Most years of the forecast period are expected to see a dramatic slowing of growth compared with the pandemic years. With travelling difficult or even impossible at times during the pandemic, consumers targeted their spending elsewhere, including towards buying new premium and luxury cars.
More premium and luxury car brands are set to launch electric cars in the second half of 2022, including Lexus, BMW, Mercedes-Benz and Audi. They are promising more features and longer range, which will help to maintain growth in the segment in the forecast period.
BMW is expected to show stronger growth in 2022 than its competitor Mercedes-Benz. Mercedes-Benz still leads premium and luxury cars by far in terms of value sales, but BMW is set to see faster growth.
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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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