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 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.
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.
Riding on the trend towards greater environmental awareness and an improved support infrastructure, electric premium and luxury cars are expected to continue to gain momentum and become one of the key growth drivers in premium and luxury cars’ recovery from the impact of COVID-19. As a result, Tesla, the leading electric private car brand in Hong Kong, is set to continue to gain ground in the market.
Apart from environmental concerns, demographic factors and the limited supply of residential car parking space are also affecting consumer preferences in the premium and luxury car category. SUV models that offer lower carbon emissions for family use are expected to gain further traction in Hong Kong, responding both to concerns about limited parking space and increasingly eco-conscious demand.
Advanced technology has brought more leading-edge segments into the premium and luxury car market in Hong Kong, with advanced driver-assistance systems (ADAS) and infotainment systems becoming key brand differentiators for consumers. As the development of AI-autonomous driving technology has evolved swiftly, luxury brands have actively adopted relevant technology into their latest models’ systems in order to enhance both the driving experience and safety.
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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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