During the first half of the year, major players, including Daimler and BMW, saw a sharp decline in sales as car and truck showrooms were closed during the COVID-19 lockdown. Even after this period, many consumers avoided showrooms through fear of contracting the virus.
The financial stimulus announced is allocated to strengthen current incentives to encourage sales of state-of-the-art combustion engine cars as well as electric and hybrid vehicles. The auto industry faced a huge decline in sales during the lockdown period, as consumers decided to halt purchases until government incentives came into effect at the beginning of August, as part of the Decreto Rilancio (Relaunch Decree).
The current rate of adoption of full-electric cars in Italy follows an exponential trend that has been consistent over the past years, with the COVID-19 pandemic having little impact on the trend. The first six months of 2020 saw sales of full-electric cars double when compared to 2019, increasing its share in the market to 1.
During the height of the lockdown, car showrooms across Italy were closed, and this led to a decline in sales for the industry. While the second-hand car-selling sector offers a number of other channels other than showrooms, including websites and social media platforms, premium and luxury manufacturers have not as willingly adapted online practices, and focused more on the showroom experience.
Electric cars are expected to continue driving growth across the forecast period. Fiat Chrysler received EUR800 million financing for electric vehicles in Italy.
Luxury car makers such as Mercedes and BMW are offering its customers various technological advancements to differentiate their cars. This includes driver assistance systems such as traffic sign assist, active lane assist, blind-spot assist or different driving modes or regenerative braking technology, panel control or climate environment settings.
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This report originates from Passport, our Luxury Cars research and analysis database.
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