Luxury Electric Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
- Transparency Market Research
- Electric Vehicle
The next generation of luxury automotive manufacturers are focusing on autonomous vehicles, connected vehicles, electric vehicles, and shared mobility trend. Automakers are ever supple in the space of luxury electric cars, incorporating advance technological features owing to the support of autonomous, connectivity, and mobility trends. Automakers are embracing these trends and luxury electric vehicles are undergoing a major transformation in terms of features and branding. On the autonomous trend front, luxury OEMs will be subjected to a first wave of application of inductive charging and business models based on in-car experiences. However, the impact on connectivity and human machine interference innovations is vital for brands looking to differentiate themselves. Artificial intelligence-based personal assistance and artificial intelligence proactive navigation to eliminate range anxiety and optimal usage of battery charge are likely to be a few examples of features included in cars. In terms of human machine interference (HMI), intuitive touch-based systems are set to become a norm. Women-centric designs are also expected be on the radar of premium makers, especially in the SUV segment.
Stringent emission regulations have pushed luxury automakers to electrify their offerings in order to adhere to emission standards. However, battery electric vehicles and plug-in hybrids are being touted as sustainable alternative transportation solutions. While a set of tech savvy consumers and green environmentalists are the early adopters, OEMs need to offer more than a product in order to attract consumers across varying demographic segments. Moreover, the luxury space is evolving more rapidly than its internal-combustion-engine-powered counterpart, owing to of the expansion of the luxury electric vehicle market. A restrain for the luxury electric vehicle market is low adoption of electric vehicles by end-users due to a lack of awareness and common misconceptions about electric range and e-technology.
The global luxury electric vehicle market can be segmented based on application, charging component, vehicle, electric vehicle, and region. In terms of application, the luxury electric vehicle market can be segmented into autonomous vehicle and four other segments. The autonomous vehicle segment dominated the market in terms of revenue. It is expected to maintain its dominance during the forecast period. The penetration rate of the autonomous vehicle segment is high, as compared to that of the other luxury electric vehicle applications. In terms of charging component, the luxury electric vehicle market can be classified into on-board charger and one more segment. Based on vehicle, the luxury electric vehicle market can be segregated into sedan and three other segments. In terms of electric vehicle, the luxury electric vehicle market can be split into battery electric vehicle and two other segments. The battery electric vehicle segment is projected to expand during the forecast period. Rise in concern about the environment, increase in the sale of battery electric vehicles, and government initiatives for green vehicles have propelled the market significantly.
Based on geography, the global luxury electric vehicle market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounts for a significant share of the luxury electric vehicle market, followed by Europe and Asia Pacific, respectively. The market in Asia Pacific is likely to expand at a significant growth rate during the forecast period. The luxury electric vehicle market in Asia Pacific has been expanding significantly owing to the increase in penetration rate of electric vehicles, especially in countries such as China and India, due to supporting macroeconomic factors such as rise in income and purchasing power, changing lifestyle led by growth in urbanization, and increase in awareness about environment safety . Additionally, the demand for luxury electric vehicles is expected to be high in countries such as Japan and South Korea due to the implementation of stringent government legislations and safety norms toward the environment.
Key player operating in the global luxury electric market include BMW, Lexus, Audi AG, Geely Auto, Tesla, Mercedes-Benz, Porsche, and Volvo.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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