Automotive Luxury Vehicle Market will Register CAGR of 35% through 2023

Pune, India, June, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Automotive Luxury Vehicle Market Research Report.

Over the recent years, there has been significant consolidation within the automotive industry. The global automotive luxury vehicle market is poised to capture a CAGR of 35% during the forecast period 2017-2023, reveals a new study by Market Research future (MRFR). The automotive luxury vehicle 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 vehicle 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 vehicles 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.

Segmentation

The global automotive luxury vehicle market has been segmented based on body type, component, fuel type, and end-user. By body type, the market has been segmented into SUV, sedan, hatchback. By component, the market has been segmented into LiDAR, Biometric Sensors, and Radar. By fuel type, the market has been segmented into ICE, BEV, FCEV, and Hybrid. By end-user, the market has been segmented into Car Pooling and Personal Mobility.

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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, 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.

Competitive Landscape

The automotive luxury vehicle market is volatile and highly competitive with the presence of some well-established vendors. The eminent players of the market include Tesla, Inc. (U.S.), Denso Corporation (Japan), Delphi Technologies, Inc. (U.K), NXP Semiconductors N.V. (Netherlands),Infineon Technologies AG (Germany), General Motors Company (U.S.), BMW (Germany),Daimler AG (Germany),Audi AG (Germany),Robert Bosch GmbH (Germany), Porsche AG (Germany),  and Continental AG (Germany). These market participants are continuously implementing various strategies such as mergers, partnership, collaboration, product launches, etc. to gain a substantial edge over the market. The market players compete by price, fuel-efficiency, safety, vehicle technology, and features. Competition in the luxury vehicle market is heating up. As these key players are increasingly investing towards the development of technology, many smaller companies will not be able to keep up with the technological pace. For instance, Tesla Inc.'s near monopoly position may be threatened by new competition faced from General Motors and Honda collaboration. Over the past several years, Tesla has been leading the market for EV batteries. In June 2018, General Motors and Honda jointly announced their venture to produce the next generation batteries for high-end electric vehicles.

Industry Trends/Updates

• 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.