What is the Market Size of Luxury Vehicles in US?
The global luxury vehicles market is projected to grow at a CAGR of 5.2%, reaching $500 billion by 2031, up from $350 billion in 2024. This market caters to consumers seeking premium features, advanced technology, and superior performance, driven by economic prosperity and evolving preferences. Luxury vehicles are distinguished by high-quality materials, cutting-edge amenities, and innovative technology, setting benchmarks for the broader automotive industry. With rapid urbanization and rising affluence in emerging markets, demand for luxury vehicles is expected to surge, offering significant opportunities for manufacturers to expand and innovate.