Global luxury car market
Within the luxury goods industry, the global luxury car market is one of the most valuable luxury markets. The global market size for luxury cars grew from 245 billion euros in 2010 to 438 billion euros in 2016. Much of the growth is attributed to the increasing consuming power of emerging markets such as China and India. Sales of luxury passenger vehicles in China reported the highest growth rate in 2010, when the market grew by 77 percent. Since then, the estimated market growth in China has varied between 21 and 35 percent. Despite the rise of these markets, mature markets such as the United States remain important target countries. Mercedes-Benz leads the luxury car market in the U.S., with a luxury car market share of more than 16 percent. Lexus, Audi, BMW and Cadillac are the runner-ups. Not only are the three German luxury car brands - Stuttgart-based Mercedes-Benz, Munich-based BMW and Ingolstadt-based Audi - among the leading brands in the U.S. luxury car market, but they are also the top three luxury brands globally. Volkswagen’s Porsche, Geely's Volvo and Tata’s Land Rover and Jaguar round off the list of the leading luxury vehicle brands in the world.