Premium and luxury cars is expected to see retail volume decline in most years of the forecast period, with sales failing to return to anywhere near the pre-pandemic level. This will mainly be due to the falling population and new working patterns, with less commuting and less opportunity to be seen in a high-end car.
While some brands in premium and luxury cars tend to be reluctant to offer technology that leads to automated driving, in order to maintain the pleasure of driving, Toyota Motor Corp deployed advanced driver assistance features in its Lexus model NX, launched in 2021. Lexus NX was introduced as the first model to symbolise the beginning of the next generation of the Lexus brand.
While the leather used in premium and luxury cars is said to be a sign of luxury and status, due to its quality, soft touch and durability, a trend towards a leather-free movement is expected, in which alternative materials to leather will be used for seats and interiors. This is due to growing awareness of sustainability amongst industry experts and consumers, who are beginning to recognise the environmental impact of using leather.
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Passenger car vehicles providing exceptional comfort, aimed at the premium market and at drivers wanting a higher level of performance and handling or a vehicle that gives the impression of being capable of high-speed motoring. These cars are generally designed to appeal to high earning, status led consumers and generally retail at US$75,000 plus Example models include: Aston Martin, Ferrari, Jaguar, Bentley, Porsche, McLaren, Maserati, Rolls-Royce and Tesla
See All of Our DefinitionsThis report originates from Passport, our Luxury Cars research and analysis database.
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