analyzed the segments including sedan and hatchback.
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The gasoline segment to maintain its lead position in terms of revenue by 2026
Based on fuel type, the gasoline segment held the largest market share of the global luxury car market, contributing to more than two-thirds of the total share in 2018, and is estimated to maintain its lead position in terms of revenue by 2026. This is attributed to the surge in demand for high-end and comfortable vehicles along with the production of most of the passenger vehicles driven on gasoline. However, the electric segment is expected to register the highest CAGR of 9.7% from 2019 to 2026, owing to a surge in demand for fuel-efficient vehicles and government regulations for emission control.
North America to grow the fastest
Based on region, North America is estimated to grow at the largest CAGR of 6.7% from 2019 to 2026, owing to the expansion of major players into the region and availability of new car stores. However, Asia-Pacific accounted for the highest market share based on revenue, contributing to nearly half of the global luxury car market in 2018, and is estimated to maintain its dominance during the forecast period. This is due to the advent of a new range of luxury vehicles and the expansion of automobile manufacturers into the region.
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Market players grabbing the largest pie
Aston Martin Lagonda
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