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The consumption of Luxury Vehicles in volume terms are also provided for major countries (or regions), and for each application and product at the global level. Market share, growth rate, and competitive factors are also evaluated for market leaders Mercedes Benz, BMW, etc.
Luxury vehicles come under luxury goods market and is one of the most prominent segment of this market. These vehicles are characterized by luxury and superior offerings in vehicles. The factor that has generated the need for luxury vehicle is need for technologically innovative features and also comfort that can suit the social status of consumers.
Additionally, rising demands from affluent buyers in emerging and developed countries along with higher demand for technological advancements in luxury vehicles is favoring the luxury car market trends. However, requirement of maintenance and servicing costs high for user which may become restraints for the global luxury vehicles market. Along with that low-cost public transport such as railways and buses and cost-effective vehicles which is widely used by middle-class population is anticipated to obstruct the growth of luxury vehicles.
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The global luxury vehicles market is classified into various forms which includes hatchback, coupe, station wagon, crossovers, sedan, sport utility vehicles and convertible body styles. In every era, there is a group of cars that are expensive due to their superior design and engineering. Manufacturers produce these different models targeted at particular socio-economic classes in accordance with standard of living and income of individuals.
The global luxury vehicles market is segmented on the grounds of their geography and vehicle size. The type of luxury vehicles based on size include entry-level luxury/compact executive cars, high-end /full-size luxury cars, premium compact segment, mid-size luxury/executive cars, ultra-luxury cars and luxury SUV/crossover vehicles. Geographically, the regions which have dominant luxury vehicles market share are Europe, LAMEA, Asia-Pacific and North America.
Moreover, countries such as India, Japan, the U.S., China, Canada and European countries are the major markets of luxury vehicles. The factors that has contributed is increasing disposable income and various loan schemes launched by the financial institutions and automobile manufacturers which made it easy for customers to buy these luxury vehicles. This provide notable growth opportunity for luxury vehicles specially in developing nations.
Effective strategies adopted by the key players include collaborations, mergers and acquisitions and new vehicle launch. For instance, Tesla Motors have been emphasizing their production on advanced technologies such as electric and eco-friendly luxury vehicles that include blind spot warnings systems and automatic emergency-braking systems. Luxury vehicle manufacturers can also be a part of division or subsidiary like Lexus part of Toyota. Some of the major brands operating the global luxury vehicles market are Land Rover, Porsche, Jaguar, Bentley, Acura, Audi, Bentley, Ferrari, Lexus, BMW, Mercedes-Benz, Rolls-Royce, Lamborghini, Volvo and Cadillac.
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Key segments of ‘Global Luxury Vehicles Market’
Based on types, the market has been segmented into,
- Compact Car
- Mid-size Car
- Full-size Car
- Larger Car
- Super Sport Car
Based on size, the market has been segmented into,
- Premium compact segment
- Entry-level luxury/compact executive cars
- Mid-size luxury/executive cars
- High-end luxury/full-size luxury cars
- Ultra-luxury cars and luxury SUV/crossover vehicles
Based on types, the market has been segmented into,
- North America
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What to expect from the upcoming report on ‘Global Luxury Vehicles Market’:
- Future prospects and current trends of the global luxury vehicles market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations taking place in developing economies
- Supportive initiatives by government likely to influence the market dynamics
- Trends, drivers, opportunities, restraints, challenges and key developments in the market
- In-depth analysis of different market segmentations including regional segmentations, and product types
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
Who should buy this report?
Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
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