Transparency Market Research in its new report titled, “Luxury Electric Vehicle Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the luxury electric vehicle market. The TMR report states that the stringent emission regulations have pushed luxury automakers to electrify their offerings in order to adhere to emission standards thereby driving the luxury electric vehicle market during the forecast period i.e, 2018-2026. However, battery electric vehicles and plug-in hybrids are being touted as sustainable alternative transportation solutions. While a set of tech savvy consumers and green environmentalists are the early adopters, OEMs need to offer more than a product in order to attract consumers across varying demographic segments, says the report.
The TMR report has split the global luxury electric vehicle market in terms of application, charging component, vehicle, electric vehicle, and region. Based on application, the luxury electric vehicle market is divided into autonomous vehicle and four other segments. The autonomous vehicle segment dominated the market in terms of revenue. It is expected to maintain its dominance during the forecast period. The penetration rate of the autonomous vehicle segment is high, as compared to that of the other luxury electric vehicle applications. Based on charging component, the luxury electric vehicle market is divided into on-board charger and one more segment. On the basis of vehicle, the luxury electric vehicle market is segmented into sedan and three other segments. In accordance with electric vehicle, the luxury electric vehicle market is divided into battery electric vehicle and two other segments. The battery electric vehicle segment is projected to expand during the forecast period. Rise in concern about the environment, increase in the sale of battery electric vehicles, and government initiatives for green vehicles have propelled the market significantly.
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From a regional perspective, the global luxury electric vehicle market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, North America accounts for a significant share of the luxury electric vehicle market, followed by Europe and Asia Pacific, respectively. The market in Asia Pacific is likely to expand at a significant growth rate during the forecast period. The luxury electric vehicle market in Asia Pacific has been expanding significantly owing to the increase in penetration rate of electric vehicles, especially in countries such as China and India, due to supporting macroeconomic factors such as rise in income and purchasing power, changing lifestyle led by growth in urbanization, and increase in awareness about environment safety. Additionally, the demand for luxury electric vehicles is expected to be high in countries such as Japan and South Korea due to the implementation of stringent government legislations and safety norms toward the environment. Major companies operating in the global luxury electric market profiled in this report include BMW, Lexus, Audi AG, Geely Auto, Tesla, Mercedes-Benz, Porsche, and Volvo.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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