The next generation of luxury automotive manufacturers are focusing on autonomous vehicles, connected vehicles, electric vehicles, and shared mobility trend. Automakers are ever supple in the space of luxury electric cars, incorporating advance technological features owing to the support of autonomous, connectivity, and mobility trends. Automakers are embracing these trends and luxury electric vehicles are undergoing a major transformation in terms of features and branding. On the autonomous trend front, luxury OEMs will be subjected to a first wave of application of inductive charging and business models based on in-car experiences. However, the impact on connectivity and human machine interference innovations is vital for brands looking to differentiate themselves. Artificial intelligence-based personal assistance and artificial intelligence proactive navigation to eliminate range anxiety and optimal usage of battery charge are likely to be a few examples of features included in cars. In terms of human machine interference (HMI), intuitive touch-based systems are set to become a norm. Women-centric designs are also expected be on the radar of premium makers, especially in the SUV segment.
Stringent emission regulations have pushed luxury automakers to electrify their offerings in order to adhere to emission standards. However, battery electric vehicles and plug-in hybrids are being touted as sustainable alternative transportation solutions. While a set of tech savvy consumers and green environmentalists are the early adopters, OEMs need to offer more than a product in order to attract consumers across varying demographic segments. Moreover, the luxury space is evolving more rapidly than its internal-combustion-engine-powered counterpart, owing to of the expansion of the luxury electric vehicle market. A restrain for the luxury electric vehicle market is low adoption of electric vehicles by end-users due to a lack of awareness and common misconceptions about electric range and e-technology.
The global luxury electric vehicle market can be segmented based on application, charging component, vehicle, electric vehicle, and region. In terms of application, the luxury electric vehicle market can be segmented into autonomous vehicle and four other segments. The autonomous vehicle segment dominated the market in terms of revenue. It is expected to maintain its dominance during the forecast period. The penetration rate of the autonomous vehicle segment is high, as compared to that of the other luxury electric vehicle applications. In terms of charging component, the luxury electric vehicle market can be classified into on-board charger and one more segment. Based on vehicle, the luxury electric vehicle market can be segregated into sedan and three other segments. In terms of electric vehicle, the luxury electric vehicle market can be split into battery electric vehicle and two other segments. The battery electric vehicle segment is projected to expand during the forecast period. Rise in concern about the environment, increase in the sale of battery electric vehicles, and government initiatives for green vehicles have propelled the market significantly.
Based on geography, the global luxury electric vehicle market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounts for a significant share of the luxury electric vehicle market, followed by Europe and Asia Pacific, respectively. The market in Asia Pacific is likely to expand at a significant growth rate during the forecast period. The luxury electric vehicle market in Asia Pacific has been expanding significantly owing to the increase in penetration rate of electric vehicles, especially in countries such as China and India, due to supporting macroeconomic factors such as rise in income and purchasing power, changing lifestyle led by growth in urbanization, and increase in awareness about environment safety . Additionally, the demand for luxury electric vehicles is expected to be high in countries such as Japan and South Korea due to the implementation of stringent government legislations and safety norms toward the environment.
Key player operating in the global luxury electric market include BMW, Lexus, Audi AG, Geely Auto, Tesla, Mercedes-Benz, Porsche, and Volvo.
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