LONDON--(BUSINESS WIRE)--The global luxury cars market is expected to grow at a CAGR of close to 12% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global luxury cars market by product, including executive luxury cars and super luxury cars. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rising demand for luxury SUVs
SUVs are high-power vehicles with higher seating, higher ground clearance, the center of gravity; and capability to travel on off-road conditions. They provide higher safety due to several safety features, which are standard fitment in such vehicles. In terms of region, the Americas is the most favorable market for SUV model vehicles owing to the cheap availability of credit, low fuel prices, and technological advances.
According to a senior analyst at Technavio for automotive manufacturing research, “In Europe, SUVs and crossovers are increasingly being preferred owing to its increased safety, better view of the road, and better passenger seating capacity of these vehicles. During the forecast period, luxury SUVs will witness an increased demand. Automobile manufacturers are equipping luxury SUVs with turbochargers to increase their power output and enhance fuel efficiency.”
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Market trend: launch of electric luxury car models
Electric vehicles are mostly sedans and hatchbacks. Electric SUVs and crossovers are bulky and require a significant amount of power to operate. This poses a major challenge for such vehicles. A high-power consumption also limits the effective driving range of these vehicles. However, automobile manufacturers are starting to produce and launch electric luxury SUVs owing to the advancements in the manufacturing process of electric batteries and a rise in the number of charging stations, especially in developed countries.
Market challenge: rising preference for top variants of budget car brands
In regions such as Europe, the auto manufacturers market budget car variants to capture passenger car market, which has increased its sale volume in 2016. Such budget cars are developed and launched as the strategic business units of main parent auto manufacturer. Automobile manufacturers saw a decline in the sales of its luxury segment because of providing advanced technologies to budget cars for increasing its sales. This proves to be a major challenge for the global luxury cars market.
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