LONDON, Oct. 12, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Luxury Electric Vehicles Global Market Report 2023, the global luxury electric vehicles market is at the forefront of a monumental transformation, with the market expanding from $149.13 billion in 2022 to an impressive $178 billion in 2023, reflecting a substantial Compound Annual Growth Rate (CAGR) of 19.4%. Projections indicate that the global luxury electric vehicles market will continue its upward trajectory, reaching $345.51 billion by 2027, sustaining a robust CAGR of 18%.
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Environmental Safety Standards as Growth Catalyst
The implementation of environmental safety standards and regulations is set to be a driving force behind the luxury electric vehicle market's growth. Environmental, health, and safety regulations encompass a broad range of criteria relevant to various industries. These regulations play a vital role in reducing greenhouse gas emissions and accelerating the adoption of electric vehicles. For instance, the United States Environmental Protection Agency recently introduced regulations aimed at significantly reducing hazardous air emissions of pollutants from light-duty and medium-duty vehicles beginning with the model year 2027. This move is a testament to the commitment to cleaner car technology, lowering climate pollution, improving public health, and reducing fuel and maintenance costs.
Leaders in Sustainable Mobility
The luxury electric vehicle market features key players who are shaping the industry's future. Luxury Electric Car Manufacturers like Toyota Motor Corporation, Mercedes-Benz, and Tesla Inc. are among the frontrunners, demonstrating their commitment to innovation and sustainability.
Innovation Redefining Luxury
Product innovation is a defining trend in the luxury electric vehicle market. Leading companies are driving innovation to fortify their market positions. For example, in June 2023, AB Volvo launched the EX30, a fully electric small SUV with impressive twin motor performance capabilities. This luxury electric SUV can accelerate from 0 to 100 km/h in just 3.6 seconds, demonstrating the capacity for performance in electric luxury vehicles.
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Global Reach and Market Segmentation
In 2022, Asia-Pacific led the luxury electric vehicle market, reflecting the region's strong emphasis on sustainable mobility. The market report further segments the global luxury electric vehicles market based on:
- Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicles (FCEVs), Hybrid
- Battery Type: Lead-Acid, Lithium-Ion
- Range: High-End Luxury, Mid-Range Luxury
- Vehicle Type: Cars, Buses, Vans, Trucks
- Application: Personal, Government
The Luxury Electric Vehicles Global Market Report 2023 is an invaluable resource for industry stakeholders, investors, and automotive enthusiasts. It provides insights, trends, and data crucial for informed decision-making, unveiling opportunities in the luxury electric vehicle market. As the world increasingly pivots towards eco-friendly mobility solutions, this report stands as a strategic guide for shaping a sustainable automotive future.
Luxury Electric Vehicles Global Market Report 2023 by The Business Research Company provides insights on the luxury electric vehicles market size, luxury electric vehicles market segments, luxury electric vehicles market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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