Luxury Electric Vehicle Market to reach $413.2 Bn by 2032, Says Global Market Insights Inc.
Major fuel cards luxury electric vehicle market participants include Audi AG, Volvo Cars, BMW Group, Tesla, Inc., Maserati (Stellantis), Porsche AG, and Mercedes-Benz
Selbyville, Delaware, June 03, 2024 (GLOBE NEWSWIRE) —
The luxury electric vehicle market valuation is predicted to cross USD 413.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
Growing awareness and concerns for environmental sustainability has led to more efficient means of transportation and increased demand for luxury electric vehicles. As governments worldwide implement emission regulations and offer incentives to promote electric vehicle adoption, consumers are encouraged to choose luxury EVs that offer green performance and affordability. To cite an instance, in June 2023, Volvo introduced EX30, an electric SUV with power, luxury, and advanced technology. Of late, the rapid advancement of battery technology and charging infrastructure is easing range anxiety and is a viable and cost-effective option for affluent consumers seeking convenience and fidelity to their driving experience.
Luxury automakers are further incorporating new technologies and innovative designs into their EVs to attract affluent consumers. Special driving features, luxury cabins, and advanced infotainment systems are also appealing to tech-savvy individuals seeking a luxurious driving experience. As luxury EVs continue to grow and become more affordable, there have been technology advances and changing consumer needs, further adding to the industry growth.
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The luxury electric vehicle market from the sports car vehicle type segment exhibit a decent growth rate over 2023-2032 due to the convergence of performance, innovation, and sustainability. Electric sports cars offer fast acceleration and performance with instant torque delivery, while maintaining zero emissions and responding to the growing trend towards eco- friendly transportation solutions. Luxury automakers are using electric power technologies to enhance driving experience with features like regenerative braking, active all-wheel drive, and advanced driver assistance systems, appealing to enthusiasts looking for speed and refinement in their engines.
The fuel cell electric vehicle (FCEV) segment in the luxury electric vehicle market will register a noteworthy CAGR between 2023 and 2032, by offering affluent consumers a combination of cutting-edge technology, sustainability, and premium features. Luxury automakers are increasingly turning to FCEVs to meet the needs of environmentally conscious consumers seeking pollution-free driving without compromising luxury and performance. FCEVs further deploy hydrogen fuel cells for generating electricity and emit only water vapor, which appeals to customers interested in transportation solutions.
Europe luxury electric vehicle market will register a significant CAGR from 2023 to 2032. Robust charging infrastructure and government incentives, including tax incentives and subsidies for the purchase of electric vehicles are encouraging consumers to choose luxury EVs. The proliferating population and the growing demand for new technologies and premium features will also stimulate the regional market demand.
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Some of the prominent luxury electric vehicle (EV) market include Audi AG, Volvo Cars, BMW Group, Tesla, Inc., Maserati (Stellantis), Porsche AG, and Mercedes-Benz are some of the major luxury EV market contenders. These companies are actively investing in R&D activities and are also focusing on product development & launches, collaborations as well as mergers & acquisitions to widen their global presence. To illustrate, in March 2024, Audi unveiled its new Q6 e-tron premium luxury electric SUV, which was built on PPE (Premium Platform Electric).
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Luxury electric vehicle market 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Vehicle type trends
2.5 Propulsion type trends
Chapter 3 Luxury Electric Vehicle Market Insights
3.1 Impact of COVID-19
3.2 Industry ecosystem analysis
3.3 Vendor matrix
3.4 Profit margin analysis
3.5 Drive type & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 High focus on innovative design and features
3.9.1.2 Increase in charging infrastructure.
3.9.1.3 Technological advancements in vehicles
3.9.1.4 Supportive government policies and incentives
3.9.2 Industry pitfalls & challenges
3.9.2.1 Supply chain disruptions
3.9.2.2 Economic uncertainties and downturns
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Audi AG
4.3.2 BMW Group
4.3.3 Maserati (Stellantis)
4.3.4 Mercedes-Benz
4.3.5 Porsche AG
4.3.6 Tesla, Inc.
4.3.7 Volvo Cars
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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