Luxury Electric Vehicle Market – Key Growth Factors and Industry Analysis 2018-2026

The next generation of luxury automotive manufacturers are focusing on autonomous vehicles, connected vehicles, electric vehicles, and shared mobility trend. Automakers are ever supple in the space of luxury electric cars, incorporating advance technological features owing to the support of autonomous, connectivity, and mobility trends. Automakers are embracing these trends and luxury electric vehicles are undergoing a major transformation in terms of features and branding. On the autonomous trend front, luxury OEMs will be subjected to a first wave of application of inductive charging and business models based on in-car experiences.

However, the impact on connectivity and human machine interference innovations is vital for brands looking to differentiate themselves. Artificial intelligence-based personal assistance and artificial intelligence proactive navigation to eliminate range anxiety and optimal usage of battery charge are likely to be a few examples of features included in cars. In terms of human machine interference (HMI), intuitive touch-based systems are set to become a norm. Women-centric designs are also expected be on the radar of premium makers, especially in the SUV segment.

Stringent emission regulations have pushed luxury automakers to electrify their offerings in order to adhere to emission standards. 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. Moreover, the luxury space is evolving more rapidly than its internal-combustion-engine-powered counterpart, owing to of the expansion of the luxury electric vehicle market. A restrain for the luxury electric vehicle market is low adoption of electric vehicles by end-users due to a lack of awareness and common misconceptions about electric range and e-technology.

The global luxury electric vehicle market can be segmented based on application, charging component, vehicle, electric vehicle, and region. In terms of application, the luxury electric vehicle market can be segmented 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.

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In terms of charging component, the luxury electric vehicle market can be classified into on-board charger and one more segment. Based on vehicle, the luxury electric vehicle market can be segregated into sedan and three other segments. In terms of electric vehicle, the luxury electric vehicle market can be split into battery electric vehicle and two other segments. The battery electric vehicle segment is projected to expand during the forecast period.

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Pragati Pathrotkar

As one of the lead news writers on cmfenews, Pragati’s specialization lies in the science and technology domains. Her passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Pragati’s take on the impact of digital technologies across the science, technology, and business domains gives her writing a fresh and modern outlook.

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