Latest news with #RollsRoyce
BBC News
10 hours ago
- Business
- BBC News
Rolls-Royce secures international deals for 142 aircraft engines
Rolls-Royce has secured multiple contracts to supply more than 140 aircraft Derby-based firm's civil aerospace division will build 90 Trent XWB-97 engines, 40 Trent 7000 engines and 12 Trent XWB-84 engines for companies across Saudia Arabia, Egypt, Taiwan and said the deals followed a £1bn investment to the Trent engine family aimed at improving their durability and at the 2025 International Paris Air Show, Ewen McDonald, chief customer officer for the firm's civil aerospace division said the contracts would help to safeguard jobs in Derby. "The opportunity at the moment in the market is very buoyant", said Mr McDonald."It's always nice to see Rolls-Royce being successful and that we're filling the factory up with these engines for many years to come."It's lots of work for many years and a lot of these orders go out into the 2030s."Mr McDonald added there were still some orders placed at the Paris Air Show that were yet to be announced. The new contracts AviLease, based in Saudi Arabia, placed an order for 20 Trent XWB-97 engines to power 10 Airbus A350F freighter Air, Saudi Arabia's newest national carrier, placed an order of 50 Trent XWB-97 engines that will power 25 Airbus based Starlux Airlines placed an order for 20 Trent XWB-97 engines that will power 10 Airbus A350-1000 widebody has ordered an additional 12 Trent XWB-84 engines that will power six Airbus A350-900s, which takes the airline's total order of Rolls-Royce Trent XWB-84 engines to Vietjet Air has placed an order for 40 Trent 7000 engines, that will power 20 Airbus A330neo aircrafts.
Yahoo
21 hours ago
- Business
- Yahoo
Rolls-Royce boss urges Labour to back £3bn jet engine project
The chief executive of Rolls-Royce is lobbying ministers to support his company's £3bn jet engine project, saying it could be the 'the single biggest item for economic growth for the UK'. Tufan Erginbilgic is pushing for the Government to back Rolls's plans to launch a range of engines for short-haul planes, a market it abandoned more than a decade ago. He said the project could create 40,000 jobs in Britain and deliver a surge in exports. Mr Erginbilgic is lobbying Labour to support the scheme as the Government prepares to launch its upcoming industrial strategy. He said: 'Any country needs to support competitively advantaged industries. If you give some momentum that will create lots of export growth, and employment with that.' Britain's biggest manufacturing company has stepped up talks with potential partners as it eyes a return to making engines for short-haul planes of the kind used by Ryanair and easyJet. Speaking at the Paris Air Show, Mr Erginbilgic said: 'We are progressing. We would like to enter narrowbody, that's true, and it's even more true right now. 'Our preference is partnership. I can't go into details because of the confidentiality about these things, but we are talking to multiple parties. 'Do we have the technology, do we have the capability, do we have the opportunity? Yes, yes and yes.' Rolls-Royce would seek government support in helping to fund the £3bn development cost of the engine. Mr Erginbilgic argued that General Electric and Pratt & Whitney, the other major player in the sector, get four or five times as much backing. He said that support for the project would also deliver a huge boost to the economy. He said: 'It is that big. Think about that. If you pick economic growth in the UK, one item, this will be the number one.' He added that the project could create more than 40,000 jobs across the supply chain. Rolls, which has its main manufacturing plant in Derby, would use technology developed as part of its Ultrafan programme on the new engines. It would need to develop a reduced-thrust version of the Ultrafan, which was initially developed for larger, long-haul planes. The 120-year-old company aims to develop the engines to coincide with the introduction of the next generation of the narrowbody planes from Airbus and Boeing in about a decade's time. Mr Erginbilgic is eyeing new markets after piloting a stunning turnaround at Rolls-Royce. He told Rolls's 42,000 workers that they were on a 'burning platform' when he took over in 2023. However, shares in the company have surged more than 700pc since Mr Erginbilgic, a former BP executive, took charge. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
a day ago
- Automotive
- Yahoo
Electric and Luxury Vehicle Market Outlook, Innovation, Demand Shifts and Market Leaders
Electric and Luxury Vehicle Market Overview 2025-2034 Luton, Bedfordshire, United Kingdom, June 19, 2025 (GLOBE NEWSWIRE) -- Electric and Luxury Vehicle Market Outlook: A Strategic Narrative to 2034 In the early decades of the 21st century, the automotive landscape has undergone a transformation more profound than anything witnessed since the birth of the internal combustion engine. Electric Vehicles (EVs)—once a fringe innovation confined to early adopters and environmentalists—are now the heartbeat of a global revolution. Simultaneously, luxury automakers are undergoing a metamorphosis of their own, integrating electrification with design, performance, and exclusivity to create the next generation of automotive icons. Download PDF Brochure: This story unfolds across intersecting dimensions: battery innovation, regional adoption, legacy brands, and evolving consumer identities. From the rise of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) to the reshaping of the luxury market by brands like Tesla, Porsche, Rolls-Royce, and Lucid, this is a story of mobility, prestige, and sustainability coalescing. 