Sweden took less restrictive measures in response to the pandemic than other EU Member States, partially cushioning the immediate impact of COVID-19 on premium and luxury cars. However, muted consumer optimism suppresses private consumption, especially of luxury goods.
As demand for electric cars continues to gain ground in Sweden, Tesla remains the leading player in electric cars and saw its value share grow significantly in 2019. During the first nine months of 2020, Tesla Model S and Tesla Model X experienced continued growth in sales.
Volkswagen remains the market leader in premium and luxury cars in 2019, with its well-established Audi, Porsche, Bentley and Lamborghini brands. However, only the Bentley brand recorded a positive sales performance in 2020 while the company’s other brands registered a substantial decline in sales.
Luxury electric cars are anticipated to continue to enjoy increasing levels of success. The transition towards electric vehicles is supported by government initiatives and changing consumer perspectives.
In June 2020 Volvo launched its electric Polestar 2 model and captured a significant value share during the first nine months of 2020. In August, Polestar 2 outperformed Tesla Model 3 in sales.
Going forward, premium and luxury cars is anticipated to maintain moderate growth, as private consumption declines in 2020 as a result of job uncertainty, income loss and restrictions on mobility. Unemployment is expected to increase in the initial phase of the forecast period.
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