One of the most important segments of the Luxury Industry, the Cars market continues to innovate, surprise and inspire the new generations.
According to a recent report by Statista, The Luxury Cars market accounted for 0.7% of the worldwide market revenue in 2019. This is a -0.2% growth compared to market share in 2014. The highest revenue share of Luxury Cars sales in 2019 were generated in Switzerland (2.4%) and Germany (2.1%). The best-performing make in the Luxury Cars segment in 2019 was Mercedes-Benz (revenue of US$3.4 billion), followed by BMW (US$ 2.5 billion) and Cadillac (US$2.3 billion).
As described by Statista, The Luxury Cars segment is influenced by the distribution of wealth within a country or region, and generally follows economic trends. What this means is that sales, therefore revenue is affected by recession periods. In addition, ownership of a luxury car is seen as a status symbol, and their high price tags dictate how many can be bought, and by whom. Bentley, Cadillac, Lincoln, Mercedes-Maybach, Porsche and Rolls-Royce will continue driving sales in this segment.
The Luxury Cars Market segment includes passenger cars of an average footprint around 5m2 (54 ft2), an average mass around 2200kg (4850lbs) and a passenger/cargo volume larger than 3.4 m3 (120 ft3). Models of this market are also characterized by their high price. There are numerous companies that produce exclusively for this market.
Still briefly described by the introduction of the Statista report, the Luxury Cars Market existed as long the automotive industry, with manufacturers offering their premium models to the upper economic class. Initially dominated by European and American companies, the market structure changed significantly in the 1990’s when the Japanese manufactures Honda, Toyota and Nissan launched their luxury brands Acura, Lexus and Infinity, respectively.
In general, the market for Luxury Cars is highly influenced by the distribution of wealth within a country / region and shows high sensitivity to recession periods.
Fonte: Complete report at Statista.com