1. The Rise of Battery Electric Vehicles (BEVs) Battery Electric Vehicles (BEVs)—fully powered by electric motors and charged via external power sources—have become the linchpin of decarbonization strategies globally. As of 2024, the global BEV market stands at approximately $375 billion, and it is forecasted to exceed $1.2 trillion by 2034, reflecting a CAGR of 12.5%. Key Players: Tesla (Model 3, Model Y), BYD (Seal, Dolphin), Volkswagen (ID.4, ID.7), Hyundai (Ioniq 5, Ioniq 6), Kia (EV6), and newcomers like Rivian, Lucid Motors, and XPeng. Market Segmentation: Entry-level BEVs (e.g., Wuling Mini EV, Nissan Leaf) Mid-range BEVs (e.g., Tesla Model 3, Hyundai Ioniq 5) Premium BEVs (e.g., BMW i4, Polestar 2) Utility/Commercial BEVs (e.g., Rivian R1T, Ford F-150 Lightning) Driving Forces: Government incentives and zero-emission mandates Falling battery costs Expansion of charging infrastructure Growing environmental consciousness Download PDF Brochure: 2. Plug-in Hybrid Electric Vehicles (PHEVs): The Transition Bridge While BEVs often dominate headlines, Plug-in Hybrid Electric Vehicles (PHEVs) play a crucial transitional role. Combining internal combustion engines with electric motors, PHEVs appeal to drivers who desire electrification without range anxiety. As of 2024, the PHEV market is valued at $145 billion and is expected to reach $330 billion by 2034, growing at a CAGR of 8.6%. Key Players: Toyota (Prius Prime, RAV4 Prime), Volvo (XC90 Recharge), Mitsubishi (Outlander PHEV), Ford (Escape PHEV), BMW (530e, X5 xDrive45e), and Mercedes-Benz (C-Class PHEV). Market Segmentation: Urban plug-in sedans Luxury performance PHEVs SUV/crossover PHEVs Fleet and light commercial PHEVs Key Trends: Longer electric-only ranges (60+ km) Integration with smart energy grids PHEVs as fleet decarbonization tools Download PDF Brochure: 3. EV Adoption in Asia-Pacific: The Global Epicenter Asia-Pacific has emerged as the world's most dynamic EV market, led by government policy, battery innovation, and sheer consumer volume. By 2024, China alone accounted for 60% of global EV sales. The region's total EV market (BEVs + PHEVs) is valued at $420 billion, projected to surpass $1.3 trillion by 2034, registering a CAGR of 11.8%. Market Leaders: China: BYD, NIO, XPeng, Geely South Korea: Hyundai, Kia Japan: Toyota, Honda, Nissan Strategic Developments: China's 'NEV' policy targets 40% EV penetration by 2030 India's FAME II incentives accelerate EV two- and three-wheeler adoption Southeast Asia (Thailand, Vietnam) emerging as EV assembly hubs Key Market Segments: Mass-market compact BEVs Electric scooters and microcars Ride-hailing EV fleets High-speed EV rail-integrated urban mobility systems Download PDF Brochure: 4. The Evolution of Luxury Vehicles in a Sustainable Era Luxury has traditionally implied power, comfort, and prestige—but in the EV era, it increasingly denotes sustainability, connectivity, and personalization. From the swanky rear cabins of electric limousines to performance crossovers that outpace supercars, the luxury segment is redefining itself. 4.1 Ultra-Luxury Car Market: Prestige Recharged The ultra-luxury market—defined by names like Rolls-Royce, Bentley, and Maybach—is shifting from handcrafted combustion to battery-powered elegance. In 2024, this segment was valued at $48 billion, projected to reach $97 billion by 2034 at a CAGR of 7.3%. Key Developments: Rolls-Royce Spectre: The brand's first all-electric car, Spectre, launched in 2023 and has a 520 km WLTP range with hand-crafted luxury detailing. Bentley's Five-in-Five Strategy: Bentley is transitioning to an all-EV lineup by 2030, with its first EV launching in 2026. Mercedes-Maybach EQS SUV: Combines electric power with traditional opulence and launched in late 2024. Customer Profile: Ultra-high net worth individuals (UHNWIs) Luxury collectors and connoisseurs Sustainability-conscious elite buyers Download PDF Brochure: 4.2 Performance Luxury Cars Market: Electrified Speed Performance is no longer wedded to V8 engines. Electric drivetrains now offer acceleration and torque unimaginable in the ICE era. By 2024, the performance luxury segment is worth $120 billion, growing to $245 billion by 2034, at a CAGR of 7.5%. Top Players: Porsche (Taycan, Macan EV), Maserati (GranTurismo Folgore), Audi (RS e-tron GT), BMW (iX M60), Tesla (Model S Plaid), Lucid Motors (Air Sapphire). Emerging Trends: Use of dual- and tri-motor AWD systems Artificial sound synthesis (e.g., Porsche's E-sound) Track-ready EVs with adaptive suspension and torque vectoring In-cabin personalization and gaming integrations Buyer Base: Tech-savvy enthusiasts Performance-driven professionals Affluent millennials Download PDF Brochure: 5. The Rise of the Electric Luxury Vehicle Market The electric luxury vehicle market is where tradition meets transformation. It includes everything from executive sedans and crossovers to electric limousines and hyper-GTs. Valued at $185 billion in 2024, this market is projected to soar to $530 billion by 2034, expanding at a CAGR of 11.1%. Dominant Players: Tesla (Model X, Model S Plaid) Lucid Motors (Air, Gravity SUV) BMW (i7, iX) Mercedes-Benz (EQS, EQE) Audi (Q8 e-tron, A6 e-tron) Technology Trends: Level 3 autonomous capabilities Augmented reality HUDs Sustainable materials (vegan leather, recycled aluminum) Biometric access and AI-based personalization Strategic Partnerships: Mercedes and Nvidia for AI-based cockpit design Lucid's technology sharing with Aston Martin Apple rumored to be developing luxury EV software platforms Download PDF Brochure: 6. The Road Ahead: Integration, Disruption, and Identity The electrification of both mainstream and luxury mobility is not merely a trend—it is an evolution driven by innovation, regulation, and aspiration. As we approach 2034, expect the automotive world to blur lines between categories: Mainstream automakers will push deeper into luxury EV segments. Luxury automakers will broaden their appeal through EV accessibility. Tech giants may reshape ownership through subscription and autonomy. Cross-Cutting Innovations to Watch: Solid-state batteries with 800+ km range Battery-as-a-service (BaaS) models Vehicle-to-grid (V2G) energy integration Emotion-adaptive in-car AI interfaces MARKET SEGMENTATIONS: Battery Electric Vehicles (BEVs) Market Segments Entry-Level BEVs Examples: Wuling Mini EV, Nissan Leaf Target: Urban commuters, first-time EV buyers Mid-Range BEVs Examples: Tesla Model 3, Hyundai Ioniq 5 Target: Middle-income families, eco-conscious professionals Premium BEVs Examples: BMW i4, Polestar 2, Mercedes EQE Target: Professionals, tech-savvy buyers Utility & Commercial BEVs Examples: Rivian R1T, Ford F-150 Lightning Target: Fleet operators, outdoor/work vehicle users Plug-in Hybrid EVs (PHEVs) Market Segments Urban Plug-in Sedans Examples: Toyota Prius Prime, Honda Clarity PHEV Target: City dwellers, green commuters SUV / Crossover PHEVs