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Luxury Car Market Size
- Report ID: GMI5707
- Published Date: May 2023
- Report Format: PDF
Luxury Car Industry Analysis
Luxury Car Market was worth USD 14.3 billion in 2022 and is anticipated to grow at 10% CAGR from 2023 to 2032 driven by the rising number of ultra-high-net-worth individuals and increasing disposable incomes.
Contemporary lifestyles and the use of cutting-edge technologies are bringing social changes in the market. The global market for luxury cars has been growing rapidly due to factors such as the rise of luxury products in automobiles, shifting consumer preference from sedans to SUVs, and rising consumer disposable incomes. Currently, the increasing import taxes may limit the luxury car industry expansion.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Luxury Car Market Size in 2022: | USD 14.3 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 10% |
| 2032 Value Projection: | USD 35 Billion |
| Historical Data for: | 2018 – 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 278 |
| Segments covered: | Vehicle Type, Fuel Type, Sales Channel, Car Price |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The global shortage of semiconductor chips is hampering the automotive sector production, in turn, affecting the luxury car market growth. Owing to the slowdown in car production, suppliers such as Toyota have been particularly affected. The shortage of semiconductors is expected to continue globally, thus new car buyers are urged to queue up and place their orders early to avoid delays.
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Luxury Car Market Scope
