Size of global luxury car market
/PRNewswire/ - Brand Differentiation and Competitive Pressures to Revolutionize the Luxury Vehicle Market by 2020
The aim of this research service is to provide a strategic overview of the global luxury vehicle market. Luxury automotive OEMs must evolve and adapt to emerging Mega Trends of urbanization, demographic and social preference changes, and technology and electric mobility. The study introduces new market segments that have developed to meet changing customer needs, and discusses automotive Mega Trends and their impact on this market. In addition, it highlights the key technology trends and important launches expected and also analyzes branding and new market channel strategies adopted by luxury OEMs.
Executive Summary—Key Findings
Growth of luxury vehicle sales is set to outpace growth of the mass-market vehicle sales, with luxury expected to account for 10% of the global automotive market by 2020.
1 In an increasingly competitive space, OEMs are exploring new means of differentiating their brand, and the study finds that new brand attributes and positioning will propel the market.
2 To expand market share and improve profitability, traditional mass-market brands (e.g., Hyundai, Ford, and Fiat) are attempting to expand their portfolio with the launch of premium models, such as the Genesis, the C6, Avantime, and Ford's upcoming Vignale brand. Chinese brands are to follow.
3 Size is no longer one of the key definitions of a luxury vehicle. There is a growing market for smaller, fuel-efficient luxury cars. The compact segment is expected to be one of the fastest-growing luxury car segments, growing by % to reach close to million sales globally by 2020.
-To build sustained brand loyalty, luxury OEMs are targeting Gen X and Y with more compact, sustainable, high-tech cars; for example, Mercedes CLA, Audi A3, BMW 1 series.
-The premium suburban utility vehicle (SUV) and crossover market is one of the hottest segments, accounting for approximately % of global luxury sales.
4 Connectivity and autonomous driving are evolving into key parameters by which a brand will be judged in the future. The race is on to launch the first fully automated car, which is expected to hit the market by
5 The advent of eRetailling and digital technology has spurred the evolution of market channel strategy of luxury OEMs from the traditional brick-and-mortar showroom to a more sophisticated, digitally enhanced brand experience.
6 In 2013, overtook to become the largest market for luxury vehicles. By, share of the global market is expected to grow to nearly %.
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