China Luxury Car Market by Vehicle Types (Hatchback, Sedan, and SUV), Drive Types (IC Engine and Electric Vehicles), Country, and Forecasts, 2021-2028
The China luxury car market is estimated to register a robust CAGR during the forecast period, between 2021 and 2028. China is regarded as the rapid growing luxury market by most major auto manufacturers.
Germany-based premium car brands are disproportionately reliant upon China. While the industry saw a decline in the past two years, Germany-based luxury carmakers such as Mercedes-Benz, BMW, and Audi all posted record sales last year. A considerable amount of sales was reported from China. Among other car manufacturers such as BMW and Audi, Mercedes-Benz had an annual growth rate of 22.4%, while it was 15.4% and 10.6%, respectively.
The luxury vehicle sales grew by 9.3% year over year (YoY) in 2020, according to data from the China Automobile Dealers Association. This also marked the third consecutive year for luxury brands to register growth in the wake of downward fall in the China automotive market. Gasoline powertrain is likely to continue its dominance in the China luxury car market during the long term.
However, competition from Tesla in electric powertrains and the support offered by the government of China in evolving new energy powertrain vehicles are expected to accelerate the market adoption of both battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV) in China during the forecast period. The luxury carmakers focus on catering highly advanced cars with better connectivity to the smart devices and Internet which plays a crucial role in sales surge of premium cars.
Market Trends, Drivers, Restraints, and Opportunities
- Initiatives took by the government of China to boost the automotive sector and increase the sales of luxury cars in the country are helping in attract new investments, which is estimated to fuel the market growth.
- Rising disposable income is driving the growth of the market during the forecast period.
- The COVID-19 pandemic impacted the market growth in first half of 2020 owing to closedown of manufacturing facilities and dealerships. However, the relaxation in restrictions aided the market in recovery, positively stimulating the market growth.
- The trade war between the US and China negatively influenced the growth of the market.
- In order to mitigate the effects of trade wars and increase the profitability in luxury auto dealerships, such as Zhongzheng, China ZhengTong, and China Yongda are selling non-US made cars. Thus, such practices are propelling the market growth in the projected timeline.
Scope of Luxury Car Market Report
The report on China luxury car market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
|
Attributes |
Details |
|
Report Title |
China Luxury Car Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2020 |
|
Historic Data |
2018 & 2019 |
|
Forecast Period |
2021–2028 |
|
Segmentation |
Vehicle Types (Hatchback, Sedan, and SUV), Drive Types (IC Engine and Electric Vehicles) |
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Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
|
Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
|
Key Players Covered in the Report |
Daimler AG, BMW, Audi, Geely, Toyota Motors, and Tesla |
China Luxury Market Segment Insights
SUV segment is projected to hold a significant market share
In the terms of vehicle types, the market can be divided into hatchback, sedan, and SUV.
The SUV segment is projected to hold a significant market share. The SUV segment to account a major market share during the forecast period. SUVs provide better ride quality, higher ground clearance, and more space. Rising trend of buying SUVs is spurring the market growth.
On the other hand, the sedan segment is estimated to grow at a rapid pace in the coming years. Growing demand for sedan among government officials and middle-aged industrialists in the country is driving the growth of the market segment.
Electric vehicles segment is anticipated to account for a substantial share
Based on drive types, the China luxury car market can be bifurcated into IC engines and electric vehicles.
The electric vehicles segment is anticipated to account for a substantial share in the projected timeline. The market continues to have great potential due to the high rise in demand for electric cars. Luxury carmakers posted a positive sales growth from 2018 with a significant increase in demand for electric luxury cars among young population.
Segments
By Vehicle Types
- Hatchback
- Sedan
- SUV
By Driver Types
- IC Engines
- Electric Vehicles
Country
- China
By Key Players
- Daimler AG
- BMW
- Audi
- Geely
- Toyota Motors
- Tesla
Competitive Landscape
Key players in the China luxury car market are Daimler AG, BMW, Audi, Geely, Toyota Motors, and Tesla.
Some of the major companies have their manufacturing plants set up in the country, providing them cost advantage over their rivals. Further, they provide a shorter timeline for the dispatch of their produced vehicles.
