Detroit Auto Show 2012: Luxury cars come back with a vengeance

Two years after a global recession, the world's automakers are racing to meet a booming demand for luxury vehicles — from small sports sedans to huge SUVs that the world's wealthy can't get enough of.

Over the past two days during previews for the Detroit auto show, automakers unveiled nearly two dozen new luxury models or concepts, with all expressing confidence that luxury vehicle sales would ignite this year.

"We see success…in every direction we look," said Johan de Nysschen, head of Audi's American arm, which is planning to build a factory in the United States to meet growing demand.

Luxury cars and trucks — those costing at least $35,000 — account for about 13% of the U.S. market. While new vehicle sales have bounced back to 13 million a year, the rebound has been fairly slow, driven by shoppers who've literally worn out or outgrown their current rides. But luxury cars are forecast to grow more than 10% in 2012, outpacing the rest of the market.