Luxury Car Trends Go Far Beyond Comfort and Looks

The world of luxury cars is filled with glamour, style and comfort. Luxury autos exude sophistication and style with their sleek design, state-of-the-art connectivity, cushy interiors and precision engineering. 

It’s no longer just a way to get from A to B. Owning a luxury car brings personal satisfaction and let’s face it — it just feels good. 

McKinsey reports that trends are reshaping premium auto development continuously, which explains why the luxury car market is set to experience growth rates from 8% to 14% annually through 2031.

Trends to watch for include such premium features as artificial intelligence (AI), machine learning and retina recognition. As the government establishes stringent emission standards, luxury car manufacturers are leaning toward more electric vehicles to cater to buyers’ needs. 

In 2022, the global luxury car market was valued at $617.36 billion. This is expected to expand at a compound annual growth rate of 6.9% from 2023 to 2030. 

Fortunately, 2024 promises to be an exciting period for the luxury car market with several distinguished manufacturers launching highly anticipated models. These are generating considerable buzz since they are expected to incorporate cutting-edge technology, innovative design features and enhanced performance capabilities.

For instance, the 2024 BMW 5 Series is up for a new generation. It promises a curved display with iDrive interface and a roomy comfortable cabin. In addition to the core models, BMW will debut an all-electric variant called the i5. Get it with single or dual motor and up to 590 hp. Starting at $57,900.

Cadillac’s new EV lineup started with the 2023 Lyriq SUV and continues with a flagship sedan called the Celestiq in 2024. Its sleek lines, sweeping roof and bustle rear end make it a head-turner. Customers can design their own, similar to the Rolls-Royce method of bespoke production. It has all-wheel-drive electric drivetrain and a driving range of more than 300 miles. Starting at $300,000. 

The Genesis GV90, with its sleek, athletic coupe-like silhouette, is being called one of the best luxury electric cars in 2024. The full-size SUV blends striking aesthetics, a spacious interior with lavish features, cutting-edge technology and sophisticated driving dynamics. The GV90 is also the biggest model to date with seating for up to eight passengers across three rows. Starting at $70,000.

One trend to watch for is increased vehicle leasing perks.

Many people, especially those in large metropolitan cities, are beginning to question whether they need a full-time vehicle going forward. Luxury manufacturers are working with this trend, offering concierge services and additional advantages to leasing their vehicles, like reduced interest rates and cashback offers.

- Read More -