Luxury Electric Vehicles Market Growth & Trends
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.
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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.
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