Premium and luxury cars perform better than the category of cars overall in Russia in 2020. According to the JATO Dynamics agency, the period of January to August 2020 saw the volume of new registrations in premium and luxury cars decrease at a slower pace when compared to the same period in 2019.
According to the experts of the analytical agency AUTOSTAT, the period of January to August 2020 saw a decline in volume sales in second-hand premium and luxury cars, seeing a 4% decline compared to the same period in 2019. This indicates that a higher number of high-income consumers are purchasing premium and luxury cars brand new, as opposed to choosing pre-owned models.
Mercedes-Benz Russia SAO maintained its lead in premium and luxury cars in 2019, despite losing shares to second-placed BMW Russland Trading OOO. The difference in shares between the two top players is growing smaller, with BMV showing strong competition to the leading player.
In order to maintain their positions, players in premium and luxury cars are expected to revise their business strategies over the forecast period. It is expected there will be a strong focus on innovation and high-specification engineering, in order to enable their brands to stand out from the competition.
As part of a global strategy, brands in premium and luxury cars are seeking to achieve high profits and margins through growth in value as opposed to volume. As touched upon already, this is likely to be achieved through continuous new car model launches, such as seen with the Bentley Beyaga and Bentley Flying Spur second edition in 2020.
It is noted that, at the beginning of 2020, more than half of premium and luxury car owners were from Moscow, followed by St. Petersburg.
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This report originates from Passport, our Luxury Cars research and analysis database.
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