Market Research Future published a research report on global Automotive Luxury Vehicle market. Automotive Luxury Vehicle Market will Register CAGR of 35% through 2023. Automotive Luxury Vehicle Market Information by Body Type (SUV, Sedan, Hatchback), Component (LiDAR, Biometric Sensors, Radar), Fuel Type (ICE, BEV, FCEV, Hybrid), End-User (Car Pooling, Personal Mobility), and Region - Global Forecast to 2023.

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There are several factors that are responsible for the growth of the automotive luxury vehicle market in the global scenario. Firstly, the purchasing power of the global automotive consumer has gone up over the years due to the rise in the number of people belonging to the middle class. Secondly, the number of people preferring to have personal automobiles has increased drastically. Thirdly, in a highly competitive market, automakers always try to provide something extra and unique in terms of the value offering to differentiate their product offering. The global automotive luxury vehicle market is estimated to grow at a CAGR of approx. 35% (2017 to 2023).

On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. The North America region (the U.S. and Canada, in particular) is one of the biggest automotive markets in the world. The vast landscapes coupled with state of the art road infrastructure makes this region ideal for the ever increasing automotive sales. The Europe region is where the majority of the world’s expensive and high-end car manufacturers have their headquarters. The people residing in this region are known for their keen interest and spending in lavish, high-performance vehicles. The Asia Pacific region is expected to be the next automotive hub of the world. With two of the most promising economies (in terms of growth) – India and China – this region is expected to have exponentially increasing automotive sales for a consistent period of time.

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