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Country Report

Luxury Cars in

Premium and Luxury Cars in Hong Kong, 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

Consumption power remains though pessimistic atmosphere undermines demand

The COVID-19 pandemic had a devastating impact on the global economy in 2020, with consumers in all socio-economic groups in Hong Kong significantly affected, except for the most affluent consumers. The wealthiest consumers - aged 18 and over with net wealth above USD1 million – did not experience a marked decline in purchasing power due to the pandemic and these are the main consumers of premium and luxury cars.

Mercedes-Benz’s digital sales service and new model support its leading position

Mercedes-Benz Hong Kong, together with its sole dealer Zung Fu, saw the capacity to operate during the markedly changed conditions of the pandemic enhanced by the launch of a digital sales service, which offered a seamless and convenient online experience for customers. Through the virtual showroom, customers can visit the Mercedes-Benz Hong Kong Brand Centre via a 360-degree virtual tour, where they can order their favourite model at the online sales platform without stepping out of their homes.

Advanced technology and well-established infrastructure drive electric car growth

Since the launch of electric private cars in Hong Kong in 2010, the growth of the overall number of registered electric cars has been constrained by both the number of charging stations and technological issues that affect the overall driving experience associated with electric cars. After a decade, the Hong Kong Government acted to promote electric cars in order to improve environmental conditions, launching the “One-for-One Replacement” scheme in 2018, as well as increasing the number of electric car charging stations in Hong Kong to over 3,000 in 2020, representing one-fifth of the number of registered electric cars in Hong Kong.

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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 Hong Kong, 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 Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Cars in Hong Kong, 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 Hong Kong, China?
What are the major brands in Hong Kong, 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 Hong Kong, China - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Consumption power remains though pessimistic atmosphere undermines demand

Mercedes-Benz’s digital sales service and new model support its leading position

Advanced technology and well-established infrastructure drive electric car growth

RECOVERY AND OPPORTUNITIES

Electric models expected to play important role in recovery

Growing demand for premium and luxury SUVs

Technology convergence becoming the key differentiator

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 Hong Kong, 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 Hong Kong, China

New Report Guarantee

Executive Summary

New Report Guarantee

2020 IMPACT

Consumption power remains though pessimistic atmosphere undermines demand

Mercedes-Benz’s digital sales service and new model support its leading position

Advanced technology and well-established infrastructure drive electric car growth

Overview

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Overview

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Table of Contents

Premium and Luxury Cars in Hong Kong, China - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Consumption power remains though pessimistic atmosphere undermines demand

Mercedes-Benz’s digital sales service and new model support its leading position

Advanced technology and well-established infrastructure drive electric car growth

RECOVERY AND OPPORTUNITIES

Electric models expected to play important role in recovery

Growing demand for premium and luxury SUVs

Technology convergence becoming the key differentiator

CATEGORY DATA

Luxury Goods in Hong Kong, 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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