LONDON--(BUSINESS WIRE)--Apr 22, 2019--The global luxury vehicle market is expected to post a CAGR of over 12% during the period 2019-2023, according to the latest market research report by Technavio.

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The global luxury vehicle market is expected to post a CAGR of over 12% during the period 2019-2023 (Graphic: Business Wire)

The demand for luxury vans is increasing, which is mostly driven by fleet operators providing services such as limo for passengers, media network, transport for VIP, business, and telecommunication. Also, luxury vehicles from individual buyers are also in demand, but lesser than fleet operators. Therefore, vehicle manufacturers are introducing new luxury van models and updating the existing successful models with private sleeping cabins and internet connection. Thus, the increasing demand for luxury vans and buses is expected to be one of the driving factors for the global luxury vehicle market during the forecast period.

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 global luxury vehicle market research report also analyzes other important trends and market drivers that will affect market growth during 2019-2023.

Global luxury vehicle market: Rapid development of electrified luxury vehicles

The rising concern about reducing vehicular emissions is increasing the adoption of electrified vehicles, which include pure electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. This adoption of electrified vehicles is gaining popularity among luxury vehicle manufacturers. Established luxury electric vehicle manufacturers are increasing their product portfolio by introducing new electric vehicle models. Thus, the rapid adoption and development of luxury electric vehicles are expected to positively impact the global luxury vehicle market in the near future.

“The rise in HNWI population, increase d demand for luxury SUVs in the US, the introduction of new luxury vehicle segments by manufacturers, and the increase in popularity of coach-built luxury vehicles are some other major aspects that are expected to boost the growth of the overall global luxury vehicle market,” says a senior analyst at Technavio.

Global luxury vehicle market: Segmentation analysis

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

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

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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.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20190422005184/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD: UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE AFTERMARKET PERFORMANCE & SPECIAL INTEREST GENERAL AUTOMOTIVE

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 04/22/2019 09:06 AM/DISC: 04/22/2019 09:06 AM

http://www.businesswire.com/news/home/20190422005184/en