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After two years of declining value sales of luxury cars, Switzerland returned to positive growth in 2019. However, both unit volume and current value growth were relatively modest in 2019 as sales continue to struggle to gain any real momentum.
With Swiss consumers’ rising environmental concerns, they are expected to increasingly shift to hybrid or electric cars. Sales of hybrid and electric vehicles were booming in Switzerland in 2019, accounting for well over a 10th of total new car sales, according to Auto-Schweiz statistics.
As in other parts of the world, owning luxury cars in Switzerland is often considered a symbol of status. However, there is a gradual change in this way of thinking.
Due to the popularity of German cars in Switzerland, the leading three luxury car manufacturers, Bayerische Motoren Werke, Daimler and Volkswagen, continued to dominate sales of luxury cars in 2018, accounting for well over three quarters of sales between them. Nevertheless, their sales declined in 2018 due to cautious spending patterns among consumers arising from high living costs in Switzerland.
Tesla registered strong growth in luxury car sales in Switzerland in 2019, moving up to fourth position behind only the big German automakers. The company is expected to continue benefiting from rising demand for electric cars as Swiss people seek to reduce the cost and environmental impact of their cars.
In addition to environmental considerations, luxury car makers are also incorporating new technologies to offer an improved driving experience. For example, on its E-Class Mercedes Benz introduced semi-automated driving and braking as well as parking in and out of tight parking spaces by using a smartphone app.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in Switzerland 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.