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According to a report published by Fortune Business Insights, the value of the luxury car market is expected to reach $655 billion within seven years. A look back at the drivers of this growth.
First, it is important to note that this study – entitled “Size, Share and COVID-19 Impact Analysis of the Luxury Car Market, by Vehicle Type (Hatchback, Sedan and Sport Utility Vehicle), Propulsion Type (ICE and Electric) and Regional Forecast, 2020-2027” – discusses the major companies in the luxury automotive sector: Daimler AG (Stuttgart, Germany), Bayerische Motoren Werke AG (Munich, Germany), Volvo Car Corporation (Göteborg, Sweden), Volkswagen AG (Wolfsburg, Germany), Tata Motors Limited (Mumbai, India) and Toyota Motor Corporation (Toyota, Aichi, Japan).
Fortune Business Insights concluded that the market is expected to grow at an average annual growth rate of 9.3% between 2020 and 2027, reaching a value of $655 billion by the end of the forecast period.
According to the study, this market growth would be linked to various factors, including the increase in collaborations between firms in the sector. In August 2020, Mercedes-Benz and CATL announced a strategic partnership, a step in line with the German automaker’s electrification policy. Indeed, the production of electric cars would also be a cause of the economic dynamism of the luxury car industry.
Fortune Business Insights also justifies these optimistic forecasts by the increase in disposable income in several countries around the world, which offers new opportunities for players operating in the market. While demand for luxury cars is on the rise – according to the report, comfort and quality distinguish this type of car from others – the Covid-19 pandemic has put a brake on it, as luxury car producers have been particularly hard hit by the health crisis.
As a result, the future of the sector is likely to be played out in Asia-Pacific. According to the study, the presence of several world-renowned manufacturers in this region has had a significant impact on the growth of the local market. As the populations of India and China continue to grow, companies in the sector have set up new units in this region, where production costs are low. As a result, while the Asia-Pacific market was worth US$231.8 billion in 2019, this value is expected to increase exponentially in the coming years.
Read also > LUXURY AUTOMOBILE : CHINA’S ECONOMY ACCELERATES AFTER BEING ONE OF THE HARDEST HIT
Featured Photo : © Guide Auto, Mercedes-Benz[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
According to a report published by Fortune Business Insights, the value of the luxury car market is expected to reach $655 billion within seven years. A look back at the drivers of this growth.
First, it is important to note that this study – entitled “Size, Share and COVID-19 Impact Analysis of the Luxury Car Market, by Vehicle Type (Hatchback, Sedan and Sport Utility Vehicle), Propulsion Type (ICE and Electric) and Regional Forecast, 2020-2027” – discusses the major companies in the luxury automotive sector: Daimler AG (Stuttgart, Germany), Bayerische Motoren Werke AG (Munich, Germany), Volvo Car Corporation (Göteborg, Sweden), Volkswagen AG (Wolfsburg, Germany), Tata Motors Limited (Mumbai, India) and Toyota Motor Corporation (Toyota, Aichi, Japan).
Fortune Business Insights concluded that the market is expected to grow at an average annual growth rate of 9.3% between 2020 and 2027, reaching a value of $655 billion by the end of the forecast period.
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According to a report published by Fortune Business Insights, the value of the luxury car market is expected to reach $655 billion within seven years. A look back at the drivers of this growth.
First, it is important to note that this study – entitled “Size, Share and COVID-19 Impact Analysis of the Luxury Car Market, by Vehicle Type (Hatchback, Sedan and Sport Utility Vehicle), Propulsion Type (ICE and Electric) and Regional Forecast, 2020-2027” – discusses the major companies in the luxury automotive sector: Daimler AG (Stuttgart, Germany), Bayerische Motoren Werke AG (Munich, Germany), Volvo Car Corporation (Göteborg, Sweden), Volkswagen AG (Wolfsburg, Germany), Tata Motors Limited (Mumbai, India) and Toyota Motor Corporation (Toyota, Aichi, Japan).
Fortune Business Insights concluded that the market is expected to grow at an average annual growth rate of 9.3% between 2020 and 2027, reaching a value of $655 billion by the end of the forecast period.
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