Luxury Electric Vehicle Market Growth Analysis & Forecast Report | 2024-2032

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Luxury Electric Vehicle Market Growth Analysis
Forecast Report 2024-2032
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• Industry Insights

• Luxury Electric Vehicle (EV) Market size is
  poised to record over 8 CAGR till 2032, driven
  by the rising investments in charging
  infrastructure.
• Of late, a large number of luxury automakers,
  government bodies and private entities are
  focusing on expanding fast-charging networks for
  enhancing the convenience for EV owners. For
  instance, in October 2022, Manchester-based EV
  charging network Be.EV secured an 110m
  investment from Octopus Energy Generation for
  adding 1,000 charging points throughout the U.K.
  The growing emphasis on the expansion of electric
  vehicle portfolios to cater to diverse consumer
  preferences for luxury vehicles will also enhance
  the market outlook.

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• In terms of vehicle type, the market share from
  the SUVs crossovers segment will witness
  appreciable growth from 2023-2032 owing to their
  versatility, spaciousness, and perceived safety.
  The changing consumer lifestyles, including the
  rising preference for outdoor activities,
  family-oriented transportation, and the strong
  desire for vehicles to offer utility and comfort
  are driving the demand for SUVs and crossovers.
  The growing popularity of mid-size SUVs, compact
  SUVs and full-size SUVs as well as crossover
  vehicles to cater to different purposes and
  customers will boost the segment expansion.
• Based on propulsion type, the luxury fuel cell
  electric vehicle industry is expected to expand
  exponentially from 2023-2032. The growth can be
  attributed the increasing prominence of luxury
  fuel cell electric vehicles (FCEVs) as a greener
  alternative to conventional internal combustion
  engine vehicles to deliver zero emissions at the
  tailpipe. The ongoing advances in fuel cell
  technology for enhancing the efficiency, range,
  and reliability of luxury fuel cell EVs will also
  prove favorable for the industry development.

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• Regional Analysis

• Asia Pacific luxury EV market size is projected
  to record a noteworthy CAGR through 2032 due to
  the heightened environmental awareness and
  concerns regarding air pollution in densely
  populated urban areas. Several governments in the
  region are introducing incentives and subsidies
  for promoting the adoption of EVs. The robust
  investments in charging infrastructure along with
  the rising number of tax benefits and rebates
  will also influence the regional industry growth.

• Competitive Analysis

• Audi AG
• BMW Group
• Maserati (Stellantis)
• Mercedes-Benz
• Porsche AG
• Tesla, Inc.
• Volvo Cars

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