Luxury vehicles are typically more expensive and equipped with the latest features and technology and appeal to consumers who want the latest and greatest for their vehicle.
Portland, OR -- (SBWIRE) -- 07/11/2017 -- Luxury Vehicles are a prominent segment of the luxury goods market and are characterized by the superior and luxury offerings in vehicles. Need for comfort and technologically innovative features that convey the social status of an owner have generated the demand for luxury vehicles. Some of the driving factors for the luxury vehicles market are rising demands from affluent buyers in developed as well as emerging economies, technological advancements in luxury vehicles and rising affordability for these vehicles. However, requirement of improved vehicle care service centers and high costs of these vehicles are the key restraints in the global luxury vehicles market.
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A shift in the adoption of conventional vehicles toward technologically advanced, eco-friendly luxury vehicles would open numerous opportunities for the luxury vehicles market. However, major challenges in the luxury vehicles market are the presence of alternatives, low-cost public transport systems such as buses and railways and other cost-effective private vehicles that are widely used by the middle-class population worldwide.
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The global luxury vehicles market is segmented on the basis of vehicle size and geography. The type of luxury vehicles, according to their size include, premium compact segment, entry-level luxury/compact executive cars, mid-size luxury/executive cars, high-end /full-size luxury cars, ultra-luxury cars and luxury SUV/crossover vehicles. Geographically, the market is segmented into four regions viz., North America, Europe, Asia-Pacific, and LAMEA. Few of the key growth strategies adopted by the key players in this market include new vehicle launch, collaborations, and mergers and acquisitions. The key market players such as Tesla Motors, have focused their production on recent luxury vehicle technologies such as eco-friendly and electric luxury vehicles that includes automatic emergency-braking and the blind spot warnings systems. Companies profiled in this report include Audi, Mercedes-Benz, BMW, Land Rover, Porsche, Jaguar, Volvo, Bentley, Acura and Lexus.