Examples: Mitsubishi Outlander PHEV, Ford Escape PHEV Target: Families, suburban drivers Performance & Luxury PHEVs Examples: Porsche Cayenne E-Hybrid, BMW X5 xDrive45e Target: Affluent consumers, luxury enthusiasts Fleet & Commercial PHEVs Examples: Toyota RAV4 Prime (corporate fleets) Target: Corporate mobility programs, rental companies EV Adoption in Asia-Pacific – Market Segments Mass-Market Compact EVs Examples: BYD Dolphin, MG Comet Target: Entry-level buyers, Tier-2 & Tier-3 cities Electric Two-Wheelers and Microcars Examples: Ola S1, Ather 450X, Wuling Mini EV Target: Last-mile mobility, young professionals Ride-Hailing EV Fleets Examples: BYD e6, Hyundai Kona EV fleets Target: Ola, Grab, Didi, Uber fleets EV-Integrated Urban Mobility Systems Integrated e-buses, EV taxis with metro/rail systems Target: Smart city developers, public transport agencies Ultra-Luxury Car Market Segments Full-Sized Electric Limousines Examples: Rolls-Royce Spectre, Mercedes-Maybach EQS Target: Diplomats, UHNWI executives Hand-Crafted Limited Edition EVs Examples: Bentley Electric GT (2026) Target: Collectors, luxury connoisseurs Chauffeur-Driven Luxury EVs Focus: Rear-seat comfort, noise cancellation, entertainment systems Target: Royal families, VIP transport Performance Luxury Cars Market Segments High-Performance Sedans Examples: Tesla Model S Plaid, Lucid Air Sapphire Target: Tech enthusiasts, speed aficionados Electric Gran Turismos Examples: Maserati GranTurismo Folgore Target: Luxury weekend drivers, brand loyalists Track-Ready EVs Examples: Porsche Taycan Turbo S Target: Racetrack users, motorsport hobbyists Luxury Performance Crossovers Examples: BMW iX M60, Audi RS Q8 e-tron Target: Wealthy urbanites, families with performance tastes Electric Luxury Vehicle Market Segments Executive Electric Sedans Examples: BMW i7, Mercedes EQE Target: Corporate execs, business travelers High-End Electric SUVs Examples: Tesla Model X, Lucid Gravity Target: Family buyers with luxury preferences Technology-First Luxury EVs Examples: NIO ET7, Byton M-Byte Target: Digital-native elites, early adopters Sustainable Luxe EVs Vegan interiors, recycled materials, solar roofs Target: Eco-conscious high-net-worth individuals Recent Developments: 1. Tesla – Robotaxi Launch & Operational Pause Tesla is preparing to launch its Robotaxi service out of Austin, Texas, with a tentative pilot on June 22, 2025, scheduling the first driverless trip from factory to customer's home around June 28. Simultaneously, Tesla will halt production of Model Y and Cybertruck at its Austin plant for about a week starting June 30, 2025, to conduct maintenance and implement line upgrades in time for the robotaxi rollout. In China, insurance registrations skyrocketed by ~80% (15,500 during June 9–15), but year-to-date sales are down, with Q2 lagging the previous quarter and deliveries declining 8% in May versus last year. Tesla stock has been volatile—affected by production pauses, robotaxi delays, Chinese sales headwinds, and potential termination of U.S. EV incentives due to new tax legislation. 2. BYD – Global Expansion & Fast-Charging Breakthrough BYD has commenced construction of a US $32 million EV assembly plant in Cambodia's Sihanoukville SEZ (12 ha, CKD), targeting BEV and PHEV output by November 2025 at a capacity of 10,000 vehicles per year. The company aims to double overseas sales in 2025 to 800,000+ units, with new plants in Thailand, Indonesia, Hungary, Brazil, Turkey, Vietnam, and Mexico supporting this target. BYD unveiled ultra-fast charging tech: a 1 MW system (with Sinopec) and 10C battery architecture delivering 400 km of range in 5 minutes, far outperforming current superchargers. Their flagship SUV, the Tang L, launched in January 2025 with a bold 1085-hp powertrain, AR HUD, 15.6″ rotating touchscreen, and luxury finishes. 3. Rivian–VW Joint Venture – Software-Defined Architecture Rivian and Volkswagen launched their joint venture Rivian VW Group Technologies, backed by a US $5.8 billion commitment, focused on scalable software-defined vehicle (SDV) platforms, zonal controllers, and OTA systems. Their technology has been integrated into a VW test vehicle within 12 weeks, with multiple automakers reportedly in discussions to leverage this software strategy. Upcoming platforms include the VW ID EVERY1 (2027 debut at ~€20,000) and Rivian R2, using SDV architecture to deliver more affordable EVs. 4. Lucid Motors – Gulf Expansion & Charging Standards Lucid signed a strategic partnership with Riyadh Air at the Dubai Airshow for commercial operations, a notable entry into the Middle Eastern market. The company is adopting the NACS charging standard and has released a RangeXchange V2V adapter, enabling EV-to-EV charging support. It's also preparing the Lucid Gravity SUV for launch in late 2024 and recently appointed its first Chief Operating Officer, signaling organizational maturity. 5. CATL / Ancillary – Sodium-Ion Innovation BYD has invested US $1.4 billion into a sodium-ion battery plant in Xuzhou, targeting 30 GWh annual production. Meanwhile, CATL released a hybrid sodium-ion/Li-ion pack offering 400 km range, fast charge (4C), and extreme temperature performance, with deployment across ~30 hybrid models in 2025. These developments signal a shift toward next-gen battery chemistry, reducing reliance on lithium and supporting lower-cost EV adoption. This report is also available in the following languages : Japanese (電気自動車と高級車市場), Korean (전기 및 고급차 시장), Chinese (电动和豪华汽车市场), French (Marché des véhicules électriques et de luxe), German (Markt für Elektro- und Luxusfahrzeuge), and Italian (Mercato dei veicoli elettrici e di lusso), etc. Request Sample Pages: More Research Finding – Electric Luxury Vehicle Market The electric luxury vehicle market is poised for significant growth, with a current market value estimated at approximately $62 billion in 2024. This market is projected to expand, reaching around $150 billion by 2034, driven by increasing consumer demand for sustainable transport solutions and advancements in EV technology. The forecast period from 2025 to 2034 is expected to witness a Compound Annual Growth Rate (CAGR) of approximately 10.5%, reflecting strong market potential. U.S. Automotive Luxury Vehicle Market The U.S. automotive luxury vehicle market is