The government has implemented various measures to improve environmental conditions, including waving the first registration tax for electric vehicles and allowing 100% profits tax deduction for capital expenditure by businesses on EVs in the first year of procurement. The government is also setting out long-term policy objectives and plans to promote the adoption of EVs and their associated supporting facilities in Hong Kong, such as increasing the number of electric vehicle chargers for public use to 5,046 by the end of June 2022.
Demographic factors, and the limited availability and high cost of car parking spaces in Hong Kong are affecting consumers’ appetite for premium and luxury cars. A typical affluent Hong Kong family usually has children and staff; hence the demand for premium SUVs with large space to take everyone and everything they need for everyday usage.
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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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Passenger car vehicles providing exceptional comfort, aimed at the premium market and at drivers wanting a higher level of performance and handling or a vehicle that gives the impression of being capable of high-speed motoring. These cars are generally designed to appeal to high earning, status led consumers and generally retail at US$75,000 plus Example models include: Aston Martin, Ferrari, Jaguar, Bentley, Porsche, McLaren, Maserati, Rolls-Royce and TeslaSee All of Our Definitions
This report originates from Passport, our Luxury Cars research and analysis database.
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