Starting from Q4 2021 and throughout the early to middle of 2022, the impact of semiconductor shortages on sales of premium and luxury cars became increasingly significant, with no clear sign of it easing in the short term. However, the shortage is not expected to remain in the long term, as multiple efforts have been made to prevent the shortage from hitting US companies even harder.
Younger generations (millennials and gen Z) of affluent consumers are increasingly driving growth in luxury goods, including premium and luxury cars. Since the younger generations are fashion-savvy, luxury car makers are teaming up with fashion labels to attract them, and these collaborations have seen expansion in recent years.
In recent years, sales of premium and luxury electric vehicles saw strong growth, not only from the expansion of Tesla in the US market, but also from other premium and luxury car brands, such as Audi, Porsche, Jaguar, and more, as they increasingly electrified their fleets. The growth in electric vehicles and the phasing-out of petrol vehicles is set to continue over the forecast period, for multiple reasons.
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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 TeslaSee All of Our Definitions
This report originates from Passport, our Luxury Cars research and analysis database.
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