Luxury Cars Market to Reach USD 655 Billion by 2027; Increasing Production of Electric Luxury Cars will Emerge in Favor of Market Growth, says Fortune Business Insights™


Pune,India, Dec. 15, 2020 (GLOBE NEWSWIRE) — The global luxury cars market size is projected to reach USD 655.0 billion by the end of 2027. The rising disposable income across the world will contribute to the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled Luxury Car Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Hatchback, Sedan, and Sport Utility Vehicle), By Propulsion Type (ICE and Electric) and Regional Forecasts, 2020-2027 the market was worth USD 449.7 billion and will exhibit a CAGR of 9.3% during the forecast period, 2020-2027.

A luxury car provides an improved level of interior, comfort, and performance which is usually higher than a basic car. The rising disposable income in several countries across the world has given the platform for the companies operating in the market. The massive investments in a luxury car can be attributable to several reasons, among which comfort and quality stand out. The presence of several large-scale luxury car manufacturers will emerge in favor of the growth of the market in the coming years. Companies such as BMW and Mercedes-Benz have completely changed the face of the global luxury car market, with these companies together accounting for a dominant market share. The increasing demand for luxury cars across the world will have a huge impact on the growth of the global market in the coming years.

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List of the Key Companies Profiled in the Luxury Cars Market are:

  • Daimler AG (Stuttgart, Germany)
  • Bayerische Motoren Werke AG, (Munich, Germany)
  • Volvo Car Corporation (Gothenburg, Sweden)
  • Volkswagen AG (Wolfsburg, Germany)
  • Tata Motors Limited (Mumbai, India)
  • Toyota Motor Corporation (Toyota, Aichi, Japan)

Covid-19 Pandemic has Halted Production of Vehicles; Luxury Car Manufacturers among the Worst-hit Categories

The recent coronavirus outbreak has had a massive impact on several economies across the globe. The efforts taken to curb the spread of the disease have limited the growth of businesses across the world. Due to the rapid spread of the disease, several countries are looking to implement strict measures to control the spread of the disease. The coronavirus outbreak has …

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