valued at approximately $75 billion in 2024, driven by increasing consumer demand for premium features and electric vehicle (EV) options. This sector is projected to grow significantly, reaching about $105 billion by 2034, reflecting an impressive compound annual growth rate (CAGR) of 4.6% from 2025 to 2034. Luxury Car Market The automotive luxury vehicle market is poised for significant growth, with a projected market value of approximately $730 billion in 2024. This sector is expected to maintain a robust upward trajectory, forecasting a value of about $1.2 trillion by 2034. This growth represents a Compound Annual Growth Rate (CAGR) of around 5.2% from 2025 to 2034. Electric Vehicle Charging Services Market The global electric vehicle (EV) charging services market is poised for significant growth, with a current value estimated at approximately $12.5 billion in 2024. As the industry matures, projections indicate the market will expand to around $45 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of about 14.1% during the forecast period from 2025 to 2034. Electric Vehicle EV DC Fast Charger Market The global market for Electric Vehicle (EV) DC fast chargers is valued at approximately $5 billion, reflecting robust growth driven by increasing EV adoption and government support for electrification. The market is projected to reach around $15 billion by 2034, representing a significant opportunity for stakeholders. This translates into a Compound Annual Growth Rate (CAGR) of approximately 13.4% during the forecast period from 2025 to 2034. Industrial Power Inverter Market The global industrial power inverter market is valued at approximately $12 billion in 2024, with projected growth driving the market to reach around $22 billion by 2034. This reflects a robust compound annual growth rate (CAGR) of 6.6% over the forecast period from 2025 to 2034. Electric Vehicle EV On Board Charger Market The global electric vehicle (EV) on-board charger market is expected to reach approximately $4.6 billion in 2024. Driven by the increasing adoption of electric vehicles, stringent emissions regulations, and technological advancements in EV charging solutions, the market is projected to grow significantly over the next decade. By 2034, the market value is anticipated to soar to around $10.8 billion, representing a compound annual growth rate (CAGR) of approximately 8.7% during the forecast period of 2025–2034. Electric Vehicle Busbars Market The global market for electric vehicle (EV) busbars is valued at approximately $1.2 billion in 2024. The market is projected to grow substantially, reaching an estimated $3 billion by 2034, driven by increasing electric vehicle adoption and advancements in charging infrastructure. This results in a Compound Annual Growth Rate (CAGR) of around 9.4% over the forecast period from 2025 to 2034. Electric Vehicle Flat Wire Motor Market The global electric vehicle (EV) flat wire motor market is projected to reach a value of approximately $4.5 billion in 2024, driven by the increasing demand for efficient and compact motor solutions in electric vehicles. This market is expected to grow impressively, with a projected value of around $10 billion by 2034, reflecting strong adoption trends across the automotive sector. Electric Vehicle Charging Infrastructure Market The global electric vehicle (EV) charging infrastructure market is valued at approximately $27 billion in 2024. This market is poised for significant expansion, with a projected worth reaching around $71 billion by 2034. This growth represents an impressive Compound Annual Growth Rate (CAGR) of about 10.3% during the forecast period from 2025 to 2034. Electric Vehicle Thermal Management System Market The global electric vehicle (EV) thermal management system market is valued at approximately $4.5 billion in 2024 and is anticipated to reach around $12.8 billion by 2034. This growth represents a robust Compound Annual Growth Rate (CAGR) of approximately 11.1% during the forecast period from 2025 to 2034. Electric Vehicle AC Charging Station Market The global electric vehicle (EV) AC charging station market is poised for significant growth, valued at approximately $9.4 billion in 2024. Analysts project a robust increase, anticipating the market will reach around $25 billion by 2034, reflecting an impressive Compound Annual Growth Rate (CAGR) of about 10% during the period from 2025 to 2034. Electric Vehicle EV Charging Equipment Market The global electric vehicle (EV) charging equipment market is valued at approximately $30 billion, reflecting the rapid growth driven by increasing EV adoption and stringent environmental regulations. The market is projected to reach $120 billion by 2034, representing a robust Compound Annual Growth Rate (CAGR) of around 15% during the forecast period from 2025 to 2034. Battery Cases for Electric Vehicle Market The global market for battery cases for electric vehicles (EVs) is poised for significant growth, valued at approximately $5.6 billion in 2024. It is projected to reach around $12.8 billion by 2034, spurred by the rapid adoption of electric vehicles and advancements in battery technologies. The market is expected to exhibit a robust Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period from 2025 to 2034. Battery Grade Manganese Sulphate Market The global battery grade manganese sulfate market is poised for significant growth, with a current market value projected at approximately $1.2 billion in 2024. By 2034, this market is expected to reach around $3.5 billion, reflecting a robust Compound Annual Growth Rate (CAGR) of approximately 11.3% during the forecast period from 2025 to 2034. Electric Vehicle Electronic Expansion Valve EXV Market The global Electric Vehicle Electronic Expansion Valve (EXV) market is valued at approximately $500 million in 2024, driven by the increasing adoption of electric vehicles (EVs) and advancements in thermal management systems. The market is projected to reach around $1.2 billion by 2034, reflecting a robust growth trajectory. Li-ion Battery for Energy Storage Systems ESS Market The global lithium-ion (Li-ion) battery market for energy storage systems (ESS) is poised for significant growth, currently valued at approximately $10 billion in 2024. Projections indicate that this market could