Volkswagen (including Audi), Daimler (Mercedes-Benz), and BMW are the top three players in the country. BMW dominates the market with higher sales than its Germany-based counterparts. On the other hand, the market of Tesla is growing at a robust rate in China due to presence of its manufacturing facility.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Luxury Car Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Luxury Car Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Luxury Car Market - Supply Chain
4.5. Global Luxury Car Market Forecast
4.5.1. Luxury Car Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Luxury Car Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Luxury Car Market Absolute $ Opportunity
5. Global Luxury Car Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Luxury Car Market Size and Volume Forecast by Types
5.3.1. Hatchback
5.3.2. Sedan
5.3.3. SUV
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Luxury Car Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Luxury Car Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Luxury Car Demand Share Forecast, 2019-2026
7. North America Luxury Car Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Luxury Car Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Luxury Car Market Size and Volume Forecast by Types
7.4.1. Hatchback
7.4.2. Sedan
7.4.3. SUV
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Luxury Car Demand Share Forecast, 2019-2026
8. Latin America Luxury Car Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Luxury Car Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Luxury Car Market Size and Volume Forecast by Types
8.4.1. Hatchback
8.4.2. Sedan
8.4.3. SUV
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Luxury Car Demand Share Forecast, 2019-2026
9. Europe Luxury Car Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Luxury Car Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Luxury Car Market Size and Volume Forecast by Types
9.4.1. Hatchback
9.4.2. Sedan
9.4.3. SUV
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Luxury Car Demand Share Forecast, 2019-2026
10. Asia Pacific Luxury Car Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Luxury Car Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Luxury Car Market Size and Volume Forecast by Types
10.4.1. Hatchback
10.4.2. Sedan
10.4.3. SUV
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Luxury Car Demand Share Forecast, 2019-2026
11. Middle East & Africa Luxury Car Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Luxury Car Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Luxury Car Market Size and Volume Forecast by Types
11.4.1. Hatchback
11.4.2. Sedan
11.4.3. SUV
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Luxury Car Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Luxury Car Market: Market Share Analysis
12.2. Luxury Car Distributors and Customers
12.3. Luxury Car Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Daimler AG
12.4.2. BMW
12.4.3. Audi
12.4.4. Geely
12.4.5. Toyota Motors
12.4.6. Tesla
2. Assumptions and Acronyms Used
3. Research Methodology
4. Luxury Car Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Luxury Car Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Luxury Car Market - Supply Chain
4.5. Global Luxury Car Market Forecast
4.5.1. Luxury Car Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Luxury Car Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Luxury Car Market Absolute $ Opportunity
5. Global Luxury Car Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Luxury Car Market Size and Volume Forecast by Types
5.3.1. Hatchback
5.3.2. Sedan
5.3.3. SUV
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Luxury Car Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Luxury Car Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Luxury Car Demand Share Forecast, 2019-2026
7. North America Luxury Car Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Luxury Car Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Luxury Car Market Size and Volume Forecast by Types
7.4.1. Hatchback
7.4.2. Sedan
7.4.3. SUV
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Luxury Car Demand Share Forecast, 2019-2026
8. Latin America Luxury Car Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Luxury Car Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Luxury Car Market Size and Volume Forecast by Types
8.4.1. Hatchback
8.4.2. Sedan
8.4.3. SUV
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Luxury Car Demand Share Forecast, 2019-2026
9. Europe Luxury Car Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Luxury Car Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Luxury Car Market Size and Volume Forecast by Types
9.4.1. Hatchback
9.4.2. Sedan
9.4.3. SUV
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Luxury Car Demand Share Forecast, 2019-2026
10. Asia Pacific Luxury Car Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Luxury Car Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Luxury Car Market Size and Volume Forecast by Types
10.4.1. Hatchback
10.4.2. Sedan
10.4.3. SUV
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Luxury Car Demand Share Forecast, 2019-2026
11. Middle East & Africa Luxury Car Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Luxury Car Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Luxury Car Market Size and Volume Forecast by Types
11.4.1. Hatchback
11.4.2. Sedan
11.4.3. SUV
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Luxury Car Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Luxury Car Market: Market Share Analysis
12.2. Luxury Car Distributors and Customers
12.3. Luxury Car Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Daimler AG
12.4.2. BMW
12.4.3. Audi
12.4.4. Geely
12.4.5. Toyota Motors
12.4.6. Tesla
By Vehicle Types
- Hatchback
- Sedan
- SUV
By Driver Types
- IC Engines
- Electric Vehicles
Country
- China
By Key Players
- Daimler AG
- BMW
- Audi
- Geely
- Toyota Motors
- Tesla
Key players in the China luxury car market are Daimler AG, BMW, Audi, Geely, Toyota Motors, and Tesla.
Some of the major companies have their manufacturing plants set up in the country, providing them cost advantage over their rivals. Further, they provide a shorter timeline for the dispatch of their produced vehicles.
Volkswagen (including Audi), Daimler (Mercedes-Benz), and BMW are the top three players in the country. BMW dominates the market with higher sales than its Germany-based counterparts. On the other hand, the market of Tesla is growing at a robust rate in China due to presence of its manufacturing facility.
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