Luxury Car Statistics 2022-2021
- Statistics predict projected revenue growth of $21780 million in 2022.
- 2.2M units of luxury cars delivered to the U.S. in 2021
- Projections estimate sales to reach $449.7 billion by 2019
- Global sales are expected to bounce back after covid19
- Adoption of luxury E.V.s and exotic car SUVs could boost sales (source)
- The drop in sales in 2021 was due to supply and not demand- J.D. Power
- Tesla shares have increased by 42% yearly
- Gobal market for luxury vehicles is expected to grow at a 6.3% CAGR
- The luxury car market is expected to surpass $655 billion in 2027
Exotic and Luxury Car Sales Statistics and Facts 2022-2021
The luxury cars market’s statistics project the revenue growth to reach US$21780 million in 2022. The Projections show an expected revenue growth rate of -0.53 (CAGR 2022-2026), resulting in projected market volumes of US$21320.00 million by 2026. Luxury car unit sales are expected to top 205900 by 2026. These statistics are influenced by many factors, including increased demand, increased disposable income, and technological advancements enticing buyers to purchase newer and better vehicles like either a Lamborghini or a Ferrari. Other exotic car sales factors may affect sales, including current economic issues and Covid restrictions and high-end vehicle lease rates.
Luxury car brands delivered 2.2M units, accounting for a record total of 14.7% of total U.S. light-vehicle sales. BMW delivered 336644 crossovers and sedans in the U.S. in 2021, which was on par with 2019’s pre-pandemic sales. The BMW brand retained its U.S. crown for the third year, with Mercedes-Benz, Lexus, Audi, and Tesla runner-ups. BMW outmaneuvered all other brands in a year full of supply-chain issues to sell most cars in the U.S., adding to the 3.3% increased total sale of luxury vehicles. BMW attributes this to its better end-to-end solid operational performance.
The global luxury car market was US$449.7 billion in 2019, and projections estimate that it will reach US$655 billion by 2027, exhibiting a 9.3% CAGR during the forecast period. Presently, the luxury car market is undergoing various social changes like adopting the latest technologies and modern lifestyles, which are set to contribute to its growth. Growing competition between the brands and the need for a better brand identity has contributed to product enhancements and standards. This plays into the consumer’s perception of luxury vehicle brands promoting sales.
The luxury car market was valued at 440 billion USD in 2021, and the market is projected to reach 600 billion in 2027 with a CAGR of 5% during this forecast period. The market was significantly affected by COVID in 2020 by curtailing each individual’s spending power. The market is slowly gaining momentum after governments lifted restrictions. However, increased tariffs on luxury vehicles could hinder the growth of luxury vehicle markets. For instance, the U.S. is set to set a 35% import duty on vehicles manufactured outside the U.S., which could affect sales. The luxury car market could grow within the projected path or fail short; however, that depends on various other factors, including consumer demand.
Luxury Car Facts 2022-2021
The luxury car market is set to grow by 3251.30K units from 2022 to 2026, with a CAGR progression of 6.45%. One of the prime reasons for this is the adoption of luxury E.V.s. Additionally, the market adoption of luxury SUVs is the other reason for the growth of the luxury car market. Plus, the market could grow due to safety technology integrations, increased electric vehicle adoption, and increased demand for pre-owned luxury vehicles. These factors could see more electric vehicles sold in the next few years, significantly improving revenue.
Sales for premium cars valued at USD80000 and above rose by 44% & 34.8% in the first quarter of 2022. However, these figures dropped slightly from the previous quarter. Jominy, J.D. Power’s vice president of data and analytics, stated that the drop in sales wasn’t due to a drop in demand but insufficient supply. Most brands experienced issues with supply except for Tesla and Genesis (a branch of Hyundai), which maximized on sales, helping them make more profits on their luxury vehicles. Companies that improve their supply chain will experience more profits in the coming years.
Estimates from Automotive News, Research & Data Center estimate that Tesla’s sales have increased by almost 42% yearly to 110000 in Q1. This is 21% of the whole 503709 for the segment. This implies that the company has a critical advantage over BMW, which has had 73714 sales, which is up 3.2% year over year. However, this is yet to be seen, since future market trends are currently a bit unpredictable. Tesla took advantage of the supply and demand deficits experienced by other brands to sell more vehicles, hence its increased market dominion. Only Genesis managed to enjoy similar growth, reaching 11723 units.
The global market for luxury vehicles is expected to grow at a 6.3% CAGR over the next five years and will reach USD611300 million in 2024, up from USD 423000 million in 2019. BMW, Mercedes-Benz, and Audi are the three German players that account for 70% of the global market share, but European luxury car demand has been low. However, it’s been gradually recovering over the last decade, which could lead to steady growth in sales. Regardless of the increased global economic challenges, European brands like BMW have maintained sales of higher-end vehicles with current trends expected to maintain or grow exponentially. Additionally, luxury car sales in China are experiencing a steady growth because of increased growth in millionaires.
According to globe newswire, the current market is expected to surpass US$655 billion in 2027 with an expanding growth of 9.3% CAGR from 2020-2027. The luxury car market’s worth was US$449.7 billion in 2019, and the chances are that it’ll keep growing with the global increase in disposable income. However, increased coronavirus issues have affected sales, and automobile industries seem to have suffered the most. Most consumers have become hesitant to spend on luxury goods, making it harder to sell luxury vehicles. This could affect future positive market growth.