Luxury Electric Vehicle Market Analysis

Propulsion Type (BEV, PHEV, FCEV)

Battery electric vehicle segment is likely to dominate over 70% luxury electric vehicle market share by 2037, in light of the growing popularity of EVs relative to more traditional forms of transportation. Moreover, it is anticipated that hydrogen fuel cell vehicles will capture a substantial portion of the market in the projected time period.

Furthermore, projected enhancements in the range and cost of battery electric vehicles (BEVs) indicate that consumers are anticipated to value many BEVs as much as or more than their gasoline-powered equivalents by the year 2037.

Based on a comprehensive simulation, it is expected that by 2030, if all gasoline vehicles were to provide a battery electric vehicle (BEV) option, the majority of new automobile purchases and a significant portion of new sport-utility vehicle (SUV) purchases might be electric. This shift is mostly attributed to anticipated advancements in technology.

Vehicle Type (Cars, Buses, Vans, Trucks)

By 2037, car segment is poised to account for around 91% luxury electric vehicle market share. The growth of the segment is attributed due to the increasing adoption of technologies by consumers in the form of electric vehicles. The significant growth in electric car sales can be largely due to consistent and substantial government backing.

The surge in electric vehicle registrations led to a rise in the manufacturing of automotive lithium-ion batteries. In 2022, there was a 66% surge in demand for electric vehicle (EV) batteries compared to the previous year, driven by the ongoing growth of EV sales across all markets, with China leading the way. The rise in battery demand can be ascribed to the increasing sales of battery electric vehicles (BEV).

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