How big is the Luxury Car Market?

The Luxury Car Market size is expected to reach USD 738.63 billion in 2024 and grow at a CAGR of 5.55% to reach USD 967.65 billion by 2029. Read More

What is the current Luxury Car Market size?

In 2024, the Luxury Car Market size is expected to reach USD 738.63 billion. Read More

Who are the key players in Luxury Car Market?

Jaguar Land Rover Automotive PLC, Volkswagen Group, Tesla Inc., Mercedes-Benz Group AG and BMW AG are the major companies operating in the Luxury Car Market. Read More

Which is the fastest growing region in Luxury Car Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Luxury Car Market?

In 2024, the North America accounts for the largest market share in Luxury Car Market. Read More

What years does this Luxury Car Market cover, and what was the market size in 2023?

In 2023, the Luxury Car Market size was estimated at USD 697.64 billion. The report covers the Luxury Car Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Luxury Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Which segment is driving the demand for the Luxury Car Market?

The SUV segment is driving the demand for the luxury car market, due to rising disposable incomes and the expansion of tangible luxury offerings in vehicles. Read More

Which segment is driving the demand for the Luxury Car Market?

The SUV segment is driving the demand for the luxury car market, due to rising disposable incomes and the expansion of tangible luxury offerings in vehicles. Read More

Luxury Car Market Trends | Industry Analysis, Size & Forecast Report

Luxury Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Luxury Car Market, Encompassing Premium, High-End, Elite, Upscale, Prestige, Lavish, Plush, Extravagant, Deluxe, and Superior Cars, is Experiencing A Shift From Sedans To SUVs Due To Increasing Disposable Incomes and Enhanced Luxury Features. Despite Potential Hurdles Like Import Tariffs, The Trend of Electric Cars is Gaining Momentum, Driven by Environmental Concerns and Fuel Prices. The Market, Segmented by Vehicle Type, Drive Type, and Geography, Sees Significant Growth in the Asia-Pacific Region. Key Players Include Mercedes-Benz, Bmw, Volkswagen Group, and Tesla.

Luxury Car Industry Overview

The luxury car market is dominated by several key players, such as Mercedes-Benz Group AG, BMW AG, Volkswagen Group, and Tesla Inc. The key players are engaged in continuous product launches and R&D investments, highly driven by advanced technology, more comfort, growing investment in EV technology, and improved living standards worldwide. For instance:

In April 2024, Toyota Motor Corporation introduced a new production line at the Toyota Motor East Japan Inc.'s Iwate Plant in Kanegasaki Town, Iwate Prefecture. This production line is dedicated to manufacturing the Toyota Lexus LBX compact SUV.
In April 2023, Jaguar Land Rover Automotive PLC announced plans to accelerate its transition to become the world's leading modern luxury car manufacturer through its Halewood plant in the United Kingdom. The plant will become an all-electric production facility.
In January 2023, BMW AG launched the highly anticipated i7 sedan in India. The i7 is based on the flagship 7-Series. Unlike Mercedes Benz, which has localized the assembly of its EQS sedan, BMW will be introducing the i7 as a fully built-up unit (FBU).