Retail constant value sales of premium and luxury cars will decline during 2023, as the rate of sales tax on cars is normalised. Nonetheless, a growing number of middle-income local consumers will seek to trade up to entry-level Mercedes-Benz, BMW, Audi and Lexus models during the forecast period, with an anticipated post-pandemic economic recovery facilitating this.
The proportion of premium and luxury cars sold in Malaysia that are assembled locally is set to increase during the forecast period. For example, the first assembly facility for Porsche outside of Europe was opened in Malaysia during March 2022.
Authorised car dealers such as Hap Seng Star and Auto Bavaria will continue serving as major distribution channels for premium and luxury car brands such as Mercedes-Benz and BMW in the forecast period. Apart from these main authorised dealers, brand owners like Mercedes-Benz and BMW will continue to seek new partners in new areas in the forecast period.
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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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