Premium vehicles - luxury car market size worldwide 2010-2019
In 2019, the global market for luxury cars was sized at around 550 billion euros. This segment accounted for over 40 percent of the worldwide luxury market, according to the source.
In an attempt to appeal to the more environmentally conscious group of buyers, a fair share of the luxury car fleet is projected to become more ‘eco-friendly’. Luxury electric vehicles such as the battery-powered Tesla Model 3 are set to drive growth in the luxury car segment. At the same time, luxury SUVs are also expected to attract a new group of customers. High-end automobiles are expected to combine connectivity and ergonomics, the two key aspects driving the automotive industry. However, smart vehicles require improved infrastructure particularly in urban areas, as there is only a limited number of cities providing the infrastructure that is needed for the implementation of connected car programs.
Global luxury car market size
The luxury car segment is one of the most dynamic contributors of revenue growth in the global luxury goods market, and is primarily driven by rising demand from increasingly affluent buyers in emerging markets. In 2019, the luxury car market is estimated to have grown by 11 percent at current exchange rates.In an attempt to appeal to the more environmentally conscious group of buyers, a fair share of the luxury car fleet is projected to become more ‘eco-friendly’. Luxury electric vehicles such as the battery-powered Tesla Model 3 are set to drive growth in the luxury car segment. At the same time, luxury SUVs are also expected to attract a new group of customers. High-end automobiles are expected to combine connectivity and ergonomics, the two key aspects driving the automotive industry. However, smart vehicles require improved infrastructure particularly in urban areas, as there is only a limited number of cities providing the infrastructure that is needed for the implementation of connected car programs.
