Market Research

COVID-19 Impact on Luxury Car Market 2020 Global Analysis, Trend, Key Players, Demand, Opportunity and Forecast Till 2026

May 17, 2020 4:46 PM ET
iCrowd Newswire – May 17, 2020

The Global Luxury Car Market is estimated to grow at a CAGR of 5.2% during the forecast period 2019-2026. As per the detailed market analysis, the global luxury car market recorded $495.7 billion in the year 2018, and is predicted to reach $733.2 billion by the end of the year 2026.

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The Global Luxury Car Market is driven by various growth factors such as preference for comfortable driving experience and increase in demand for luxury vehicles. Whereas, high prices of luxury cars will hinder the market growth in the future period. However, increasing adoption of electric luxury cars with enhanced comfort, better equipment and improved quality offer the lucrative market opportunities considering the market growth for the future period.

Segmentation Overview of the Global Luxury Car Market

The Global Luxury Car Market is segmented on the basis of Fuel Type and Vehicle Type. These major market segments are further categorized into various sub-segments. The market segments are studied in detail to get an overview of the global marketplace.

The Vehicle Type Segment of the Global Luxury Car Market is Sub-Segmented into:

  • Hatchback
  • Sedan
  • Sport Utility Vehicle

The Fuel Type Segment of the Global Luxury Car Market is Sub-Segmented into:

  • Gasoline
  • Diesel
  • Electric

Geographical Overview of the Global Luxury Car Market

On the basis of geographical segmentation, the global luxury car market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the North America luxury car market is estimated to register the highest CAGR of 6.7% during the forecast period. The regional market growth is attributed to availability of new car stores and business expansion by existing market players in the region. Whereas, the Asia-Pacific luxury car market accounted to contribute for highest market share considering the market revenue. The Asia-Pacific market contribute ~50% of the share in the global marketplace in the year 2018. Furthermore, as the per the analyst viewpoint, the APAC region is estimated to dominate the global luxury car market during the forecast period. The regional dominance is attributed to expansion of automobile manufacturers and advent of new range of luxury vehicles in the region.

Key Players Insights

Ferrari N.V., Tesla, Aston Martin Lagonda, Audi AG, Volvo Car, BMW AG, Infiniti, Lexus, Daimler AG and Volkswagen AG are some major key players in the global luxury car market. The market players are adopting various competitive strategies to account for majority of the market share in the global marketplace.

Impact of COVID-19 on the Global Luxury Cars Market

The research report compiled by Report Ocean offers the study of market opportunities and market impact that are created due to the COVID-19 pandemic. The overall market impact of COVID-19 can be witnessed in the Q1 2020 but is anticipated to be highly impacted in subsequent quarters in the whole year.

The Global Luxury Cars Market is analysed to have a negative impact owing to the spread of COVID-19 worldwide and is estimated to show flat curve during this year considering current situation.

The detailed research report on the Global Luxury Cars Market is focused upon all direct and indirect impact of COVID-19 with new product launches, pipeline analysis, supply chain overview, government regulations, strategies adopted by related market players and upcoming vaccines and drug status.

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Keywords:    Luxury Car Market, Luxury Car Market Size