Luxury Cars - Americas

Americas

Revenue in the Luxury Cars market is projected to reach €9,282m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 20.21%, resulting in a projected market volume of €23,300m by 2029.
Luxury Cars market unit sales are expected to reach 120.0k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to €86k.
From an international perspective it is shown that the most revenue will be generated in the United States (€6,446m in 2024).

Key regions: United States, Worldwide, United Kingdom, Europe, Germany

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Analyst Opinion

The Luxury Cars market in Americas is experiencing steady growth and development due to several factors. Customer preferences for luxury cars are shifting towards more eco-friendly and technologically advanced vehicles. In addition, local special circumstances and underlying macroeconomic factors are also contributing to the growth of the market.

Customer preferences: Customers in the Americas are increasingly prioritizing sustainability and environmental consciousness when purchasing luxury cars. They are opting for vehicles that are fuel-efficient and emit lower levels of carbon dioxide. This shift in preference can be attributed to the growing awareness of climate change and the need for sustainable transportation solutions. Furthermore, customers are also demanding advanced technological features in their luxury cars. They are looking for vehicles that are equipped with the latest connectivity options, advanced safety features, and autonomous driving capabilities. The Americas market is known for its tech-savvy consumers who value convenience and innovation in their vehicles.

Trends in the market: One of the key trends in the luxury car market in Americas is the rise of electric and hybrid vehicles. With the increasing focus on sustainability, luxury car manufacturers are introducing a wide range of electric and hybrid models to cater to the growing demand. These vehicles offer lower emissions and reduced fuel consumption, making them appealing to environmentally conscious customers. Another trend in the market is the growing popularity of SUVs and crossovers. Customers in the Americas prefer larger and more spacious vehicles that offer comfort and versatility. Luxury SUVs and crossovers provide ample space for passengers and cargo, making them ideal for both urban and rural environments.

Local special circumstances: The Americas market is characterized by a diverse range of preferences and tastes across different countries and regions. For example, in North America, customers tend to prefer larger luxury vehicles such as SUVs and pickup trucks, while in South America, compact luxury cars are more popular. Luxury car manufacturers need to understand and cater to these regional preferences to succeed in the Americas market.

Underlying macroeconomic factors: The growth of the luxury car market in Americas is also influenced by underlying macroeconomic factors. Economic stability and rising disposable incomes are enabling more customers to afford luxury cars. As the economies in the Americas continue to grow, the demand for luxury vehicles is expected to increase. Furthermore, favorable government policies and incentives are also driving the growth of the luxury car market. Governments in the Americas are implementing measures to promote the adoption of electric and hybrid vehicles, such as tax incentives and subsidies. These policies are encouraging customers to choose luxury electric vehicles over traditional gasoline-powered cars. In conclusion, the Luxury Cars market in Americas is experiencing growth and development due to shifting customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are increasingly prioritizing sustainability and technological advancements in their luxury cars, leading to the rise of electric and hybrid vehicles. The popularity of SUVs and crossovers is also a notable trend in the market. Understanding regional preferences and catering to them is crucial for luxury car manufacturers to succeed in the Americas market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).