Luxury, electric and smart cars trend for the future – Luxury

While the mid-size car market is stagnating and set to remain largely unchanged in ten years, the luxury car market will continue to grow and for the first time lose weight. By 2023, cars costing $80,000 to $150,000 will grow by 8%, cars costing up to $300,000 by 10% and super-luxuries $500,000 each will grow by 14%. In the face of such an increase, it is the first time that sedans and sports cars that have turned the heads of those who see them roaring on the street will have less appeal than all-new electrified and all-smart SUVs, with extra-luxury finishes, able to interact with people on board through new apps and entertainment systems for all passengers.
Luxury is changing the page and the richest aim to have cars that do not pollute the cities by choosing them electric but also comfortable for the whole family. So even the classic luxury car brands are diversifying their productions with new ones less iconic but more modern models. While around 50% of premium and luxury car buyers already prefer SUVs as their next purchase today, eleven different leading global luxury car manufacturers, including Aston Martin, Ferrari and Lotus, are busy introducing their new SUV models in response on this question.
Witness the change McKinsey’s new report with taste and production forecasts for the next ten years.
Thus, hybrid cars, the so-called ‘sport utility vehicles’, that is SUVs (Sport Utility Vehicles) with high performance and luxurious finishes, will be at the top of Joakim’s wishes around the world, the Chinese in the lead, followed by Asians and Americans. Even the taste of European nabobs will follow the same trend, but with a greater eye on car design, because in Europe there has always been more attention to this aspect.
The benefits of ‘tailored’ assistance high level before and after sales, both online and live, is considered indispensable. The reasons for the expected increase in sales of top class cars depend on the number of super rich continuing to grow. “With more millionaires and billionaires scattered around the world, the choice of very expensive cars no longer concerns only the American or European neighbors, but the Asians and those from the Middle Eastern countries, China in the lead”, explain the authors of the research. China will be a crucial part of growth for the luxury car market. “For example, – analysts explain – in the price range above 80,000 dollars, we expect China to be the fastest growing market for luxury cars in 2031 with an annual growth of 14%, thus increasing its global share in the segment from 24%. in 2021 to about 35% by the end of the decade. This is because the number of super-rich in China will grow significantly”.
The new trends in luxury cars show that the sales of new SUVs, costing from 150,000 to 500,000 dollars each, will double, but the biggest momentum will be hit by the extra-luxury cars in the hybrid off-road version with a minimum list price of $500,000. The latter embraces an audience of super-rich people from all over the world from the Chinese to the Europeans, from the Japanese to the Americans and already in 2021 they were introduced to the global market 16 new models. Electrified SUVs will dominate the market in the next few years, says the McKinsey report: 70 percent of those who own a tall and highly advanced internal combustion car will switch to electric, also under the pressure of the next steps of regulation that will stimulate in the market for electric models also for the luxury car segment, which seems to be slower on this front. Among the trends for the next ten years, the study points to the rise of advanced driver assistance systems (ADAS) and intelligent connectivity features. These systems will take over profits of over 7% already in 2026. If the Chinese are very interested in technology, especially when it comes to powertrain functions, digital interactions, connectivity, rich Europeans and Americans also love traditional elements such as l ‘world-class craftsmanship and quality, which will remain strong buying factors. In the West, style, performance and driving will continue to be valued more.

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