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 - Technavio

NEW YORK, April 17, 2023 -- 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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Key Topics Covered:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market Segmentation by Propulsion
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle Type
• Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 07: Parent market
• Exhibit 08: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 09: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 10: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 11: Chart on Australia - Market size and forecast 2022-2027 (actual units)
• Exhibit 12: Data Table on Australia - Market size and forecast 2022-2027 (actual units)
• Exhibit 13: Chart on Australia: Year-over-year growth 2022-2027 (%)
• Exhibit 14: Data Table on Australia: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Luxury car market in Australia 2017 - 2021
• Exhibit 15: Historic Market Size – Data Table on Luxury car market in Australia 2017 - 2021 (actual units)

• 4.2 Propulsion Segment Analysis 2017 - 2021
• Exhibit 16: Historic Market Size – Propulsion Segment 2017 - 2021 (actual units)

• 4.3 Vehicle Type Segment Analysis 2017 - 2021
• Exhibit 17: Historic Market Size – Vehicle Type Segment 2017 - 2021 (actual units)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 18: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Propulsion

• 6.1 Market segments 
• Exhibit 25: Chart on Propulsion - Market share 2022-2027 (%)
• Exhibit 26: Data Table on Propulsion - Market share 2022-2027 (%)

• 6.2 Comparison by Propulsion 
• Exhibit 27: Chart on Comparison by Propulsion
• Exhibit 28: Data Table on Comparison by Propulsion

• 6.3 IC engine-based vehicles - Market size and forecast 2022-2027 
• Exhibit 29: Chart on IC engine-based vehicles- Market size and forecast 2022-2027 (actual units)
• Exhibit 30: Data Table on IC engine-based vehicles- Market size and forecast 2022-2027 (actual units)
• Exhibit 31: Chart on IC engine-based vehicles- Year-over-year growth 2022-2027 (%)
• Exhibit 32: Data Table on IC engine-based vehicles- Year-over-year growth 2022-2027 (%)

• 6.4 Electric vehicles - Market size and forecast 2022-2027 
• Exhibit 33: Chart on Electric vehicles- Market size and forecast 2022-2027 (actual units)
• Exhibit 34: Data Table on Electric vehicles- Market size and forecast 2022-2027 (actual units)
• Exhibit 35: Chart on Electric vehicles- Year-over-year growth 2022-2027 (%)
• Exhibit 36: Data Table on Electric vehicles- Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Propulsion 
• Exhibit 37: Market opportunity by Propulsion (actual units)
• Exhibit 38: Data Table on Market opportunity by Propulsion (actual units)

7 Market Segmentation by Vehicle Type

• 7.1 Market segments 
• Exhibit 39: Chart on Vehicle Type - Market share 2022-2027 (%)
• Exhibit 40: Data Table on Vehicle Type - Market share 2022-2027 (%)

• 7.2 Comparison by Vehicle Type 
• Exhibit 41: Chart on Comparison by Vehicle Type
• Exhibit 42: Data Table on Comparison by Vehicle Type

• 7.3 SUV - Market size and forecast 2022-2027
• Exhibit 43: Chart on SUV- Market size and forecast 2022-2027 (actual units)
• Exhibit 44: Data Table on SUV- Market size and forecast 2022-2027 (actual units)
• Exhibit 45: Chart on SUV- Year-over-year growth 2022-2027 (%)
• Exhibit 46: Data Table on SUV- Year-over-year growth 2022-2027 (%)

• 7.4 Others - Market size and forecast 2022-2027
• Exhibit 47: Chart on Others- Market size and forecast 2022-2027 (actual units)
• Exhibit 48: Data Table on Others- Market size and forecast 2022-2027 (actual units)
• Exhibit 49: Chart on Others- Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Others- Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Vehicle Type 
• Exhibit 51: Market opportunity by Vehicle Type (actual units)
• Exhibit 52: Data Table on Market opportunity by Vehicle Type (actual units)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 53: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Drivers, Challenges, and Trends

• 9.1 Market drivers 

• 9.2 Market challenges 

• 9.3 Impact of drivers and challenges 
• Exhibit 54: Impact of drivers and challenges in 2022 and 2027

• 9.4 Market trends 

10 Vendor Landscape

• 10.1 Overview 

• 10.2 Vendor landscape 
• Exhibit 55: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption 
• Exhibit 56: Overview on factors of disruption

• 10.4 Industry risks 
• Exhibit 57: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered 
• Exhibit 58: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 59: Matrix on vendor position and classification

• 11.3 Aston Martin Lagonda Ltd. 
• Exhibit 60: Aston Martin Lagonda Ltd. - Overview
• Exhibit 61: Aston Martin Lagonda Ltd. - Product / Service
• Exhibit 62: Aston Martin Lagonda Ltd. - Key offerings

