Luxury Electric Vehicles Market Rising With Growth In New Technology Trends Research By 2030

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Know More About “Luxury Electric Vehicles Market 2023-2030” Growth Worldwide

San Francisco, 22 March 2024: The Report Luxury Electric Vehicles Market Size, Share & Trends Analysis Report By Propulsion Type (BEV, PHEV, FCEV), By Vehicle Type, By Region And Segment Forecasts, 2023 - 2030

The global luxury electric vehicles market size is anticipated to reach USD 726.9 billion by 2030, growing at a CAGR of 17.7% over the forecast period, as per research conducted by Grand View Research, Inc. Increasing inclination toward decarbonizing road transport, efforts to diversify battery infrastructure, and fluctuating petrol & diesel prices are driving the demand of the luxury electric vehicle in the global market. In addition, prominent automobile manufacturers’ shift towards producing 100% electric vehicle variants is further propelling the growth of the luxury electric vehicle industry.

A growing number of government initiatives to invest in developing battery charging infrastructure and hydrogen vehicle refueling stations is expected to boost the sales of luxury vehicles including variants such as the battery, plug-in, and hydrogen-powered fuel cell vehicle in the global market. For instance, in 2021, the government in China incentivized 35 projects related to fuel cells for the development of hydrogen refueling stations and the adoption of fuel cell vehicles by providing subsidies worth $17 billion. Additionally, the Dubai government under the Dubai Electricity and Water Authority (DEWA) set up more than 300 green battery charging stations and has 530 charging stations across Dubai. Therefore, these government investments is expected to create a new window of opportunity for stakeholders in the market.

Moreover, the key players in the luxury electric vehicle industry are majorly focusing on manufacturing technologically advanced vehicles. For instance, Audi AG is integrating e-torque vector plus technology in the luxury electric vehicle variants; the technology helps in ensuring vehicle stability during harsh driving conditions. In addition, the luxury electric model manufactured by the prominent players is all-wheel drive which increases traction in icy and watery road conditions, the integration of the launch control system boosts the power of more than 500HP, and fast charging options charges 80% battery in approximately a half-hour and all-wheel steering enhances the maneuverability at varying speeds. Furthermore, the development of technologically advanced vehicles is expected to increase consumers’ inclination toward luxury electric vehicle models over their counterparts, thus fueling the luxury electric vehicles market growth.

Rising demand for emission-free, air combating fuel efficient, and technologically advanced vehicles is driving the growth of the luxury electric vehicle in the market. In addition, the increasing consumer inclination towards entertainment, safety and comfort features has positively impacted the market growth. Besides, the growing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) in the emerging economies of the Asia Pacific region has propelled the demand for luxury electric vehicles.

Access Research Report of Luxury Electric Vehicles Market @ https://www.grandviewresearch.com/industry-analysis/luxury-electric-vehicles-market-report

Government initiatives to increase electric vehicle penetration across developing nations is catalyzing the growth of luxury electric vehicle in the market. Several governments are providing tax subsidies on the purchase of luxury and economy electric vehicles, which is encouraging consumers to switch towards electric models over gasoline-powered vehicles. In addition, the fluctuating crude oil prices due to a pandemic, geopolitical events, harsh climatic conditions, and up-surge in the existing fluctuation influence consumers automobile purchase decisions. Since the rise in fuel price increases the overall cost of owning the vehicles during the overall lifespan of the vehicle; thus, consumers are shifting towards technologically advanced, secured, and luxury electric vehicles.

Luxury Electric Vehicle Market Report Highlights

  • BEV segment is expected to dominate the market in 2022. Fluctuating fuel prices, Zero emission targets to decarbonize the environment, while government subsidiaries on electric vehicle purchase are propelling the battery luxury electric vehicle market segment growth
  • The rising demand for technologically advanced, secure, comfortable, high-speed efficient vehicles is driving the demand for luxury electric vehicles in the market
  • Fuel cell luxury electric vehicle segment is expected to witness tremendous growth during the forecast period. The market growth is attributed to rising government and automobile manufacturers’ investment in developing fuel cell technology for powering electric vehicles and the development of hydrogen refueling stations
  • The increasing government investment in the development of battery charging infrastructure and various incentives for the purchase of luxury electric vehicles is driving the growth of luxury electric vehicles
  • Inclination towards integration of artificial intelligence and consumer traction for self-driving technologies is positively impacts the sales of luxury electric vehicles in the market.

The prominent players in the luxury electric vehicle industry are majorly investing in building lightweight, cost-effective, and high-density batteries. For instance, General Motors Company is working on testing the different combinations of propulsion chemistries to slash the existing cost of electric batteries. General Motors is experimenting with the combination of silicon-rich and lithium metal anode to produce its next-generation Ultium batteries to reduce the propulsion cell price to $100/kwh by the year 2030. In addition, the company has plans to enhance battery life for high-speed electric vehicles with a driving range of 805 to 965km.

List of Key Players in the Luxury Electric Vehicle Market

  • Tesla, Inc.
  • BYD Auto Co., Ltd.
  • Volkswagen AG
  • BMW AG
  • AB Volvo
  • Ford Motor Company
  • Hyundai Motor Company
  • Toyota Motor Corporation
  • Kia Corporation
  • Audi AG

 

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