reach around $35 billion by 2034, reflecting increased demand for sustainable energy solutions and advancements in battery technologies. Electric Vehicle EV Suspension System Market The global electric vehicle (EV) suspension system market is poised at approximately $4.5 billion in 2024, exhibiting robust growth amid increasing EV adoption and technological advancements. The market is projected to reach around $12 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of approximately 11.3% during the forecast period from 2025 to 2034. Outdoor Liquid Cooled Energy Storage System Market The global outdoor liquid cooled energy storage system market is valued at approximately $2.8 billion in 2024, with a strong projected growth trajectory expected to reach around $6.5 billion by 2034. This represents a Compound Annual Growth Rate (CAGR) of about 9.1% during the forecast period from 2025 to 2034. CONTACT: Irfan Tamboli (Head of Sales) Phone: + 1704 266 3234 Email: sales@
Yahoo
a day ago
- Automotive
- Yahoo
Electric and Luxury Vehicle Market Outlook, Innovation, Demand Shifts and Market Leaders
Electric and Luxury Vehicle Market Overview 2025-2034 Luton, Bedfordshire, United Kingdom, June 19, 2025 (GLOBE NEWSWIRE) -- Electric and Luxury Vehicle Market Outlook: A Strategic Narrative to 2034 In the early decades of the 21st century, the automotive landscape has undergone a transformation more profound than anything witnessed since the birth of the internal combustion engine. Electric Vehicles (EVs)—once a fringe innovation confined to early adopters and environmentalists—are now the heartbeat of a global revolution. Simultaneously, luxury automakers are undergoing a metamorphosis of their own, integrating electrification with design, performance, and exclusivity to create the next generation of automotive icons. Download PDF Brochure: This story unfolds across intersecting dimensions: battery innovation, regional adoption, legacy brands, and evolving consumer identities. From the rise of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) to the reshaping of the luxury market by brands like Tesla, Porsche, Rolls-Royce, and Lucid, this is a story of mobility, prestige, and sustainability coalescing. 1. The Rise of Battery Electric Vehicles (BEVs) Battery Electric Vehicles (BEVs)—fully powered by electric motors and charged via external power sources—have become the linchpin of decarbonization strategies globally. As of 2024, the global BEV market stands at approximately $375 billion, and it is forecasted to exceed $1.2 trillion by 2034, reflecting a CAGR of 12.5%. Key Players: Tesla (Model 3, Model Y), BYD (Seal, Dolphin), Volkswagen (ID.4, ID.7), Hyundai (Ioniq 5, Ioniq 6), Kia (EV6), and newcomers like Rivian, Lucid Motors, and XPeng. Market Segmentation: Entry-level BEVs (e.g., Wuling Mini EV, Nissan Leaf) Mid-range BEVs (e.g., Tesla Model 3, Hyundai Ioniq 5) Premium BEVs (e.g., BMW i4, Polestar 2) Utility/Commercial BEVs (e.g., Rivian R1T, Ford F-150 Lightning) Driving Forces: Government incentives and zero-emission mandates Falling battery costs Expansion of charging infrastructure Growing environmental consciousness Download PDF Brochure: 2. Plug-in Hybrid Electric Vehicles (PHEVs): The Transition Bridge While BEVs often dominate headlines, Plug-in Hybrid Electric Vehicles (PHEVs) play a crucial transitional role. Combining internal combustion engines with electric motors, PHEVs appeal to drivers who desire electrification without range anxiety. As of 2024, the PHEV market is valued at $145 billion and is expected to reach $330 billion by 2034, growing at a CAGR of 8.6%. Key Players: Toyota (Prius Prime, RAV4 Prime), Volvo (XC90 Recharge), Mitsubishi (Outlander PHEV), Ford (Escape PHEV), BMW (530e, X5 xDrive45e), and Mercedes-Benz (C-Class PHEV). Market Segmentation: Urban plug-in sedans Luxury performance PHEVs SUV/crossover PHEVs Fleet and light commercial PHEVs Key Trends: Longer electric-only ranges (60+ km) Integration with smart energy grids PHEVs as fleet decarbonization tools Download PDF Brochure: 3. EV Adoption in Asia-Pacific: The Global Epicenter Asia-Pacific has emerged as the world's most dynamic EV market, led by government policy, battery innovation, and sheer consumer volume. By 2024, China alone accounted for 60% of global EV sales. The region's total EV market (BEVs + PHEVs) is valued at $420 billion, projected to surpass $1.3 trillion by 2034, registering a CAGR of 11.8%. Market Leaders: China: BYD, NIO, XPeng, Geely South Korea: Hyundai, Kia Japan: Toyota, Honda, Nissan Strategic Developments: China's 'NEV' policy targets 40% EV penetration by 2030 India's FAME II incentives accelerate EV two- and three-wheeler adoption Southeast Asia (Thailand, Vietnam) emerging as EV assembly hubs Key Market Segments: Mass-market compact BEVs Electric scooters and microcars Ride-hailing EV fleets High-speed EV rail-integrated urban mobility systems Download PDF Brochure: 4. The Evolution of Luxury Vehicles in a Sustainable Era Luxury has traditionally implied power, comfort, and prestige—but in the EV era, it increasingly denotes sustainability, connectivity, and personalization. From the swanky rear cabins of electric limousines to performance crossovers that outpace supercars, the luxury segment is redefining itself. 4.1 Ultra-Luxury Car Market: Prestige Recharged The ultra-luxury market—defined by names like Rolls-Royce, Bentley, and Maybach—is shifting from handcrafted combustion to battery-powered elegance. In 2024, this segment was valued at $48 billion, projected to reach $97 billion by 2034 at a CAGR of 7.3%. Key Developments: Rolls-Royce Spectre: The brand's first all-electric car, Spectre, launched in 2023 and has a 520 km WLTP range with hand-crafted luxury detailing. Bentley's Five-in-Five Strategy: Bentley is transitioning to an all-EV lineup by 2030, with its first EV launching in 2026. Mercedes-Maybach EQS SUV: Combines electric power with traditional opulence and launched in late 2024. Customer Profile: Ultra-high net worth individuals (UHNWIs) Luxury collectors and connoisseurs Sustainability-conscious elite buyers Download PDF Brochure: 4.2 Performance Luxury Cars Market: Electrified Speed Performance is no longer wedded to V8 engines. Electric drivetrains now offer acceleration and torque unimaginable in the