New Market Research Report Added in MarketResearchReports.Biz Reports Database: Luxury Cars - US - November 2013Domestic luxury carmakers Cadillac and Lincoln are attempting to reclaim their former glory. Unfortunately, neither will get very far without the help of Millennial luxury car buyers who, as it stands now, seem more inclined to purchase European luxury makes.
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Table of Content
Scope and Themes
What you need to know
Definition
Data sources
Sales data
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
Terms
Executive Summary
The market
Figure 1: Total US unit sales and fan chart forecast of luxury cars, 2008-18
Market factors
Leasing critically important to new luxury car sales
Figure 2: New lease share of new vehicle financing, 2009-13
Upper-income households impact luxury car sales
Figure 3: Household and nonprofit organization net worth, 1951-2013
Stabilizing housing market helps boost car sales
Figure 4: Median existing home prices vs. new luxury car sales, 2008-12
Key players
Top 10 luxury brands control more than 85% of luxury car market
Figure 5: Luxury car sales, by brand, 2008-13
The consumer
The majority who intend to buy a luxury car want to buy it brand new
Figure 6: Expectation of buying next car new, used, or CPO among those intending to purchase a luxury vehicle, August 2013
Those who want a luxury car predominantly want European
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Figure 7: Expectation of buying defined luxury brands at next purchase by country/area, by gender, August 2013
Luxury car intenders more interested in complimentary services than rebates and incentives
Figure 8: Incentives, warranties, rebates, and financing offers that help persuade purchase of luxury vehicle, August 2013
Men looking for a luxury car significantly more interested in diesel powertrains when compared to women
Figure 9: Interest in emerging powertrains and vehicle segments when purchasing next luxury vehicle, by gender, August 2013
Millennial luxury car intenders more likely to consider a luxury vehicle from Kia or Hyundai
Figure 10: Perceptions and purchasing behaviors among luxury vehicle intenders, Millennials vs. Baby Boomers, August 2013
What we think
Issues and Insights
How to get more Millennial buyers to consider domestic luxury vehicles?
The issues
The implications
How can all luxury carmakers attract more women?
The issues
The implications
Trend Applications
Trend: Minimize me
Trend: Greenfluencers
Mintel Futures: Brand Intervention
Market Size and Forecast
Key points
Luxury new car sales expected to reach 2.4 million by the end of 2013, outpace new car industry growth through 2018
Figure 11: Total US unit sales of luxury vehicles, 2008-18
Figure 12: Total US unit sales of luxury vehicles as a share of all vehicle sales, 2008-18
Fan chart forecast
Figure 13: Total US unit sales and fan chart forecast for luxury vehicles, 2008-18
Market Drivers
Key points
Leasing and financing critically important to new luxury car sales
Figure 14: New lease share of new vehicle financing, 2009-13
Figure 15: Average new and used vehicle financing terms, 2012 and 2013
Stabilizing housing market to positively impact luxury auto sales
Figure 16: Median existing home prices vs. new luxury car sales, 2008-12
Number of upper-income households impacts luxury car sales
Figure 17: Historical median household income, adjusted for inflation, 1980-2012
Figure 18: Real disposable personal income per capita (2009 adjusted dollars), 1980-13
Figure 19: University of Michigan consumer sentiment, 2007-13
Increased product cadence will boost luxury car demand
Figure 20: Average new car showroom age and replacement rate, 2007-16
Market Segmentation
Key points
Majority of luxury market comprised of upscale, entry-level, and mid-luxury vehicles
Figure 21: Total US unit sales of new luxury vehicles, by segment, 2011 and 2013
Upscale vehicles
Figure 22: Total US unit sales of upscale vehicles, 2008-13
Figure 23: Total US unit sales of upscale vehicles, by cars, crossovers, and SUVs, 2008-13
Entry-level luxury vehicles
Figure 24: Total US unit sales of entry-level luxury vehicles, 2008-13
Figure 25: Total US unit sales of entry-level luxury vehicles, by cars and crossovers, 2008-13
Mid-level luxury vehicles
Figure 26: Total US unit sales of mid-luxury vehicles, 2008-13
Figure 27: Total US unit sales of mid-luxury vehicles, by cars, crossovers, and SUVs, 2008-13
Elite luxury vehicles
Figure 28: Total US unit sales and forecast of elite luxury vehicles, 2008-18
Figure 29: Total US unit sales of entry-level luxury vehicles, by cars, crossovers, and SUVs, 2008-13
Exotics
Figure 30: Total US unit sales of exotic cars, 2008-13
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