Luxury Cars - United States

United States

Revenue in the Luxury Cars market is projected to reach €6,513m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.77%, resulting in a projected market volume of €6,766m by 2029.
Luxury Cars market unit sales are expected to reach 89.0k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to €75k.
From an international perspective it is shown that the most revenue will be generated in the United States (€6,513m in 2024).

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

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Analyst Opinion

The Luxury Cars market in the United States has been experiencing steady growth over the past few years. Customer preferences for luxury cars have been shaped by a combination of factors, including the desire for status and prestige, advanced technology features, and superior performance.

Customer preferences: In the United States, customers place a high value on luxury cars as a symbol of wealth and success. Owning a luxury car is seen as a status symbol and a reflection of one's personal style and taste. Customers are attracted to luxury cars for their premium features, such as high-quality materials, advanced safety systems, and cutting-edge technology. Additionally, customers in the United States appreciate the superior performance and driving experience that luxury cars offer.

Trends in the market: One of the key trends in the luxury car market in the United States is the increasing demand for electric and hybrid luxury cars. As consumers become more environmentally conscious, there is a growing interest in vehicles that offer lower emissions and better fuel efficiency. Luxury car manufacturers have responded to this trend by introducing electric and hybrid models that combine luxury and sustainability. Another trend in the luxury car market is the rise of SUVs and crossovers. These larger vehicles offer more space and versatility, which appeals to customers who prioritize comfort and practicality. Luxury SUVs and crossovers have become particularly popular among families and individuals who lead active lifestyles.

Local special circumstances: The United States is a large and diverse market, with different regions having unique preferences and requirements. For example, customers in urban areas may prioritize compact luxury cars that are easier to maneuver and park in crowded city streets. On the other hand, customers in suburban or rural areas may prefer larger luxury cars or SUVs that offer more space and comfort for long drives.

Underlying macroeconomic factors: The growth of the luxury car market in the United States can be attributed to several underlying macroeconomic factors. The strong and stable economy, low interest rates, and rising disposable incomes have contributed to increased consumer spending on luxury goods, including luxury cars. Additionally, the availability of financing options and attractive lease deals have made luxury cars more affordable and accessible to a wider range of customers. In conclusion, the Luxury Cars market in the United States is driven by customer preferences for status, advanced technology, and superior performance. The increasing demand for electric and hybrid luxury cars, as well as SUVs and crossovers, reflects changing consumer preferences and a growing emphasis on sustainability and practicality. The diverse nature of the United States market, along with strong macroeconomic factors, continues to fuel the growth of the luxury car market in the country.

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).