Luxury cars witnessed double-digit current value growth in 2017, with it showing strong signs of a recovery after a sharp decline in 2016. This growth was largely attributed to a recovery in consumer confidence.
With heavy demand for electric vehicles, Hong Kong’s government has re-introduced subsidies for electric vehicles. Its “One to One Replacement” Scheme was introduced in Feb 2018, with it expected to be reviewed in 2021, with the new scheme helping consumers to save up to HKD250,000 in tax when they trade in their existing vehicle.
Tesla has been the leader within electric vehicles in Hong Kong since its arrival in 2012. During the review period, despite legislative roadblocks, Tesla saw impressive growth and it is expected to continue seeing strong growth over the forecast period.
Hong Kong has a unique market feature whereby car manufacturers often work exclusively with a dealership due to its vast distribution network, resulting in a highly consolidated market. For example, Zung Fu Company is exclusively responsible for the sale of Mercedes-Benz vehicles in Hong Kong, while BMW has an exclusive relationship with Sime Darby in Hong Kong under the subsidiary BMW Concessionaries Hong Kong.
Porsche was one of the most dynamic brands within luxury cars at the end of the review period with it benefiting from the successful launches of new vehicles such as the new Porsche Cayenne in 2018 and the new Porsche Panamera in 2017. Furthermore, in 2017 the state-of-the-art Porsche Body & Paint Centre was opened in Hong Kong which will help provide a superior level of after-service as well as building brand loyalty and trust with owners able to have their Porsche serviced by highly-trained technicians using the latest tools.
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Understand the latest market trends and future growth opportunities for the Luxury Cars industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Cars research and analysis database.
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