Market Trends of North America Luxury Car Industry
This section covers the major market trends shaping the North America Luxury Car Market according to our research experts:
Rise in electrification of vehicles
The factor which is likely to fuel the demand of the automotive luxury car market in North America is the growing production of electric vehicles backed by many established players and new startups such as Tesla, Rivian, and Lucid Motors.
Major automotive OEMs have their plan for launching various electric vehicle models. For instance, in 2019, Ford introduced its famous Mustang Mach-E electric SUV and revealed its plans to invest around $11.5 billion in the technology between 2020 to 2022. The company plans to manufacture a variety of EVs and plug-in hybrids which include an electric version of the next-generation F-150 pickup.
In March 2020, GM introduced its EV plans along with its new Ultium battery technology. GM is will be spending around US$20 billion by 2025 to develop electric vehicles and autonomous vehicles, in which 20 all-electric models will be launched by 2023.
SUV is Anticipated to witness higher growth in the North American Luxury Car Market
The North American luxury car market is expected to be driven by SUVs, traditional passenger cars are losing their share to SUV. US was always the largest market and producer of pickup trucks, now the pick trucks are following the trend of electrification with all the major players in the market have launched their electric trucks and some are in pipeline. For instance, in 2019 Tesla unveiled the its first electric pickup truck Cybertruck. This truck will come in three versions with 250 miles, 300 miles, and 500 miles of range. First cycbertruck will be coming off the assembly line by 2021
Some of the foreign brands whose best-seller SUV in North America are Nissan, Hyundai, Kia, Jaguar, Lexus, Porsche, Maserati and Volvo. And in 2020 Kia Telluride bags NACTOY best Utility Vehicle of the Year, it's interior layout and design meet the luxury SUV standards, while its refined drivetrain, driving dynamics and advanced technology maintain its premium experience.
