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.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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.
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SOURCE: Technavio Research
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PUB: 10/16/2019 12:45 PM/DISC: 10/16/2019 12:45 PM