Press release

Global Luxury Vehicle Market 2019-2023 | Rapid Development of Electrified Luxury Vehicles to Boost the Market | Technavio

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A new market research study by Technavio on the global
luxury vehicle market
projects the market to grow at a
CAGR of more than 12% during the period 2019-2023. This research report
provides an in-depth analysis of the market in terms of revenue, top
drivers, and emerging market trends. It also includes detailed insights
and forecasts for all the market segments across different geographies.

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Technavio has published a new market research report on the global luxury vehicle market from 2019-2 ...

Technavio has published a new market research report on the global luxury vehicle market from 2019-2023. (Graphic: Business Wire)

Growth in the adoption of luxury vans and buses

The demand for luxury vans is increasing significantly across the world,
mainly driven by fleet operators providing services such as media
network, limo for passengers, transport for VIP, business, and
telecommunication. As a result, vehicle manufacturers are increasingly
introducing new luxury vans models and upgrading the existing successful
models. Similarly, the adoption of luxury buses is also increasing
rapidly with bus lines and startups using crowdsourcing and dynamic
scheduling to attract new markets and increase market penetration. Thus,
the growing adoption of luxury vans and buses will fuel the growth of
the luxury vehicle market size during the forecast period.

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Rapid development of electrified luxury vehicles

The adoption of electrified vehicles that include pure electric
vehicles, plug-in hybrid electric vehicles, and hybrid electric
vehicles, is increasing at a significant rate across the world. This is
mainly due to the rising concerns about vehicular emissions associated
with the use of fossil fuels. Thus, the rapid adoption and development
of luxury electric vehicles is expected to positively impact the luxury
vehicle market growth during the forecast period.

According to a senior analyst at Technavio, “Apart from the rapid
development of electrified luxury vehicles, other factors such as the
introduction of new luxury vehicle segments by manufacturers, and the
increase in popularity of coach-built luxury vehicles will positively
impact the growth of the luxury vehicle market size during the forecast
period.”

Declining exclusivity of luxury cars

The rising number of luxury brands, the intensifying competition, and
the increased demand for luxury vehicles has led luxury vehicle
manufacturers to expand their business and sell to the mass segment
through the same distribution channel. Although this factor does not
impact the sales of the vehicles, the exclusivity of the luxury vehicle
declines. This is expected to remain a challenge for vendors in the
market. However, with manufacturers continually striving to introduce
new features in luxury vehicles, the market is expected to witness
innovations and advancements in the ecosystem during the forecast
period. This will help to reclaim the exclusivity associated with luxury
brands.

Top players in the global luxury vehicle market:

  • BMW AG
  • Daimler AG
  • Jaguar Land Rover Automotive plc
  • Volkswagen AG
  • Volvo Car Corporation

Some of the key topics covered in the global
luxury vehicle market
include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio
is a leading global technology research and advisory company. It
provides detailed market research reports that provide clients with
actionable insights to help them identify market opportunities and
design effective strategies to optimize their market position.

With over 500 specialized analysts, Technavio boasts of an extensive
report library comprising of over 10,000 reports, covering 800
technologies, spanning across 50 countries. Their client base consists
of enterprises of all sizes, including more than a hundred Fortune 500
companies. This growing client base relies on Technavio’s comprehensive
coverage, extensive research, and actionable market insights to identify
opportunities in existing and potential markets. Technavio helps
companies to assess their competitive position within changing market
scenarios.

If you are interested in more information, please contact our media team
at media@technavio.com.