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Global Luxury Electric Vehicles Market to reach USD 584.9 billion by the end of 2030.

Global Luxury Electric Vehicles Market Size study & Forecast, by Propulsion Type (BEV, PHEV, FCEV), by Vehicle Type (Cars, Buses, Vans, Trucks), and Regional Analysis, 2023-2030

Product Code: ALTPCV-12876732
Publish Date: 13-07-2023
Page: 200

Global Luxury Electric Vehicles Market is valued at approximately USD 158.8 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 17.7% over the forecast period 2023-2030. The luxury electric vehicles market encompasses the sector of the automotive industry that specializes in the production and sale of high-end, premium electric vehicles, catering to affluent consumers who seek luxurious features, advanced technologies, exceptional performance, and sustainable transportation options. These vehicles combine the elegance and sophistication of luxury automobiles with the environmental benefits and innovative capabilities of electric propulsion systems, reflecting a growing demand for sustainable and opulent mobility solutions in the luxury automotive segment. The Luxury Electric Vehicles Market is being driven by factors such as rising demand for emission-free and technologically advanced vehicles.

According to International Energy Agency, by the end of 2022, the global electric car sales exceeded 10 million and 14% of all new car sold were electric up from 9% in 2021. Along with that according same source 2.3 million electric care were sold in first quarter of 2023 about 25% more than same period last year. Thus, increasing sales of e-vehicles fueling the growth of the market. In addition, increasing disposable income in emerging economies and increasing consumer inclination towards safety and comfort features may create lucrative opportunities for the market. However, the limited number of charging stations and supporting charging infrastructure may hinder the growth of the market throughout the forecast period of 2023-2030.

The key regions considered for the Global Luxury Electric Vehicles Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 increasing government focus towards building battery charging infrastructure and hydrogen fueling stations in developing nations such as China and India. North America considered as the fastest growing region during the forecasted period due to the high paying capacities of the consumers based in the region and the government tax rebate on electric vehicle purchases.
Major market player included in this report are:
Tesla, Inc.
BYD Auto Co., Ltd.
Volkswagen AG
Bayerische Motoren Werke AG
AB Volvo
Ford Motor Company
Hyundai Motor Company
Toyota Motor Corporation
Kia Corporation
Audi AG

Recent Developments in the Market:
Ø In April 2022, BYD Auto Co., Ltd. introduced the Han EV series, featuring a diverse lineup of vehicles ranging from mid-level to luxury sedans. This series encompasses both battery-electric and plug-in hybrid vehicles. Significantly the luxury electric vehicle in the series showcases cutting-edge technologies that enhance safety features, overall vehicle performance, and comfort. One notable safety feature is the integration of ultra-safe blade batteries, which significantly reduce the risk of fire even in the event of severe vehicle damage.
Global Luxury Electric Vehicles Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Propulsion Type, Vehicle Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Propulsion Type:
BEV
PHEV
FCEV

By Vehicle Type:
Cars
Buses
Vans
Trucks

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Luxury Electric Vehicles Market , by Region, 2020-2030 (USD Billion)
1.2.2. Luxury Electric Vehicles Market , by Propulsion Type, 2020-2030 (USD Billion)
1.2.3. Luxury Electric Vehicles Market , by Vehicle Type, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Luxury Electric Vehicles Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Luxury Electric Vehicles Market Dynamics
3.1. Luxury Electric Vehicles Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Rising demand for emission-free vehicles
3.1.1.2. Technologically advanced vehicles
3.1.2. Market Challenges
3.1.2.1. Limited number of charging stations
3.1.2.2. Limited supporting charging infrastructure
3.1.3. Market Opportunities
3.1.3.1. Increasing disposable income in emerging economies
3.1.3.2. Increasing consumer inclination towards safety and comfort
Chapter 4. Global Luxury Electric Vehicles Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Luxury Electric Vehicles Market, by Propulsion Type
5.1. Market Snapshot
5.2. Global Luxury Electric Vehicles Market by Propulsion Type, Performance – Potential Analysis
5.3. Global Luxury Electric Vehicles Market Estimates & Forecasts by Propulsion Type 2020-2030 (USD Billion)
5.4. Luxury Electric Vehicles Market , Sub Segment Analysis
5.4.1. BEV
5.4.2. PHEV
5.4.3. FCEV
Chapter 6. Global Luxury Electric Vehicles Market, by Vehicle Type
6.1. Market Snapshot
6.2. Global Luxury Electric Vehicles Market by Vehicle Type, Performance – Potential Analysis
6.3. Global Luxury Electric Vehicles Market Estimates & Forecasts by Vehicle Type 2020-2030 (USD Billion)
6.4. Luxury Electric Vehicles Market , Sub Segment Analysis
6.4.1. Cars
6.4.2. Buses
6.4.3. Vans
6.4.4. Trucks
Chapter 7. Global Luxury Electric Vehicles Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Luxury Electric Vehicles Market , Regional Market Snapshot
7.4. North America Luxury Electric Vehicles Market
7.4.1. U.S. Luxury Electric Vehicles Market
7.4.1.1. Propulsion Type breakdown estimates & forecasts, 2020-2030
7.4.1.2. Vehicle Type breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Luxury Electric Vehicles Market
7.5. Europe Luxury Electric Vehicles Market Snapshot
7.5.1. U.K. Luxury Electric Vehicles Market
7.5.2. Germany Luxury Electric Vehicles Market
7.5.3. France Luxury Electric Vehicles Market
7.5.4. Spain Luxury Electric Vehicles Market
7.5.5. Italy Luxury Electric Vehicles Market
7.5.6. Rest of Europe Luxury Electric Vehicles Market
7.6. Asia-Pacific Luxury Electric Vehicles Market Snapshot
7.6.1. China Luxury Electric Vehicles Market
7.6.2. India Luxury Electric Vehicles Market
7.6.3. Japan Luxury Electric Vehicles Market
7.6.4. Australia Luxury Electric Vehicles Market
7.6.5. South Korea Luxury Electric Vehicles Market
7.6.6. Rest of Asia Pacific Luxury Electric Vehicles Market
7.7. Latin America Luxury Electric Vehicles Market Snapshot
7.7.1. Brazil Luxury Electric Vehicles Market
7.7.2. Mexico Luxury Electric Vehicles Market
7.8. Middle East & Africa Luxury Electric Vehicles Market
7.8.1. Saudi Arabia Luxury Electric Vehicles Market
7.8.2. South Africa Luxury Electric Vehicles Market
7.8.3. Rest of Middle East & Africa Luxury Electric Vehicles Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Tesla, Inc.
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. BYD Auto Co., Ltd.
8.3.3. Volkswagen AG
8.3.4. Bayerische Motoren Werke AG
8.3.5. AB Volvo
8.3.6. Ford Motor Company
8.3.7. Hyundai Motor Company
8.3.8. Toyota Motor Corporation
8.3.9. Kia Corporation
8.3.10. Audi AG
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

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Data Collection:
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Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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