North America Luxury Car Market Size (2024 - 2029)

The North American luxury car market is experiencing growth driven by increasing disposable income and shifting customer preferences, which are key factors influencing market size. Luxury cars are favored for their comfort, advanced technology, performance, and status symbol appeal. The automotive industry, a significant part of the U.S. economy, plays a crucial role in this market's expansion. The SUV segment, in particular, is witnessing substantial growth, outpacing other luxury car segments due to its versatility and driving advantages.

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Market Size of North America Luxury Car Industry

north_america_luxury_car_market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.00 %

Major Players

North America Luxury Car Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Luxury Car Market Analysis

The North American market is poised to register a CAGR of over 6% over the forecast period (2020-2025).

Increasing disposable income, changing customer preferences has become one of the most important aspects of the growth of the luxury car market. These cars offer outstanding comfort, indulging and silky-smooth ride, extensive levels of technology used, ample performance, excellent drivability, refinement and above all it serves as a better status symbol than most things on four wheels.

Automotive industry is America's largest manufacturing sector, accounting for 3% of America's GDP in 2018. The automotive industry is also the country's largest exporter. Over the past five years, around $692 billion worth of vehicles and parts have been exported to other countries.

The SUV segment is expected to record high CAGR, on account of the rising sales of this segment over other luxury cars segment. passenger-vehicle sales declined at roughly the same rate as SUV sales have risen. Some of the reasons for the rise of SUVs are flexibility, payload-carrying ability, driveability, ease of cabin access and above all commanding view from driver's seat.

Some of the major players in the market are GM, Ford. In 2019, have dominated the luxury car market. The other players in the market include other major European and Asian players such as BMW, Mercedes Benz, and Nissan amongst others.

North America Luxury Car Industry Segmentation

The North America luxury car market covers the latest trends and technological development in the luxury car market, demand by the vehicle type, drive type, country and market share of major automotive luxury car producer companies in North America.

Vehicle Type
Hatchback
Sedan
SUV
Drive Type
IC Engine
Electric
Geography
United States
Canada
Mexico
Rest of North America
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North America Luxury Car Market Size Summary

The North American luxury car market is experiencing significant growth, driven by increasing disposable incomes and evolving customer preferences. Luxury cars are favored for their superior comfort, advanced technology, and performance, serving as a prominent status symbol. The automotive sector is a crucial part of the American economy, being the largest manufacturing industry and a leading exporter. The SUV segment is particularly thriving, as it offers flexibility, driveability, and a commanding view, which are appealing to consumers. Major players in the market include GM, Ford, and prominent European and Asian brands like BMW, Mercedes Benz, and Nissan. The rise of electric vehicles, supported by both established companies and startups like Tesla and Rivian, is further propelling market demand, with significant investments in EV technology and models.

The market is characterized by a consolidation of major players such as GM, Tesla, and Ford, who are heavily investing in research and development to enhance technology and comfort in luxury vehicles. The trend towards electrification is evident, with traditional passenger cars losing market share to SUVs and electric trucks. Foreign brands like Nissan, Hyundai, and Porsche also contribute to the market's diversity, with models that meet luxury standards. Companies like BMW are expanding their offerings with plug-in hybrids and investing in innovative technologies through ventures with startups. This focus on advanced technology, comfort, and sustainability is shaping the future of the North American luxury car market.

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North America Luxury Car Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porters Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Vehicle Type

      1. 2.1.1 Hatchback

      2. 2.1.2 Sedan

      3. 2.1.3 SUV

    2. 2.2 Drive Type

      1. 2.2.1 IC Engine

      2. 2.2.2 Electric

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

      4. 2.3.4 Rest of North America

North America Luxury Car Market Size FAQs

The North America Luxury Car Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Tesla Inc., BMW AG, Volvo Group, Ford Motor Company and Fiat Chrysler Automotbiles are the major companies operating in the North America Luxury Car Market.

North America Luxury Car Market Report Snapshots

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