• 11.4 Bayerische Motoren Werke AG 
• Exhibit 63: Bayerische Motoren Werke AG - Overview
• Exhibit 64: Bayerische Motoren Werke AG - Business segments
• Exhibit 65: Bayerische Motoren Werke AG - Key news
• Exhibit 66: Bayerische Motoren Werke AG - Key offerings
• Exhibit 67: Bayerische Motoren Werke AG - Segment focus

• 11.5 FCA Italy S.p.A 
• Exhibit 68: FCA Italy S.p.A - Overview
• Exhibit 69: FCA Italy S.p.A - Product / Service
• Exhibit 70: FCA Italy S.p.A - Key offerings

• 11.6 Ferrari spa 
• Exhibit 71: Ferrari spa - Overview
• Exhibit 72: Ferrari spa - Business segments
• Exhibit 73: Ferrari spa - Key offerings
• Exhibit 74: Ferrari spa - Segment focus

• 11.7 Hyundai Motor Group 
• Exhibit 75: Hyundai Motor Group - Overview
• Exhibit 76: Hyundai Motor Group - Business segments
• Exhibit 77: Hyundai Motor Group - Key offerings
• Exhibit 78: Hyundai Motor Group - Segment focus

• 11.8 Mazda Motor Corp. 
• Exhibit 79: Mazda Motor Corp. - Overview
• Exhibit 80: Mazda Motor Corp. - Business segments
• Exhibit 81: Mazda Motor Corp. - Key offerings
• Exhibit 82: Mazda Motor Corp. - Segment focus

• 11.9 Mercedes Benz Group AG 
• Exhibit 83: Mercedes Benz Group AG - Overview
• Exhibit 84: Mercedes Benz Group AG - Business segments
• Exhibit 85: Mercedes Benz Group AG - Key offerings
• Exhibit 86: Mercedes Benz Group AG - Segment focus

• 11.10 Mitsubishi Motors Corp. 
• Exhibit 87: Mitsubishi Motors Corp. - Overview
• Exhibit 88: Mitsubishi Motors Corp. - Business segments
• Exhibit 89: Mitsubishi Motors Corp. - Key offerings
• Exhibit 90: Mitsubishi Motors Corp. - Segment focus

• 11.11 Porsche Automobil Holding SE 
• Exhibit 91: Porsche Automobil Holding SE - Overview
• Exhibit 92: Porsche Automobil Holding SE - Business segments
• Exhibit 93: Porsche Automobil Holding SE - Key offerings
• Exhibit 94: Porsche Automobil Holding SE - Segment focus

• 11.12 Renault SAS 
• Exhibit 95: Renault SAS - Overview
• Exhibit 96: Renault SAS - Product / Service
• Exhibit 97: Renault SAS - Key offerings

• 11.13 SAIC Motor Corp. Ltd. 
• Exhibit 98: SAIC Motor Corp. Ltd. - Overview
• Exhibit 99: SAIC Motor Corp. Ltd. - Business segments
• Exhibit 100: SAIC Motor Corp. Ltd. - Key news
• Exhibit 101: SAIC Motor Corp. Ltd. - Key offerings
• Exhibit 102: SAIC Motor Corp. Ltd. - Segment focus

• 11.14 Stellantis NV 
• Exhibit 103: Stellantis NV - Overview
• Exhibit 104: Stellantis NV - Business segments
• Exhibit 105: Stellantis NV - Key news
• Exhibit 106: Stellantis NV - Key offerings
• Exhibit 107: Stellantis NV - Segment focus

• 11.15 Tata Motors Ltd. 
• Exhibit 108: Tata Motors Ltd. - Overview
• Exhibit 109: Tata Motors Ltd. - Business segments
• Exhibit 110: Tata Motors Ltd. - Key news
• Exhibit 111: Tata Motors Ltd. - Key offerings
• Exhibit 112: Tata Motors Ltd. - Segment focus

• 11.16 Tesla Inc. 
• Exhibit 113: Tesla Inc. - Overview
• Exhibit 114: Tesla Inc. - Business segments
• Exhibit 115: Tesla Inc. - Key news
• Exhibit 116: Tesla Inc. - Key offerings
• Exhibit 117: Tesla Inc. - Segment focus

• 11.17 Toyota Motor Corp. 
• Exhibit 118: Toyota Motor Corp. - Overview
• Exhibit 119: Toyota Motor Corp. - Business segments
• Exhibit 120: Toyota Motor Corp. - Key offerings
• Exhibit 121: Toyota Motor Corp. - Segment focus

12 Appendix

• 12.1 Scope of the report 

• 12.2 Inclusions and exclusions checklist
• Exhibit 122: Inclusions checklist
• Exhibit 123: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 124: Currency conversion rates for US$

• 12.4 Research methodology 
• Exhibit 125: Research methodology
• Exhibit 126: Validation techniques employed for market sizing
• Exhibit 127: Information sources

• 12.5 List of abbreviations 
• Exhibit 128: List of abbreviations

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