ICE era. By 2024, the performance luxury segment is worth $120 billion, growing to $245 billion by 2034, at a CAGR of 7.5%. Top Players: Porsche (Taycan, Macan EV), Maserati (GranTurismo Folgore), Audi (RS e-tron GT), BMW (iX M60), Tesla (Model S Plaid), Lucid Motors (Air Sapphire). Emerging Trends: Use of dual- and tri-motor AWD systems Artificial sound synthesis (e.g., Porsche's E-sound) Track-ready EVs with adaptive suspension and torque vectoring In-cabin personalization and gaming integrations Buyer Base: Tech-savvy enthusiasts Performance-driven professionals Affluent millennials Download PDF Brochure: 5. The Rise of the Electric Luxury Vehicle Market The electric luxury vehicle market is where tradition meets transformation. It includes everything from executive sedans and crossovers to electric limousines and hyper-GTs. Valued at $185 billion in 2024, this market is projected to soar to $530 billion by 2034, expanding at a CAGR of 11.1%. Dominant Players: Tesla (Model X, Model S Plaid) Lucid Motors (Air, Gravity SUV) BMW (i7, iX) Mercedes-Benz (EQS, EQE) Audi (Q8 e-tron, A6 e-tron) Technology Trends: Level 3 autonomous capabilities Augmented reality HUDs Sustainable materials (vegan leather, recycled aluminum) Biometric access and AI-based personalization Strategic Partnerships: Mercedes and Nvidia for AI-based cockpit design Lucid's technology sharing with Aston Martin Apple rumored to be developing luxury EV software platforms Download PDF Brochure: 6. The Road Ahead: Integration, Disruption, and Identity The electrification of both mainstream and luxury mobility is not merely a trend—it is an evolution driven by innovation, regulation, and aspiration. As we approach 2034, expect the automotive world to blur lines between categories: Mainstream automakers will push deeper into luxury EV segments. Luxury automakers will broaden their appeal through EV accessibility. Tech giants may reshape ownership through subscription and autonomy. Cross-Cutting Innovations to Watch: Solid-state batteries with 800+ km range Battery-as-a-service (BaaS) models Vehicle-to-grid (V2G) energy integration Emotion-adaptive in-car AI interfaces MARKET SEGMENTATIONS: Battery Electric Vehicles (BEVs) Market Segments Entry-Level BEVs Examples: Wuling Mini EV, Nissan Leaf Target: Urban commuters, first-time EV buyers Mid-Range BEVs Examples: Tesla Model 3, Hyundai Ioniq 5 Target: Middle-income families, eco-conscious professionals Premium BEVs Examples: BMW i4, Polestar 2, Mercedes EQE Target: Professionals, tech-savvy buyers Utility & Commercial BEVs Examples: Rivian R1T, Ford F-150 Lightning Target: Fleet operators, outdoor/work vehicle users Plug-in Hybrid EVs (PHEVs) Market Segments Urban Plug-in Sedans Examples: Toyota Prius Prime, Honda Clarity PHEV Target: City dwellers, green commuters SUV / Crossover PHEVs Examples: Mitsubishi Outlander PHEV, Ford Escape PHEV Target: Families, suburban drivers Performance & Luxury PHEVs Examples: Porsche Cayenne E-Hybrid, BMW X5 xDrive45e Target: Affluent consumers, luxury enthusiasts Fleet & Commercial PHEVs Examples: Toyota RAV4 Prime (corporate fleets) Target: Corporate mobility programs, rental companies EV Adoption in Asia-Pacific – Market Segments Mass-Market Compact EVs Examples: BYD Dolphin, MG Comet Target: Entry-level buyers, Tier-2 & Tier-3 cities Electric Two-Wheelers and Microcars Examples: Ola S1, Ather 450X, Wuling Mini EV Target: Last-mile mobility, young professionals Ride-Hailing EV Fleets Examples: BYD e6, Hyundai Kona EV fleets Target: Ola, Grab, Didi, Uber fleets EV-Integrated Urban Mobility Systems Integrated e-buses, EV taxis with metro/rail systems Target: Smart city developers, public transport agencies Ultra-Luxury Car Market Segments Full-Sized Electric Limousines Examples: Rolls-Royce Spectre, Mercedes-Maybach EQS Target: Diplomats, UHNWI executives Hand-Crafted Limited Edition EVs Examples: Bentley Electric GT (2026) Target: Collectors, luxury connoisseurs Chauffeur-Driven Luxury EVs Focus: Rear-seat comfort, noise cancellation, entertainment systems Target: Royal families, VIP transport Performance Luxury Cars Market Segments High-Performance Sedans Examples: Tesla Model S Plaid, Lucid Air Sapphire Target: Tech enthusiasts, speed aficionados Electric Gran Turismos Examples: Maserati GranTurismo Folgore Target: Luxury weekend drivers, brand loyalists Track-Ready EVs Examples: Porsche Taycan Turbo S Target: Racetrack users, motorsport hobbyists Luxury Performance Crossovers Examples: BMW iX M60, Audi RS Q8 e-tron Target: Wealthy urbanites, families with performance tastes Electric Luxury Vehicle Market Segments Executive Electric Sedans Examples: BMW i7, Mercedes EQE Target: Corporate execs, business travelers High-End Electric SUVs Examples: Tesla Model X, Lucid Gravity Target: Family buyers with luxury preferences Technology-First Luxury EVs Examples: NIO ET7, Byton M-Byte Target: Digital-native elites, early adopters Sustainable Luxe EVs Vegan interiors, recycled materials, solar roofs Target: Eco-conscious high-net-worth individuals Recent Developments: 1. Tesla – Robotaxi Launch & Operational Pause Tesla is preparing to launch its Robotaxi service out of Austin, Texas, with a tentative pilot on June 22, 2025, scheduling the first driverless trip from factory to customer's home around June 28. Simultaneously, Tesla will halt production of Model Y and Cybertruck at its Austin plant for about a week starting June 30, 2025, to conduct maintenance and implement line upgrades in time for the robotaxi rollout. In China, insurance registrations skyrocketed by ~80% (15,500 during June 9–15), but year-to-date sales are down, with Q2 lagging the previous quarter and deliveries declining 8% in May versus last year. Tesla stock has been volatile—affected by production pauses, robotaxi delays, Chinese sales headwinds, and potential termination of U.S. EV incentives due to new tax legislation. 2. BYD – Global Expansion & Fast-Charging Breakthrough BYD has commenced construction of a US $32 million EV assembly plant in Cambodia's Sihanoukville SEZ (12 ha, CKD), targeting BEV and PHEV output by November 2025 at a capacity of 10,000 vehicles per year. The company aims to double overseas sales in 2025 to 800,000+ units, with new plants in Thailand, Indonesia, Hungary, Brazil, Turkey, Vietnam, and Mexico supporting this target. BYD unveiled ultra-fast charging tech: a 1 MW system (with Sinopec) and 10C battery architecture delivering 400 km of range in 5 minutes, far outperforming current superchargers. Their flagship SUV, the Tang L, launched in January 2025 with a bold 1085-hp powertrain, AR HUD, 15.6″ rotating touchscreen, and luxury finishes. 