Premium and luxury cars were less impacted by the pandemic than other luxury goods, with value sales actually increasing in 2020. There were several reasons for this.
Daimler’s Mercedes-Benz is the clear leading brand in luxury cars. A very strong brand image is enhanced by advertisements in the printed media, especially business magazines, and sponsorship events.
The biggest consumer base for premium and luxury cars is located in Kiev, which is the political and business hub. Other cities such as Dnipro, Odessa, Kharkiv also attract some value sales.
Premium and luxury cars will register muted constant value growth over the forecast period. Economic uncertainty, that could become even more uncertain if tension with Russia increases, will dampen value sales over the forecast period.
Ukrainians are gradually shifting to more affordable premium and luxury cars such as BMW and Mercedes-Benz, which are still seen as a status symbol, but are more affordable compared to other premium and luxury brands. These brands are expected to grow even more popular over the forecast period, as consumers become more price sensitive, due to the economic effects of COVID-19.
An underdeveloped infrastructure is keeping the brakes on value sales of electric cars. In the longer term, if the infrastructure improves, in terms of availability of charging points and an increase in operators that have the know-how to service electric scars, then value sales should increase.
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Passenger car vehicles providing exceptional comfort, aimed at the premium market and at drivers wanting a higher level of performance and handling or a vehicle that gives the impression of being capable of high-speed motoring. These cars are generally designed to appeal to high earning, status led consumers and generally retail at US$75,000 plus Example models include: Aston Martin, Ferrari, Jaguar, Bentley, Porsche, McLaren, Maserati, Rolls-Royce and TeslaSee All of Our Definitions
This report originates from Passport, our Luxury Cars research and analysis database.
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