The luxury car industry in The Netherlands recorded growth despite the challenges of the COVID-19 pandemic. In contrast to most other European countries where national lockdowns were implemented, the Dutch authorities merely advised people to stay home and keep 1.
One major aspect behind the high demand for electric cars in the Netherlands is sustainability. The Dutch government stimulates electric driving by tax reductions and stimulation packages to adhere to its commitment to reduce emissions in line with the Paris Climate Agreement.
The first two quarters of 2020 have been difficult for Daimler AG and Bayerische Motoren Werke AG, the top manufacturers of luxury cars, which have seen their sales decline. COVID-19 has been attributed as one of the main causes of their sales losses.
Growth in the electric car segment is expected to continue, although at a slower rate due to the possible impact of the second wave of the COVID-19 pandemic on consumer spending. On 18 October 2020, the Dutch government implemented advanced measures in order to contain the effects of the second wave and continued to promote working from home, which may reduce the overall demand for cars.
The overall market is forecast to record slower growth over the forecast period due to reduced incomes, working from home and uncertainty over the economy. These factors are expected to cut into the sales of entry level luxury vehicles preferred by aspirational buyers.
COVID-19 accelerated the modernisation of shopping for luxury cars in 2020. The Volvo brand implemented a ‘Stay Home Safe’ store, a digital environment where consumers can view and safely order a car without leaving their homes.
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This report originates from Passport, our Luxury Cars research and analysis database.
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