The Study of the Global Luxury Car Market this year highlights the key dynamics of the global luxury car market. The ever growing opportunity in this sector has been investigated along with insights of the five important markets of luxury cars: Europe, United States, China Middle East and India.
The performance of key global players: BMW AG, Volkswagen AG, Daimler AG, General Motors Company and Tata Motors Limited along with existing market scenario has also been studied. The report covers latest industry leaders verbatim.
The global luxury car market has thus far been relatively untouched by the grave financial crisis and has been by far posting growth driven by different emerging markets.
All three main German players BMW, Mercedes-Benz and Audi account for around 80% share of the global luxury car market.
Undoubtedly BMW is the global leader in the luxury car market, followed by Mercedes-Benz and Audi in that order.
The US Luxury Car Market
While the most manufacturers are struggling the world over with profit margins, the ones that manufacture high-end cars are comfortably enjoying ever increasing sales.In the US luxury car market, in the recent years, it is the crossovers and SUVs, which have been showing growth in sales. Last year, the two leading players in the market- Lexus and Mercedes-Benz didn’t report growth in sales of their high-end cars as compared to its non-SUV models.
The Ultra Luxury Cars
The market in the US is now diverging into two distinct categories, the budget car, and the ultra luxury cars.The demand for luxury cars in Europe had been at a low for about two decades and then started recovering slowly from 2014. Amidst the gloomy economic situations prevailing in most European markets, the players such as BMW have still managed to maintain volumes of their higher end models.In China, the segment of luxury cars is witnessing strong growth this year.
Luxury And Supercar
New millionaires in China were added by 10% in 2016 annual. Notwithstanding the government's austerity measures, sales of ultra-luxury and supercar sales haven’t slowed down in China.India is also one of the biggest passenger car markets in the world and the manufacturers- both in the passenger and luxury segment witness a huge potential for growth in the country.
Luxury Goods Market
Because of the low oil prices and global macroeconomic factors, luxury goods market in the Middle East has been affected. During the last decade the market of personal luxury goods witnessed a gradual annual growth of 8-10%, it is poised to drop to around 4-5% in the coming few years.