Automotive Luxury Vehicle Market To Expand At high Growth Rate During The Forecast Period Of 2019-2023. Global Automotive Luxury Vehicle Market Information by Body Type (SUV, Sedan, Hatchback), Component (LiDAR, Biometric Sensors, Radar), Fuel Type (ICE, BEV, FCEV, Hybrid), End-User (Car Pooling, Personal Mobility), and Region – Global Forecast to 2023.
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The automotive consumer of today’s times is more aware and concerned about the ‘value for money’ offering made by the automobile manufacturers. Earlier, automakers would simply focus on the functionality aspect of the vehicle. Over time, the kind of automobile owned by a consumer was equivalent to a status/style statement. This gave rise to the importance of luxury vehicle on a global level.
There are several factors that are responsible for the growth of the automotive luxury vehicle market in the global scenario. Firstly, the purchasing power of the global automotive consumer has gone up over the years due to the rise in the number of people belonging to the middle class. Secondly, the number of people preferring to have personal automobiles has increased drastically. Thirdly, in a highly competitive market, automakers always try to provide something extra and unique in terms of the value offering to differentiate their product offering. The global automotive luxury vehicle market is estimated to grow at a CAGR of approx. 35% (2017 to 2023).
On the basis of body type, the most popular luxury vehicles are sedan and SUVs – since these are priced beyond a certain pricing point and thus, have a status quo attached to them. On the basis of component, sensors (parking sensors, camera sensors, and so forth) and to some extent, biometric sensors are frequently used due to the low cost of production and installation (especially in mass/batch production cases). On the basis of fuel type, the most economical type of vehicle to manufacture and utilize on road is the internal combustion engine fired vehicles (petrol or diesel being used as a fuel). On the basis of end-user, the opportunity for growth of the luxury vehicle market is equally high in the case of carpooling and personal mobility.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. The North America region (the U.S. and Canada, in particular) is one of the biggest automotive markets in the world. The vast landscapes coupled with state-of-the-art road infrastructure makes this region ideal for the ever increasing automotive sales. The Europe region is where the majority of the world’s expensive and high-end car manufacturers have their headquarters. The people residing in this region are known for their keen interest and spending in lavish, high-performance vehicles. The Asia Pacific region is expected to be the next automotive hub of the world. With two of the most promising economies (in terms of growth) – India and China – this region is expected to have exponentially increasing automotive sales for a consistent period of time.
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