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The China luxury car market is expected to grow at a CAGR of 11.3% by the year 2023. The sales of luxury car are seeing a strong growth as the expansion of wealth is growing evidently and going much further than just personal luxury goods. By 2023, the penetration rate of luxury car market is expected to reach about 11%, compared to global average estimate of about 15%.
Second Tier Brands Are Gaining Market Traction
In the first half of 2017, the luxury car sales remained stable for the luxury automakers in China, but competition increased. Audi, the most sold brand of China, lost its position to Mercedes Benz and BMW. Benz, the top seller of luxury vehicles in China, sold 304,000 cars in the first six months, 34% more than the same period in 2016. BMW followed closely with 293,000 cars and an 18% increase. Audi is the only luxury car company that witnessed a drop in sales. Due to a battle with its dealers, the company’s sales decreased 12%.
The second tier brands have done much better than tier one. Cadillac, which is using Donald Trump to reinvent itself in China, recorded a 71% sales increase, and Lincoln witnessed 97% growth. Most other brands managed growth between 20 -30%. According to the China Auto Dealers Association, studied the results of twelve major luxury brands and found that their sales growth averaged 18% in the first half of 2017, even higher than last year’s 16%. The total number of luxury car sales crossed 1.2 million, accounting for about 13% of the entire passenger car market, the highest in the last seven years.
Premium Automakers Share
The BMW Group beat an internal sales recorded in the year 2017 in China, after achieving a stable growth of 15% in the first ten months of 2017, with 487,069 BMW and Mini cars delivered. Mercedes-Benz also reached new highs in China in the first ten months of the year. The brand's sales increased with a double-digit growth rate to 46,016 vehicles in October 2017
A positive outlook for the world's largest market is shared among the premium automakers, and the automakers tied their hopes on the continuous expansion of the Chinese luxury segment for the year 2018 growth. Chinese customers are showing their preference more and more for premium brands with a unique character and products with personality.
Key Developments in the China Luxury Car Market
April 2018: Infiniti bringing EVs to China’s luxury car market
April 2018: BMW sees slower growth in China in 2018
China Luxury Car Market Major Players:
Volkswagen AG
Daimler AG
General Motors Company
Geely
Dongfeng
Reasons to Purchase China Luxury Car Market Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The vehicle type that is expected to dominate the market
The countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
Customize China Luxury Car Market Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Second Tier Brands Are Gaining Market Traction
In the first half of 2017, the luxury car sales remained stable for the luxury automakers in China, but competition increased. Audi, the most sold brand of China, lost its position to Mercedes Benz and BMW. Benz, the top seller of luxury vehicles in China, sold 304,000 cars in the first six months, 34% more than the same period in 2016. BMW followed closely with 293,000 cars and an 18% increase. Audi is the only luxury car company that witnessed a drop in sales. Due to a battle with its dealers, the company’s sales decreased 12%.
The second tier brands have done much better than tier one. Cadillac, which is using Donald Trump to reinvent itself in China, recorded a 71% sales increase, and Lincoln witnessed 97% growth. Most other brands managed growth between 20 -30%. According to the China Auto Dealers Association, studied the results of twelve major luxury brands and found that their sales growth averaged 18% in the first half of 2017, even higher than last year’s 16%. The total number of luxury car sales crossed 1.2 million, accounting for about 13% of the entire passenger car market, the highest in the last seven years.
Premium Automakers Share
The BMW Group beat an internal sales recorded in the year 2017 in China, after achieving a stable growth of 15% in the first ten months of 2017, with 487,069 BMW and Mini cars delivered. Mercedes-Benz also reached new highs in China in the first ten months of the year. The brand's sales increased with a double-digit growth rate to 46,016 vehicles in October 2017
A positive outlook for the world's largest market is shared among the premium automakers, and the automakers tied their hopes on the continuous expansion of the Chinese luxury segment for the year 2018 growth. Chinese customers are showing their preference more and more for premium brands with a unique character and products with personality.
Key Developments in the China Luxury Car Market
April 2018: Infiniti bringing EVs to China’s luxury car market
April 2018: BMW sees slower growth in China in 2018
China Luxury Car Market Major Players:
Volkswagen AG
Daimler AG
General Motors Company
Geely
Dongfeng
Reasons to Purchase China Luxury Car Market Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The vehicle type that is expected to dominate the market
The countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
Customize China Luxury Car Market Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
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