3. Rivian–VW Joint Venture – Software-Defined Architecture Rivian and Volkswagen launched their joint venture Rivian VW Group Technologies, backed by a US $5.8 billion commitment, focused on scalable software-defined vehicle (SDV) platforms, zonal controllers, and OTA systems. Their technology has been integrated into a VW test vehicle within 12 weeks, with multiple automakers reportedly in discussions to leverage this software strategy. Upcoming platforms include the VW ID EVERY1 (2027 debut at ~€20,000) and Rivian R2, using SDV architecture to deliver more affordable EVs. 4. Lucid Motors – Gulf Expansion & Charging Standards Lucid signed a strategic partnership with Riyadh Air at the Dubai Airshow for commercial operations, a notable entry into the Middle Eastern market. The company is adopting the NACS charging standard and has released a RangeXchange V2V adapter, enabling EV-to-EV charging support. It's also preparing the Lucid Gravity SUV for launch in late 2024 and recently appointed its first Chief Operating Officer, signaling organizational maturity. 5. CATL / Ancillary – Sodium-Ion Innovation BYD has invested US $1.4 billion into a sodium-ion battery plant in Xuzhou, targeting 30 GWh annual production. Meanwhile, CATL released a hybrid sodium-ion/Li-ion pack offering 400 km range, fast charge (4C), and extreme temperature performance, with deployment across ~30 hybrid models in 2025. These developments signal a shift toward next-gen battery chemistry, reducing reliance on lithium and supporting lower-cost EV adoption. This report is also available in the following languages : Japanese (電気自動車と高級車市場), Korean (전기 및 고급차 시장), Chinese (电动和豪华汽车市场), French (Marché des véhicules électriques et de luxe), German (Markt für Elektro- und Luxusfahrzeuge), and Italian (Mercato dei veicoli elettrici e di lusso), etc. Request Sample Pages: More Research Finding – Electric Luxury Vehicle Market The electric luxury vehicle market is poised for significant growth, with a current market value estimated at approximately $62 billion in 2024. This market is projected to expand, reaching around $150 billion by 2034, driven by increasing consumer demand for sustainable transport solutions and advancements in EV technology. The forecast period from 2025 to 2034 is expected to witness a Compound Annual Growth Rate (CAGR) of approximately 10.5%, reflecting strong market potential. U.S. Automotive Luxury Vehicle Market The U.S. automotive luxury vehicle market is valued at approximately $75 billion in 2024, driven by increasing consumer demand for premium features and electric vehicle (EV) options. This sector is projected to grow significantly, reaching about $105 billion by 2034, reflecting an impressive compound annual growth rate (CAGR) of 4.6% from 2025 to 2034. Luxury Car Market The automotive luxury vehicle market is poised for significant growth, with a projected market value of approximately $730 billion in 2024. This sector is expected to maintain a robust upward trajectory, forecasting a value of about $1.2 trillion by 2034. This growth represents a Compound Annual Growth Rate (CAGR) of around 5.2% from 2025 to 2034. Electric Vehicle Charging Services Market The global electric vehicle (EV) charging services market is poised for significant growth, with a current value estimated at approximately $12.5 billion in 2024. As the industry matures, projections indicate the market will expand to around $45 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of about 14.1% during the forecast period from 2025 to 2034. Electric Vehicle EV DC Fast Charger Market The global market for Electric Vehicle (EV) DC fast chargers is valued at approximately $5 billion, reflecting robust growth driven by increasing EV adoption and government support for electrification. The market is projected to reach around $15 billion by 2034, representing a significant opportunity for stakeholders. This translates into a Compound Annual Growth Rate (CAGR) of approximately 13.4% during the forecast period from 2025 to 2034. Industrial Power Inverter Market The global industrial power inverter market is valued at approximately $12 billion in 2024, with projected growth driving the market to reach around $22 billion by 2034. This reflects a robust compound annual growth rate (CAGR) of 6.6% over the forecast period from 2025 to 2034. Electric Vehicle EV On Board Charger Market The global electric vehicle (EV) on-board charger market is expected to reach approximately $4.6 billion in 2024. Driven by the increasing adoption of electric vehicles, stringent emissions regulations, and technological advancements in EV charging solutions, the market is projected to grow significantly over the next decade. By 2034, the market value is anticipated to soar to around $10.8 billion, representing a compound annual growth rate (CAGR) of approximately 8.7% during the forecast period of 2025–2034. Electric Vehicle Busbars Market The global market for electric vehicle (EV) busbars is valued at approximately $1.2 billion in 2024. The market is projected to grow substantially, reaching an estimated $3 billion by 2034, driven by increasing electric vehicle adoption and advancements in charging infrastructure. This results in a Compound Annual Growth Rate (CAGR) of around 9.4% over the forecast period from 2025 to 2034. Electric Vehicle Flat Wire Motor Market The global electric vehicle (EV) flat wire motor market is projected to reach a value of approximately $4.5 billion in 2024, driven by the increasing demand for efficient and compact motor solutions in electric vehicles. This market is expected to grow impressively, with a projected value of around $10 billion by 2034, reflecting strong adoption trends across the automotive sector. Electric Vehicle Charging Infrastructure Market The global electric vehicle (EV) charging infrastructure market is valued at approximately $27 billion in 2024. This market is poised for significant expansion, with a