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In line with global trends, the number of uber-rich people continues to increase in Sweden, as does the size of their wealth. In 2018, there were 191 billionaires in the country in Swedish krona terms (up from 35 in 1997) and 38 in US dollar terms, with an 11% increase recorded in the number of US dollar billionaire Swedes in this year.
A positive environmental image continues to be popular among buyers of luxury cars, with luxury electric cars enjoying increasing levels of success, as exemplified by the strong growth being recorded by Tesla. The Porsche Taycan, which was due to be launched in autumn 2019, had already built up a long waiting list in Sweden before it became available.
The government’s Bonus-Malus scheme, which aims to promote sales of greener cars, came into effect in July 2018. The Bonus-Malus programme will reward owners of vehicles that emit relatively small amounts (up to 60 grammes per kilometre) of CO2 and tax more heavily vehicles that emit relatively large amounts of CO2.
Volkswagen continues to be the major player in luxury cars with its Audi, Porsche, Bentley and Lamborghini brands. The Porsche brand continued to perform well in 2018, boosted by its recognisable design and wide range of models.
Electric cars continue to gain share, with Tesla remaining the leading player in electric luxury cars. Both the Model S and Model X brands continue to register strong growth, while the more budget-friendly alternative, Model 3, was extremely popular in 2019.
The Fiat Chrysler Automobiles-owned Maserati brand has announced plans to offer electric cars to help it compete with players such as Tesla. The Italian brand is expected to offer prospective buyers an electric or hybrid version of all its new models, starting with the revised Ghibli saloon in 2020.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in Sweden with research from Euromonitor's team of in-country analysts.
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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.