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The luxury car market is booming. According to a recent report, it could reach $779,660 million by the end of 2027, with an annual growth rate of 6.2% per year. This is reassuring for manufacturers.
The growth of the luxury car market is fuelled by rising disposable incomes in a number of countries around the world. People’s preferences for comfort and quality are becoming more pronounced as their disposable income increases. In addition, the features of luxury vehicles, such as interior, comfort and performance, are generally superior to those of an ordinary vehicle.
The trend towards electrification of vehicles is leading to an increase in demand for luxury vehicles. Due to growing environmental concerns and rising fuel prices, leading luxury car manufacturers are introducing electrified variants of their models. Around the world, governments and environmental organisations are tightening regulations on carbon emissions. As a result, the demand for more environmentally friendly and, above all, more sustainable vehicles is increasing, with government subsidies playing an important role.
Similarly, used luxury vehicles are in high demand as prestige cars are usually sold after one or two years of use, with owners wanting to upgrade to better, more modern models. The market for used luxury cars is also growing strongly. Easy financing, lower entry costs, are all arguments that encourage people to turn to used cars.
While SUVs will be the fastest growing vehicle type in the period 2021-2027, Europe will remain one of the largest markets, with a share of almost 50%.
Read also > MERCEDES DOMINATES LUXURY CAR SALES IN INDIA
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The luxury car market is booming. According to a recent report, it could reach $779,660 million by the end of 2027, with an annual growth rate of 6.2% per year. This is reassuring for manufacturers.
The growth of the luxury car market is fuelled by rising disposable incomes in a number of countries around the world. People’s preferences for comfort and quality are becoming more pronounced as their disposable income increases. In addition, the features of luxury vehicles, such as interior, comfort and performance, are generally superior to those of an ordinary vehicle.
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The luxury car market is booming. According to a recent report, it could reach $779,660 million by the end of 2027, with an annual growth rate of 6.2% per year. This is reassuring for manufacturers.
The growth of the luxury car market is fuelled by rising disposable incomes in a number of countries around the world. People’s preferences for comfort and quality are becoming more pronounced as their disposable income increases. In addition, the features of luxury vehicles, such as interior, comfort and performance, are generally superior to those of an ordinary vehicle.
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