The global luxury car market was valued at around USD 410 billion in 2020. The market is projected to grow to USD 566 billion in 2026, with a CAGR of approximately 5% during the forecast period (2021-2026).
The COVID-19 pandemic had a profound effect on the luxury car market directly in the short term as the sales and production witnessed a decline in 2020. Furthermore, the pandemic has greatly affected the spending power of every individual. After the restrictions were lifted, the market gradually started gaining its lost momentum.