projected worth reaching around $71 billion by 2034. This growth represents an impressive Compound Annual Growth Rate (CAGR) of about 10.3% during the forecast period from 2025 to 2034. Electric Vehicle Thermal Management System Market The global electric vehicle (EV) thermal management system market is valued at approximately $4.5 billion in 2024 and is anticipated to reach around $12.8 billion by 2034. This growth represents a robust Compound Annual Growth Rate (CAGR) of approximately 11.1% during the forecast period from 2025 to 2034. Electric Vehicle AC Charging Station Market The global electric vehicle (EV) AC charging station market is poised for significant growth, valued at approximately $9.4 billion in 2024. Analysts project a robust increase, anticipating the market will reach around $25 billion by 2034, reflecting an impressive Compound Annual Growth Rate (CAGR) of about 10% during the period from 2025 to 2034. Electric Vehicle EV Charging Equipment Market The global electric vehicle (EV) charging equipment market is valued at approximately $30 billion, reflecting the rapid growth driven by increasing EV adoption and stringent environmental regulations. The market is projected to reach $120 billion by 2034, representing a robust Compound Annual Growth Rate (CAGR) of around 15% during the forecast period from 2025 to 2034. Battery Cases for Electric Vehicle Market The global market for battery cases for electric vehicles (EVs) is poised for significant growth, valued at approximately $5.6 billion in 2024. It is projected to reach around $12.8 billion by 2034, spurred by the rapid adoption of electric vehicles and advancements in battery technologies. The market is expected to exhibit a robust Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period from 2025 to 2034. Battery Grade Manganese Sulphate Market The global battery grade manganese sulfate market is poised for significant growth, with a current market value projected at approximately $1.2 billion in 2024. By 2034, this market is expected to reach around $3.5 billion, reflecting a robust Compound Annual Growth Rate (CAGR) of approximately 11.3% during the forecast period from 2025 to 2034. Electric Vehicle Electronic Expansion Valve EXV Market The global Electric Vehicle Electronic Expansion Valve (EXV) market is valued at approximately $500 million in 2024, driven by the increasing adoption of electric vehicles (EVs) and advancements in thermal management systems. The market is projected to reach around $1.2 billion by 2034, reflecting a robust growth trajectory. Li-ion Battery for Energy Storage Systems ESS Market The global lithium-ion (Li-ion) battery market for energy storage systems (ESS) is poised for significant growth, currently valued at approximately $10 billion in 2024. Projections indicate that this market could reach around $35 billion by 2034, reflecting increased demand for sustainable energy solutions and advancements in battery technologies. Electric Vehicle EV Suspension System Market The global electric vehicle (EV) suspension system market is poised at approximately $4.5 billion in 2024, exhibiting robust growth amid increasing EV adoption and technological advancements. The market is projected to reach around $12 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of approximately 11.3% during the forecast period from 2025 to 2034. Outdoor Liquid Cooled Energy Storage System Market The global outdoor liquid cooled energy storage system market is valued at approximately $2.8 billion in 2024, with a strong projected growth trajectory expected to reach around $6.5 billion by 2034. This represents a Compound Annual Growth Rate (CAGR) of about 9.1% during the forecast period from 2025 to 2034. CONTACT: Irfan Tamboli (Head of Sales) Phone: + 1704 266 3234 Email: sales@
Zawya
a day ago
- Automotive
- Zawya
Rolls-Royce's new Johannesburg hub to boost power systems support
Rolls-Royce's newly opened headquarters and training facility in Johannesburg will support its Power Systems division and its fleet of MTU mobile and stationary power solutions across several sectors, including energy, technology, mining, transportation, and oil and gas. Located in a specially adapted facility spanning approximately 6,000m², the new site consolidates core customer-facing functions into a central hub, including service coordination, spare parts storage, logistics, and technical training. It complements Rolls-Royce's existing footprint in South Africa, with MTU engine rebuild capability, and finance and logistics functions located in Cape Town. The training centre is designed to support between 100 and 150 trainees annually with a wide range of training engines, including MTU 2000 and 4000 series, used for power generation, mining and rail applications. Trainees will benefit from access to advanced tooling and use simulation equipment for electronic training. The centre will deliver certified practical and theoretical training, equipping customers and partners from across Africa with the knowledge and hands-on experience required to support a wide range of applications and industries. The new facility, operated by Rolls-Royce Solutions Africa, features dedicated capacity for the engineering and assembly of repower modules, enabling the replacement of engines in mining haul trucks and excavators with more suitable MTU power solutions. This allows customers to select upgrade options tailored to their specific operational needs. Fitting MTU engines delivers clear commercial benefits, including lower total cost of ownership through improved fuel efficiency, increased equipment availability, and reduced maintenance costs. Cobus Van Schalkwyk, Rolls-Royce Solutions Africa director global mining and MD, says: 'As we approach our 25th year in South Africa, this new facility is a clear signal of our confidence in Africa's growth and our commitment to being closer to our customers. By bringing support services, technical training, and parts availability together under one roof, we're building the capabilities that matter most to our partners across the continent. This investment also supports our strategy to further localise operations, reduce lead times, and strengthen supply chain resilience — critical advantages for customers operating in remote or fast-paced environments.'
