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Country Report

Luxury Cars in

Premium and Luxury Cars in China

Jan 2021

US$990

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Executive Summary

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

2020 IMPACT

Sales rebound after early government intervention to control pandemic and government subsidies but remain below pre-pandemic level

Despite the severe contraction in sales in January and February 2020 due to the COVID-19 lockdown, sales of premium and luxury cars began to recover from March, as the pandemic gradually came under control and affluent consumers started spending again. To revive the slumping car sales, national and provincial governments in China began to offer stimulus measures since March, providing subsidies for new car purchases.

Sales of leading luxury brands rebound but remain lower than 2019

In order to offset the effects of the pandemic, manufacturers and dealers began to offer massive discount promotions to boost their sales from March onwards. Leading brands such as Mercedes-Benz, BMW and Audi offered 20-25% price discounts across their entry-level and high-end models, also offering free gifts such as iPhones or coupons for Hermès handbags.

Tesla posts positive sales growth with price cuts benefitting from NEV subsidies

While other leading brands experienced significant contractions in their sales, Tesla posted positive year-on-year sales growth in 2020. The company has continuously reduced its price: in 2019, as the US and China agreed to reduce tariffs on US-made vehicles from 40% to 15%, Tesla reduced its price.

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Overview

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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in China with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Cars industry in China, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Cars in China market research report includes:

Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Luxury Cars in China?
What are the major brands in China?

Why buy this report?

Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions

This industry report originates from Passport, our

Luxury Goods market research database.

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Premium and Luxury Cars in China - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Sales rebound after early government intervention to control pandemic and government subsidies but remain below pre-pandemic level

Sales of leading luxury brands rebound but remain lower than 2019

Tesla posts positive sales growth with price cuts benefitting from NEV subsidies

RECOVERY AND OPPORTUNITIES

Positive sale growth expected by 2023 in line with recovery in consumer confidence

Growth momentum for electric vehicles accelerates in the post-pandemic era

Carmakers’ partnerships with local tech firms entice younger generations

CATEGORY DATA

Table 1 Sales of Premium and Luxury Cars: Value 2015-2020
Table 2 Sales of Premium and Luxury Cars: % Value Growth 2015-2020
Table 3 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019
Table 4 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019
Table 5 Forecast Sales of Premium and Luxury Cars: Value 2020-2025
Table 6 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025

Luxury Goods in China - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on luxury goods

COVID-19 country impact

Company response

Retailing shift

What next for luxury goods?

MARKET INDICATORS

Table 7 Number of High Net Worth Individuals (HNWI): 2015-2020

MARKET DATA

Table 8 Sales of Luxury Goods by Category: Value 2015-2020
Table 9 Sales of Luxury Goods by Category: % Value Growth 2015-2020
Table 10 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020
Table 11 NBO Company Shares of Luxury Goods: % Value 2015-2019
Table 12 LBN Brand Shares of Luxury Goods: % Value 2016-2019
Table 13 Distribution of Luxury Goods by Format and Category: % Value 2020
Table 14 Forecast Sales of Luxury Goods by Category: Value 2020-2025
Table 15 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025

Megatrends

Country Report

Premium and Luxury Cars in China

New Report Guarantee

Executive Summary

New Report Guarantee

2020 IMPACT

Sales rebound after early government intervention to control pandemic and government subsidies but remain below pre-pandemic level

Sales of leading luxury brands rebound but remain lower than 2019

Tesla posts positive sales growth with price cuts benefitting from NEV subsidies

Overview

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Overview

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Table of Contents

Premium and Luxury Cars in China - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Sales rebound after early government intervention to control pandemic and government subsidies but remain below pre-pandemic level

Sales of leading luxury brands rebound but remain lower than 2019

Tesla posts positive sales growth with price cuts benefitting from NEV subsidies

RECOVERY AND OPPORTUNITIES

Positive sale growth expected by 2023 in line with recovery in consumer confidence

Growth momentum for electric vehicles accelerates in the post-pandemic era

Carmakers’ partnerships with local tech firms entice younger generations

CATEGORY DATA

Luxury Goods in China - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on luxury goods

COVID-19 country impact

Company response

Retailing shift

What next for luxury goods?

MARKET INDICATORS

MARKET DATA

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

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