Europe Luxury Car Market Growth, Size, Trends, Demand, Share, Revenue and Future Outlook
Europe Luxury Car Market Size- By Vehicle Type, By Drive Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jul-2024 | Report ID: AMIN24158 | Pages: 1 - 151 | Formats*: |
| Category : Automotive & Transportation | |||
Europe Luxury Car Market Introduction and Overview
According to SPER Market Research, the Europe Luxury Car Market is estimated to reach USD 341.5 billion by 2033 with a CAGR 8.95%.
The report includes an in-depth analysis of the Europe Luxury Car Market, including market size and trends, product mix, distribution channels, and supplier analysis. Luxury automobiles contain the most amenities, including the latest technology and comfort, but often come at a hefty price. Luxury car brands help to provide car owners with a high level of convenience, as well as the highest premium quality materials in the vehicle's production, making them luxurious.
- September 2022: MG Motor launches the MG4 EV in Europe. The MG4 electric is powered by a 51-kWh lithium-ion battery and has a range of up to 350 kilometres.
- In June 2022, Audi announced plans to extend its urban fast charging points in the United Kingdom for luxury EV categories. The company previously opened the first semi-permanent charging infrastructure in Nuremberg, Germany, with six 320kW fast chargers and a lounge.
- May 2022: Lucid group, an electric car manufacturer, announced plans to deliver a luxury sedan in Europe by the end of 2022. Lucid Air Dream Edition P and R sedans will be available in limited quantities to consumers in Germany, Switzerland, the Netherlands, and Norway in late 2022.
Market Opportunities and Challenges
Opportunities: The luxury car sector stands to benefit significantly from the digital revolution, which will enable manufacturers to redefine luxury for the modern day and improve the customer experience. Modern consumers need immersive and personalised experiences, which luxury cars can provide thanks to advances in connectivity, artificial intelligence, and digital interfaces. The integration of cutting-edge connectivity capabilities and digital ecosystems into luxury vehicles represents a big opportunity. Digital connectivity elevates the driving experience for luxury car owners by increasing ease, enjoyment, and productivity through anything from seamless smartphone integration to modern infotainment systems.
Challenges: Economic uncertainty limits the expansion of the luxury car market. Recessions, currency rate volatility, and geopolitical upheaval can all have a negative impact on luxury car sales since they reduce consumer confidence and discretionary spending. Economically rich customers may elect to postpone or restrict their purchases of luxury vehicles during uncertain economic times because they prioritise stability over extravagance. Furthermore, a drop in the market for high-end automobiles could be caused by reduced customer purchasing power due to job losses or wage stagnation.
Market Competitive Landscape
The luxury automobile market is characterised by fierce competition among established automakers, with each vying for rich buyers through a combination of brand prestige, new technology, superior performance, and luxurious design. Key players are Tesla Inc, AB Volvo, Audi AG, BMW AG, Ford Motor Company, Fiat Chrysler Automobiles, Meredes-Benz Group AG, Hyundai Motor Company, Rolls-Royce Holding PLC, Bentley Motors.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Drive Type |
| Regions covered | Germany, France, Italy, UK, Russia, and the Rest of Europe. |
| Companies Covered | Tesla Inc, AB Volvo, Audi AG, BMW AG, Ford Motor Company, Fiat Chrysler Automobiles, Meredes-Benz Group AG, Hyundai Motor Company, Rolls-Royce Holding PLC, Bentley Motors. |
COVID-19 Impact on Europe Luxury Car Market
The COVID-19 pandemic has had a negative influence on the market, with lockdowns and shutdowns of key OEM manufacturing sites resulting in a decline in luxury car production and sales across the region. However, a select luxury companies, such as Porsche, Lexus, and Jaguar, had greater sales in Q1 2020 compared to Q1 2019, owing to post-pandemic restrictions being removed. Furthermore, according to the Society of Motor Manufacturers and Traders (SMMT), UK passenger car sales fell 14.3% to 243,479 units in March 2022. Year-to-date sales fell 1.9%, with 417,560 vehicles registered in the first three months of 2022.
