The term “luxury vehicle” suggests a vehicle with higher quality equipment, explicit construction, comfort, better performance, higher design, and is technologically modern and featured. It is a perceptual, conditional, and subjective attribute that may be apprehended differently by different people. Luxury vehicles are a symbol of an image, brand, prestige, or status that is offered at premium prices. These vehicles provide emphasized comfort and the higher degree of safety compared to mainstream vehicles.
The past of automobile industry shows that there has been a point where it had a group of car models that were expensive to purchase owing to the so-called superiority of their design and engineering. Wealthy buyers and the high-standard group of people give importance to their society status and prestige. Hence, these automobiles specifically focus on such wealthy buyers and are generically termed as “luxury vehicles”. By providing various models, manufacturers of these luxury vehicles target particular socio-economic classes taking into account their income and standard of living in the society.
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On the basis of type, luxury vehicles are classified as the sedan, station wagon, hatchback, coupe, and convertible body styles. Further, they are segmented into minivans, crossovers, sport utility vehicles, and others. Luxury vehicles are available for any size vehicle, from small to large, and in any price range. Based on the size and features provided by luxury vehicles, others segment is further sub-segmented as premium compact vehicles, entry-level luxury or compact executive vehicles, mid-size luxury or executive vehicles, high-end luxury or full-size luxury vehicles, and ultra-luxury vehicles. Geographically, the market is segmented as North America, Europe, Asia, and RoW.
The U.S., China, Japan, Canada, India, and other European countries are the major markets for luxury vehicles. The global luxury vehicles market is forecasted to have positive growth in the near future. Increasing disposable income is the key factor for the market growth globally. In addition, automobile manufacturers and other financial institutions provide various loan schemes which make it easy for the customers to maintain their status in the society. This is one of the factors increasing the demand for luxury vehicles in the developing nations which positively impacts the growth of global luxury vehicles market. On the other hand, rising fuel prices in developing countries such as India may act as market restraints, hindering the growth of the global market.
Key players of the global luxury market are BMW, Mercedes-Benz, Jaguar, Audi, Volvo, Ferrari, and Land Rover. Other major players in the market include Rolls-Royce, Bentley, Lamborghini, Lexus, and Cadillac. Some of the manufacturers may be either stand-alone companies such as BMW and Mercedes, while others may be a division or a subsidiary of a mass market automaker such as Lexus, which is a part of Toyota.