DUBLIN, June 29, 2023 /PRNewswire/ — The “UAE Luxury Car Market, By Vehicle Type (Hatchback, Sedan, SUV/MPV), By Propulsion (ICE, Electric), By Price Segment (Entry Level, Mid-Range, and Premium-Range), By Region, Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
The UAE luxury car market is anticipated to grow at a robust CAGR in the forecast period, 2024-2028
Changing consumer preferences from sedans to SUVs and the rise in the per capita income of consumers are the primary driving factors for the UAE luxury car market.
Also, the expansion of the product portfolio by the market players and the growing popularity of used luxury cars among consumers are expected to create lucrative growth opportunities for the UAE luxury car market in the next five years.
High Demand for Comfort and Convenience Drives the Market Growth
Luxury vehicles offer features like entertainment systems, integrated seat massagers, and automatic safety features and are manufactured using high-quality materials to give an excellent finish to the interior and exterior of the car. The increased demand for a comfortable riding experience among consumers and the enhanced comfort offered to consumers are expected to bolster the UAE luxury car market growth for the next five years.
Increasing Popularity of Used Cars Fuel the Market Demand
Consumers have started to buy used car luxury vehicles as they are affordable and readily available. The user can frequently change the luxury vehicles in search of better-performing luxury vehicles. The availability of easy financing options in the market, low entry costs, and annual maintenance costs accelerate the demand for used luxury vehicles among consumers.
Furthermore, the market players are adopting online platforms the expansion of their consumer base and boost their sales. Due to high internet penetration and the proliferation of smart devices, there is growing popularity of e-commerce channels among consumers.
The buyers can easily choose between several options based on product specifications, price, color, model, and brand and buy used luxury vehicles with ease. The high demand from online platforms for used luxury vehicles is expected to boost the UAE luxury car market growth in the coming years.
Ongoing Advancements in Technology Support the High Market Demand
Market players are investing hefty amounts in research and development activities to upgrade the existing infrastructure and find innovative solutions to launch advanced versions of luxury cars into the market.
They are focusing on developing next-generation technologies such as retina recognition, autonomous vehicles, and personal vehicle recognition and integrating technologies like artificial intelligence, machine learning, and internet of things technology to improve the performance of electric luxury vehicles.
The continuous evolution in technology enables automobile manufacturers to introduce novel versions of luxury vehicles in the market. The development of road infrastructure and growing consumer awareness about the technology trends in the market are expected to propel the sales of luxury vehicles equipped with attractive features for the forecast period.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in UAE luxury car market.
- Rolls-Royce Motor Cars Limited
- BMW AG
- Koenigsegg Automotive AB
- Automobili Lamborghini S.p.A.
- W Motors
- Daimler AG
- Volkswagen AG
- Aston Martin Lagonda Limited
- Ferrari S.p.A.
- Automobiles Ettore Bugatti
Voice of Customer
- Factors Influencing Purchase Decision
- Aided Brand Recall and Unaided Brand Recall
- Brand Satisfaction Level
Report Scope:
UAE Luxury Car Market, By Vehicle Type:
- Hatchback
- Sedan
- SUV/MPV
UAE Luxury Car Market, By Propulsion:
- ICE
- Electric
UAE Luxury Car Market, By Price Segment:
- Entry Level
- Mid-Range
- Premium-Range
UAE Luxury Car Market, By Region:
- Dubai
- Abu Dhabi
- Sharjah
- Rest of UAE
For more information about this report visit https://www.researchandmarkets.com/r/u05301
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SOURCE Research and Markets