Key Target Audience:
- High-Net-Worth Individuals (HNWIs)
- Upper-Middle-Class Professionals
- Corporate Executives
- Car Enthusiasts and Collectors
- Celebrities and Influencers
- Tourists and Expatriates
- Lease and Rental Companies
Our in-depth analysis of the Europe Luxury Car Market includes the following segments:
| By Vehicle Type: |
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| By Drive Type: |
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Key Topics Covered in the Report:
- Europe Luxury Car Market Size (FY’2024-FY’2033)
- Overview of Europe Luxury Car Market
- Segmentation of Europe Luxury Car Market By Vehicle Type (Hatchback, Sedan, Sport Utility Vehicle, Multi-purpose Vehicle)
- Segmentation of Europe Luxury Car Market By Drive Type (IC Engine, Electric)
- Statistical Snap of Europe Luxury Car Market
- Expansion Analysis of Europe Luxury Car Market
- Problems and Obstacles in Europe Luxury Car Market
- Competitive Landscape in the Europe Luxury Car Market
- Impact of COVID-19 and Demonetization on Europe Luxury Car Market
- Details on Current Investment in Europe Luxury Car Market
- Competitive Analysis of Europe Luxury Car Market
- Prominent Players in the Europe Luxury Car Market
- SWOT Analysis of Europe Luxury Car Market
- Europe Luxury Car Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Europe Luxury Car Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Europe Luxury Car Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Europe Luxury Car Market
7. Europe Luxury Car Market, By Vehicle Type (USD Million) 2020-2033
7.1. Europe Luxury Car Market Size, Share and Forecast, By Vehicle Type, 2020-20267.2. Europe Luxury Car Market Size, Share and Forecast, By Vehicle Type, 2027-20337.3. Hatchback7.4. Sedan7.5. Sport Utility Vehicle7.6. Multi-purpose Vehicle
8. Europe Luxury Car Market, By Drive Type (USD Million) 2020-2033
8.1. Europe Luxury Car Market Size, Share and Forecast, By Drive Type, 2020-20268.2. Europe Luxury Car Market Size, Share and Forecast, By Drive Type, 2027-20338.3. IC Engine8.4. Electric
9. Europe Luxury Car Market Forecast, 2020-2033 (USD Million)
9.1. Europe Luxury Car Market Size and Market Share
10. Europe Luxury Car Market, By Region, 2020-2033 (USD Million)
10.1. Europe Luxury Car Market Size and Market Share By Region (2020-2026)10.2. Europe Luxury Car Market Size and Market Share By Region (2027-2033)10.3. Germany10.4. France10.5. Italy10.6. UK10.7. Russia10.8. Rest of Europe
11. Company Profile
11.1. Tesla Inc11.1.1. Company details11.1.2. Financial outlook11.1.3. Product summary11.1.4. Recent developments11.2. AB Volvo11.2.1. Company details11.2.2. Financial outlook11.2.3. Product summary11.2.4. Recent developments11.3. Audi AG11.3.1. Company details11.3.2. Financial outlook11.3.3. Product summary11.3.4. Recent developments11.4. BMW AG11.4.1. Company details11.4.2. Financial outlook11.4.3. Product summary11.4.4. Recent developments11.5. Ford Motor Company11.5.1. Company details11.5.2. Financial outlook11.5.3. Product summary11.5.4. Recent developments11.6. Fiat Chrysler Automobiles11.6.1. Company details11.6.2. Financial outlook11.6.3. Product summary11.6.4. Recent developments11.7. Meredes-Benz Group AG11.7.1. Company details11.7.2. Financial outlook11.7.3. Product summary11.7.4. Recent developments11.8. Hyundai Motor Company11.8.1. Company details11.8.2. Financial outlook11.8.3. Product summary11.8.4. Recent developments11.9. Rolls-Royce Holding PLC11.9.1. Company details11.9.2. Financial outlook11.9.3. Product summary11.9.4. Recent developments11.10. Bentley Motors11.10.1. Company details11.10.2. Financial outlook11.10.3. Product summary11.10.4. Recent developments11.11. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Europe Luxury Car Market size is USD 341.5 billion from 2024 to 2033.
Europe Luxury Car Market Segment is Covered By Vehicle Type, By Drive Type.
The Europe region is anticipated to have the highest market share in Europe Luxury Car Market.
The key players in the market include Companies Covered Tesla Inc, AB Volvo, Audi AG, BMW AG, Ford Motor Company, Fiat Chrysler Automobiles, Meredes-Benz Group AG, Hyundai Motor Company, Rolls-Royce Holding PLC, Bentley Motors.
The luxury car sector stands to benefit significantly from the digital revolution, which will enable manufacturers to redefine luxury for the modern day and improve the customer experience. Modern consumers need immersive and personalised experiences, which luxury cars can provide thanks to advances in connectivity, artificial intelligence, and digital interfaces.
Europe Luxury Car Market is projected to reach USD 341.5 billion by 2033, growing at a CAGR of 8.95% during the forecast period.
Europe Luxury Car Market grew in market size from 2024. The Market is expected to reach 341.5 billion by 2033, at a CAGR of 8.95% during the forecast period.
Europe Luxury Car Market CAGR of 8.95% during the forecast period.
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