The global executive cars market size is expected to reach USD 122.9 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of 5.8% from 2021 to 2028. The market is significantly driven by the increasing spending of the consumers, rising GDP, increasing population of working professionals, and swelling middle-class population. Executive cars offer a tint of class and comfortable driving experience that attracts the consumer, mostly working professionals of senior and mid-senior level. The sedan is the type of car body that was originally available in the market, now various types of body styles are available including, hatchback, coupe, station wagons, and convertibles.
Market growth is restrained by the rising popularity of other car types, notably SUVs. And lack of product launches and decreased production lines are also leading to decreasing market growth of the executive cars. Covid-19 pandemic impacted negatively the passenger car sector, also declining the market. Disruption in the production of the auto component industry and lack of labor during the pandemic resulted in the market slump. The market recovery for executive cars is on the way with slow market growth and is expected to show healthy growth in the near future as a result of pent-up money due to pandemic.
Electric-based executive cars are anticipated to witness the highest CAGR over the forecast period in the global market, registering a growth rate of 13.4%. Government initiatives around the world are seeking to reduce greenhouse gas emission and taking initiatives. Investments in the research and development into the electric vehicles sector are helping the growth of the segment. Electric vehicles are fuel-efficient working on clean fuels with zero air pollution and reduced emissions. Asia Pacific is anticipated to register 2nd highest growth, registering a CAGR of 5.9% from 2021 to 2028. Industrial revolution and globalization resulted in the development in the automobile industry. Increasing population, increasing consumer spending, rising GDP, and increasing population of working professional are driving the growth of the market in the region.
The report “Executive Cars Market Size, Share & Trend Analysis Report By Fuel Type (Petrol, Diesel, Electric), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights
Million Insights has segmented the global executive cars market on the basis of fuel type and region:
List of Key Players of Executive Cars Market