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Country Report

Luxury Cars in

Premium and Luxury Cars in South Korea

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

Car sales temporarily boosted by tax cut, but face roadblock as measure ends

In the first half of 2020, and despite the spread of COVID-19, South Korea saw increased sales of premium and luxury cars. A key driver of the positive performance was the local government’s temporary reduction in individual consumption tax, which is imposed on passenger car purchases.

Second wave of COVID-19 forces carmakers to review strategies

The rise of a second-wave COVID-19 in August 2020 overshadowed the positive sales performance of the first half of the year. With the sudden spike of daily confirmed cases, the local government elevated its safety measures, tightening social distancing rules and advised consumers to minimise outdoor activities.

Leading brands maintain sales via contactless consultation, Japanese cars struggle due to boycott

Premium and luxury car dealers implemented contactless consultations and repair services to seize sales opportunities in the pandemic environment. BMW Korea introduced a digital sales platform, through which all paper documents required to test drive and purchase a vehicle were replaced with electronic alternatives.

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Overview

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.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in South Korea 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 South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Cars in South Korea 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 South Korea?
What are the major brands in South Korea?

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 South Korea - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Car sales temporarily boosted by tax cut, but face roadblock as measure ends

Second wave of COVID-19 forces carmakers to review strategies

Leading brands maintain sales via contactless consultation, Japanese cars struggle due to boycott

RECOVERY AND OPPORTUNITIES

Sales recovery subject to pandemic and related controls

Electric car push to continue as South Korean consumers’ interest grows

Younger consumers to shift from short-term car sharing to long-term subscriptions

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 South Korea - 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 South Korea

New Report Guarantee

Executive Summary

New Report Guarantee

2020 IMPACT

Car sales temporarily boosted by tax cut, but face roadblock as measure ends

Second wave of COVID-19 forces carmakers to review strategies

Leading brands maintain sales via contactless consultation, Japanese cars struggle due to boycott

Overview

Why buy this report?

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Overview

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Table of Contents

Premium and Luxury Cars in South Korea - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Car sales temporarily boosted by tax cut, but face roadblock as measure ends

Second wave of COVID-19 forces carmakers to review strategies

Leading brands maintain sales via contactless consultation, Japanese cars struggle due to boycott

RECOVERY AND OPPORTUNITIES

Sales recovery subject to pandemic and related controls

Electric car push to continue as South Korean consumers’ interest grows

Younger consumers to shift from short-term car sharing to long-term subscriptions

CATEGORY DATA

Luxury Goods in South Korea - 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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