Global Luxury Vehicle Market 2019-2023 | 12% CAGR Projection Over the Next Five Years | Technavio

LONDON--(BUSINESS WIRE)--Oct 16, 2019--

The luxury vehicle market size is expected to post a CAGR of about 12% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global luxury vehicle market 2019-2023. (Graphic: Business Wire)

The demand for luxury vans is increasing significantly across the world, mainly driven by fleet operators providing services such as media network, limo for passengers, transport for VIP, business, and telecommunication. As a result, vehicle manufacturers are increasingly introducing new luxury vans models and updating the existing successful models. Similarly, the adoption of luxury buses is also increasing rapidly with bus lines and a few startups using crowdsourcing and dynamic scheduling to attract new markets and increase market penetration. Thus, the growing adoption of luxury vans and buses will fuel the growth of the luxury vehicle market during the forecast period.

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As per Technavio, the rapid development of electrified luxury vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Luxury Vehicle Market: Rapid Development of Electrified Luxury Vehicles

The adoption of electrified vehicles that include pure electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles, is increasing at a significant rate across the world. This is mainly due to the rising concerns about vehicular emissions associated with the use of fossil fuels. Thus, the rapid adoption and development of luxury electric vehicles is expected to positively impact the luxury vehicle market growth during the forecast period.

“Apart from the rapid development of electrified luxury vehicles, factors such as the introduction of new luxury vehicle segments by manufacturers, and the increase in popularity of coach-built luxury vehicles will have a significant impact on the growth of the luxury vehicle market size during the forecast period,says a senior analyst at Technavio.

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Luxury Vehicle Market: Segmentation Analysis

This market research report segments the luxury vehicle market by type (passenger cars and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).

The European region led the market in 2018, followed by APAC, North America, South America, and MEA respectively. However, the APAC region is expected to register the highest incremental growth due to factors such as the increasing HNWI population and growing adoption of electric vehicles (EVs) in the region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

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CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200



SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 10/16/2019 12:45 PM/DISC: 10/16/2019 12:45 PM

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