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China Luxury Car Market Size, Share, Growth | Report 2031
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China Luxury Car Market Size, Share, Growth | Report 2031

Segments - China Luxury Car Market by Vehicle Types (Hatchback, Sedan, and SUV), Drive Types (IC Engine and Electric Vehicles) - Country Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Debadatta Patel
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Fact-checked by : PARTHA PAUL
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Editor : Shruti Bhat

Upcoming | Report ID :CG-2786 | 4.8 Rating | 84 Reviews | 189 Pages | Format : PDF Excel PPT

Report Description


China Luxury Car Market Outlook 2031:

The China luxury car market size was valued at USD 155.34 Billion in 2022 and is anticipated to reach USD 202.68 Billion by 2031, expanding at a CAGR of 3% during the forecast period, 2023-2031. China is regarded as the rapidly 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.

China Luxury Car Market Outlook

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.

  • 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 china luxury car 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  China luxury carmarket 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  China luxury car market growth in the projected timeline.

Scope of China 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

Luxury Car Market - China Industry Analysis, Growth, Share, Size, Trends, and Forecast 

Base Year

2022

Historic Data

2016 & 2021

Forecast Period

2023–2031

Segmentation

Vehicle Types (Hatchback, Sedan, and SUV), Drive Types (IC Engine and Electric Vehicles)

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

Vehicles Types Segment Analysis

In 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.

China Luxury Car Market Product Type

Drive Types Segment Analysis

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.

China Luxury Car Market Drive Type

Segments

Vehicle Types

  • Hatchback
  • Sedan
  • SUV

Drive Types

  • IC Engines
  • Electric Vehicles

Country

  • China

Key Players

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.

China Luxury Car Market Key Players

Table Of Content

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

Methodology

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