Luxury Car Market size in Australia to grow by USD 30,298.94 actual units from 2022 to 2027, Driven by the integration of advanced technologies in luxury cars

NEW YORK, April 17, 2023 /PRNewswire/ — The luxury car market size in Australia is forecast to increase by USD 30,298.94 actual units from 2022 to 2027, at a CAGR of 5.28%, according to the recent market study by Technavio. The growth of the market will be driven by the integration of advanced technologies in luxury cars, the rising number of high-net-worth individuals, and the increasing preference for safety and comfort. Get a holistic overview of the breast cancer luxury car market in Australia industry experts to evaluate and develop growth strategies. View Sample Report!

Luxury Car Market in Australia Vendor Analysis:

The luxury car market in Australia is highly competitive, with an increasing demand for luxury cars. The brand position is a major factor by which a company can differentiate itself from other vendors. Technavio has extensively analyzed 15 major vendors, including Aston Martin Lagonda Ltd., Bayerische Motoren Werke AG, FCA Italy S.p.A, Ferrari spa, Ford Motor Co., GAZ International LLC, General Motors Co., Isuzu Motors Ltd., Mazda Motor Corp., McLaren Group Ltd., Mercedes Benz Group AG, Mitsubishi Motors Corp., Porsche Automobil Holding SE, Renault SAS, SAIC Motor Corp. Ltd., Stellantis NV, Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Hyundai Motor Group

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Vendor Offerings –

• Aston Martin Lagonda Ltd. – The company offers sports luxury cars such as Aston Martin DBX, Aston Martin DBX707, Intensity, and DBS770.

• Bayerische Motoren Werke AG – The company offers luxury cars such as BMW X5, M3, BMW iX, and BMW iX M360 as well as Rolls Royce.

• Ferrari spa – The company offers luxury cars such as Ferrari Purosangue and Ferrari 296 GTS.

Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

• It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.

• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Luxury Car Market in Australia – Market Segmentation:

This luxury car market report in Australia extensively covers market segmentation by propulsion (IC engine-based vehicles and electric vehicles) and vehicle type (SUV and others).

• The market share growth by the IC engine-based vehicles segment will be significant for the market growth during the forecast period. The growth in the dominating sub-segments like diesel and petrol engines lead to a growth in the segment. the growth in the segment has been attributed to rising consumer disposable income, resulting in increased acceptance of luxury vehicles in the country. Additionally, technological developments also led to improvements in internal combustion engines in terms of emissions, performance, and fuel efficiency. Such trends are expected to drive the segment growth, in turn leading to a growth in the overall luxury car market in Australia.

Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download the Sample Report

Luxury Car Market in Australia – Market Dynamics:

Key Drivers:

• The growing number of high-net-worth individuals is a factor that is notably driving the Australian luxury car market growth.

• Financial institutions refer to individuals or families with substantial cash and savings accounts with banks as “high net worth individuals” (HNWI).

• The vast majority of luxury car sales are made to these people. As a result, during the forecast period, a rise in the number of Australian HNWIs will result in an increase in the number of luxury car sales. Individuals who have liquid assets of at least USD 1 million are considered HNWIs.

• Numerous wealthy individuals have always been drawn to Australia. As per New World Riches, throughout recent years, it had in excess of 80,000 well-off individuals moved to the country.

• Hence, such factors lead to growth in the luxury car market in Australia during the forecast period.

Major Trends:

• The growing technological updates in luxury cars to beat the competition is a primary trend influencing the Australian luxury car market growth.

• Manufacturers consider luxury automobiles to be flagship models. As a result, manufacturers are updating models of luxury cars with cutting-edge technologies and features like parking assistance.

• The Volvo XC90 has a sophisticated parking assist system with four hidden cameras that provide the driver with a 360-degree view of himself while he is driving and parking. The touch display is used to control the camera feed. Drivers can pick points and cameras to go with informed stop choices.

• The vehicle can also steer, stop, decelerate, and accelerate at speeds below 30 mph semi-automatically. Advanced driver assistance systems protect the luxury SUV Audi Q7 by automatically closing the windows and sunroof, applying the brakes, and recognizing an emergency.

• When reversing this vehicle, the system assists the driver in avoiding a collision. The cruise control system of the vehicle enables the driver to autonomously maintain lanes and adjust speed in response to the conditions of highway traffic.

• Hence, such updates are expected to boost the market growth of luxury cars in Australia.

Key Challenges:

• A major challenge hampering the growth of the luxury car market in Australia is the decline in the automotive industry due to the global semiconductor chip shortage.

• Automobile production has been hampered by chip shortages, which have necessitated the temporary shutdown of production lines when supplies run out.

• For instance, the entire automotive industry is experiencing a severe shortage of parts, necessitating a halt in production and a reduction in exports to Australia.

• Suppliers like Toyota have also been hardest hit, which has caused production in Australia to slow down.

• Due to data indicating that global semiconductor shortages will continue, new car buyers in Australia are being urged to wait in line and place their orders early to avoid delays.

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What are the key data covered in this Luxury Car Market In Australia report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the luxury car market in Australia between 2023 and 2027

• Precise estimation of the size of the luxury car market in Australia and its contribution to the market with a focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the luxury car market across Australia

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of luxury car market in Australia vendors

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• The autonomous cars software market size is expected to increase by USD 5.55 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 40.46%. The report extensively covers autonomous cars software market segmentation by product (level 3 autonomous cars, level 4 autonomous cars, and level 5 autonomous cars) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The increasing demand for the autonomy of vehicles by OEMs is one of the key drivers supporting the autonomous cars software market growth.

• Based on Technavio’s market sizing methodology, the luxury cars market size is predicted to surge by USD 78.32 billion from 2021 to 2026 at a CAGR of 4.64%. The report extensively covers luxury cars market segmentation by product (report extensively covers luxury cars market segmentation by), and geography (Europe, APAC, North America, South America, and Middle East and Africa). One of the key factors driving growth in the luxury car market is the rising demand for luxury SUVs.

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Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Propulsion

7 Market Segmentation by Vehicle Type

8 Customer Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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