Luxury vehicle is a term used for the vehicles that provide luxury (pleasant or desirable features beyond necessity) at premium price. It can also be referred as the vehicle with features such as, higher quality equipment, better performance, more precise construction, comfort, higher design and technologically innovative with features that convey an image, brand, status or prestige for the individual in the society. Luxury vehicles provide high degree of comfort than other vehicles. Major contents of these cars are genuine leather upholstery and polished “wood grain-look” dashboards.
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Luxury vehicles may be classified into different forms such as sedan, coupe, hatchback, station wagon, minivans, crossovers, sport utility vehicles and convertible body styles. . In every era of automobile history, there is a group of car models that are expensive to purchase, due to their alleged superiority of design and engineering. As these models targeted the wealthy customers these are termed as luxury cars. Automobile manufacturers provide different models that are targeted at particular socio-economic classes according to their income and standard of living in the society.
Countries such as China, Japan, the U.S., Canada, India and European countries are the major markets for the luxury vehicles. Increasing disposable income is the major driver for the luxury vehicle globally. Additionally, various loan schemes launched by the automobile manufacturers and the financial institutions have made it easy for the customer to buy luxury vehicles to maintain their status in the society. This may provide growth opportunity for the luxury vehicle especially in the developing nations.
Rising fuel price can act as restraints for the global luxury vehicle market especially in the developing countries such as India. According to Statista (Statistics Company) average prices for crude oil increased from USD 77.38 per barrel in 2010 to USD 105.87 per barrel in 2013.
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Luxury vehicle manufacturers may be either stand-alone companies, such as BMW and Mercedes, or division or subsidiary of a mass market automaker (Lexus part of Toyota). Some of the major brands operating in this market are BMW, Mercedes-Benz, Rolls-Royce, Jaguar, Audi, Bentley, Lamborghini, Volvo, Ferrari, Land Rover, Lexus and Cadillac.