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

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

LONDON--()--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.

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.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Release Summary

Technavio's global luxury vehicle market projects the market to grow at a CAGR of more than 12% during 2019-2023.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200