Luxury Car Market Analysis

Vehicle Type (Hatchback, Sedan, Sports Utility Vehicle, Multi-Purpose Vehicle)

The sports utility vehicle segment is expected to hold 57% share of the global luxury car market during the forecast period because of the intensive demand for sports utility vehicles across the world. For instance, in America, Sedan sales now account for just 22.1% of the market, with a new sector capturing 47.4% of all automobile sales, despite decades of popularity for cars like the Honda Civic and Toyota Camry. For many years, SUVs have been more and more popular than sedans. In 2023, they surpassed sedans in market share, and it is expected that this trend will continue in the years to come. SUVs consume more gas and release more CO2 into the atmosphere than sedans because they are heavier and less fuel-efficient.

Fuel Type (Gasoline, Petrol or Diesel, Electric)

The petrol or diesel segment in the luxury car market is projected to account for 45% of the revenue share by 2037, owing to the increasing customer inclination towards petrol despite the prevalence of electric substitutes globally. For instance, in Austria, cars powered by gasoline or diesel are the preferred choice for all age categories (50% of car purchasers under 30, 50% of persons over 65, and 48% of individuals between the ages of 30-64 would buy one).

Propulsion (Internal Combustion (IC) Engine, Electric & Hybrid Vehicle)

The internal combustion (IC) engine segment will have superior growth during the forecast period and will hold around 75% of the revenue share of the luxury car market because internal combustion (IC) engines are simply accessible. About 25% of the world's power comes from internal combustion (IC) engines running on fossil fuel oil (about 3,000 out of 13,000 million tons of oil equivalent annually), and in the process, they generate 10% of global greenhouse gas (GHG) emissions.

Our in-depth analysis of the global market includes the following segments: