Luxury vehicles are equipped with more advanced comfort, space, safety, design, and technology features than the vehicles belonging to other segments. The vehicles are positioned as a luxury vehicle based on various parameters such as brand value, availability of advanced technologies, and aesthetics. As per the latest market research report published by Technavio, the global luxury vehicle market size will grow by 7,981.18 thousand units during 2019–2023
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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. BMW AG launched 10 electrified vehicle models and witness the growth of more than 42% in 2017. Further, the company has announced its plans to launch 25 electrified vehicles by 2025.
Daimler AG, Volvo Car Corporation, and Jaguar Land Rover Automotive plc are among other manufacturers that have invested in electrified vehicles. These companies showcased their plug-in hybrid electric vehicles in Geneva Motor Show 2018.
Additionally, established luxury electric vehicle manufacturers, including Tesla, are increasing their product portfolio by introducing new electric vehicle models. Thus, the rapid development of electrified luxury vehicles is expected to contribute to the growth of the global luxury vehicle market at a CAGR of 12.02% during the forecast period. To know the complete and in-depth analysis and forecast of this market get the complete report by clicking the link below.
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