Rise in demand for luxury vehicles owing to an increase in incomes and evolving customer needs, surge in demand for comfortable and luxurious driving experiences, introduction of new line of luxury cars by leading automobile manufacturers drive the global luxury car market
Allied Market Research recently published a report titled, “Luxury Car Market by Vehicle Type, Fuel Type, and Vehicle Class: Global Opportunity Analysis and Industry Forecast, 2021–2031”. The report reveals that the global luxury car market, which size was valued at $0.54 trillion in 2021, is projected to reach $1.03 trillion by 2031, growing at a CAGR of 6.6% from 2022 to 2031.
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A luxury hatchback is a luxury car with a hatch or tailgate in the back that opens upwards. In addition, a hatchback car is traditionally considered as a small coupe-to-sedan-size car with a big door at the back to provide more storage space. The hatchback’s large flip-up tailgate opens to a high, unobstructed space with no package trays.
A sport utility vehicle is a powerful four-wheeled car that can be driven over rough terrain. The sport utility cars come with off-road vehicle features such as increased ground clearance and all-wheel drive. Luxury sports utility is increasingly used owing to its benefits such as large cargo capacity, greater visibility due to large windows, and increased fuel efficiency. Leading luxury automobile manufacturers are introducing a new range of luxury cars in sports utility vehicle type, which, in turn, is anticipated to propel the growth of this segment. For instance, in December 2022, Aehra, a new Italian electric automotive manufacturer announced the launch of a luxury SUV. Moreover, in February 2022, Aston Martin, a manufacturer of luxury sports cars, revealed a new DBX luxury SUV, which is expected to boost the market for luxury vehicles in the sports utility vehicles category
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Segment Highlights: SUVs and Electric Models Lead the Charge
Vehicle Type:
The sports utility vehicle (SUV) segment dominated the market in 2021, contributing over three-fifths of total revenue. It’s also projected to grow at the fastest CAGR of 7.3%, driven by growing preference for higher visibility, cargo space, and efficiency.Fuel Type:
Electric and hybrid vehicles claimed the largest share (~50%) in 2021 and are expected to grow at a robust 8.6% CAGR, backed by eco-consciousness and government incentives.Vehicle Class:
The mid-level luxury segment held the major share in 2021 due to rising demand for efficient yet premium vehicles. Meanwhile, the ultra-luxury segment is set to witness the highest CAGR of 7.4%, fueled by the global rise in ultra-high-net-worth individuals (UHNWIs).
Regional Outlook: Europe Leads, Asia-Pacific Accelerates
Europe remained the largest luxury car market in 2021, accounting for nearly half of global revenue, driven by a strong preference for safety, performance, and innovation.
Asia-Pacific is expected to register the highest CAGR of 7.6% through 2031, attributed to the launch of eco-friendly models and rising urban affluence.
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Key Market Players
Some of the leading companies shaping the global luxury car landscape include:
BMW AG, Tesla, Daimler AG, Volkswagen AG, Rolls-Royce plc, Volvo Car Corporation, Lexus (Toyota), INFINITI (Nissan), Ferrari N.V., and Aston Martin Lagonda.
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