SUVs accounted for half of overall volume sales of luxury cars in the US in 2017, as more consumers moved away from sedans and coupés. This figure is expected to increase further over the next five years, as more SUV models are hurriedly being introduced to the market.
The number of EVs sold in the US increased to nearly 200,000 units in 2017, compared with nearly 160,000 in 2016: an approximate 26% increase in volume sales. Tesla is not the only big name associated with EVs any longer.
Tesla is aiming to increase its volume share in luxury cars by increasing the production of its more affordable EVs. Recently, it was able to increase the production of its USD35,000 Model 3 to 5,000 vehicles a week, and has announced its goal to reach 6,000 units a week.
The leading brands in luxury cars in the US in value terms in 2017 were Mercedes-Benz, BMW, Lexus and Audi; accounting for a significant combined value share. Sales growth for these brands varied significantly in 2017.
More luxury car subscription services are being introduced as an alternative to the traditional ownership model. Most of these services allow consumers access to a fleet of vehicles from a company for a monthly fee, often between USD1,600 and USD3,000.
Luxury car companies are noticing the increased demand for vehicles powered by alternative energy and are rolling out more electric models. It is expected that eight new electric SUVs will be introduced to the market by 2020, and a ninth by Aston Martin’s Lagonda in 2021.
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