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NEW YORK, May 20, 2022 /PRNewswire/ — The luxury car market in Australia is fragmented and the vendors are deploying growth strategies such as focusing on new product launches to compete in the market. Aston Martin Lagonda Ltd., BMW AG, Daimler AG, Ferrari NV, JAGUAR LAND ROVER AUTOMOTIVE PLC, Stellantis NV, Tesla Inc., Toyota Motor Corp., Volkswagen AG, and Volvo Car Corp. are some of the major market participants The luxury car market size in Australia is set to grow by 27350.00 units from 2021 to 2026, progressing at a CAGR of 5.12% according to the latest market report by Technavio.
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Luxury Car Market in Australia 2022-2026: Scope
Our luxury car market in Australia report covers the following areas:
- Luxury Car Market in Australia size
- Luxury Car Market in Australia trends
- Luxury Car Market in Australia industry analysis
Luxury Car Market in Australia 2022-2026: Drivers & Challenges
The key factor driving growth in the luxury car market in Australia is the integration of advanced safety technologies in luxury cars to gain higher safety ratings. The automotive industry in the country is witnessing the development of safety technologies, which are making luxury vehicles safer and more reliable on roads. The high fatality rates due to the growing number of accidents have pushed automotive OEMs to incorporate new safety features to make the crossovers safer to drive. The penetration rate of such advanced safety systems, such as emergency brake assist, lane departure warning system, collision mitigation warning, blind-spot detection, and automatic emergency braking system, is found to be higher in sedans compared with SUVs. ANCAP ratings and different governments’ impetus for safer luxury cars have pushed automakers to incorporate advanced safety systems in their luxury car portfolio to increase their customer base. This introduction of new safety technologies by luxury car manufacturers will drive the demand among consumers in the near future .
However, the decline in the automotive industry due to the global semiconductor chip shortage will be a major challenge for the luxury car market in Australia during the forecast period. The chip shortage has pushed carmakers to idle production lines for a long period of time and thus hindered automotive production. The entire car industry is amid a severe parts shortage forcing carmakers to halt production and slash …
Full story available on Benzinga.com
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