China Luxury Car Market Introduction and Overview
According to SPER Market Research, the China Luxury Car Market is estimated to reach USD 209.18 billion by 2033 with a CAGR of 3.54%.
The report includes an in-depth analysis of the China Luxury Car Market, including market size and trends, product mix, distribution channels, and supplier analysis. A luxury car is a type of modern vehicle that has improved capacities, opulent interiors, and the most advanced safety technologies to provide maximum comfort to passengers and drivers. It is more modern and delivers improved competency and convenience when compared to reasonably priced traditional autos. A luxury car is also more aesthetically pleasing, customized, and has Bluetooth or wireless fidelity (Wi-Fi) entertainment systems, anti-lock brakes, sensors, and cameras. By giving a rear view and security alerts, these gadgets improve overall vehicle performance and reduce the chance of accidents. Luxury cars are now widely accessible in commercial and passenger vehicles of various powertrain kinds.
- According to BYD's official Weibo account, the company's new luxury car brand would be known as "Yangwang." It will have a new and autonomous team for branding, goods, sales and service network, and operations, with products set to be officially introduced in the first quarter of 2023.
- Dongfeng Motor Company Limited (Dongfeng Motor) hosted a news conference in Wuhan, Hubei Province. During the conference, Dongfeng Motor unveiled Mengshi, a high-end off-road electric vehicle (EV) brand, along with its unique "M" logo. In 2023, the Mengshi brand will release its first model.
Market Opportunities and Challenges
The China Luxury Car market offers both substantial prospects and considerable challenges. On the plus side, Chinese consumers' preference for branded autonomous luxury vehicles over traditional forms of transportation is primarily due to the growing availability of tangible opulent qualities inside cars. This is also impacted by buyers' growing awareness of the advantages of luxury vehicles, such as their safety, status, resale value, modern technology, ability to add personal flair, and coexistence of comfort and beauty. Accordingly, another element propelling growth is the increasing demand for improved security systems and a comfortable driving experience in order to guarantee the absolute safety of passengers.
The demand for luxury cars is sensitive to changes in the economy because they are expensive goods. Consumer spending power and confidence frequently decline during economic downturns. Rich people who prioritize paying for necessities or who start being more frugal with their discretionary income may put off or cut back on their purchases of luxury vehicles. The market impact is lessened by manufacturers' innovative tactics, even if these kinds of restrictions still remain. As consumer preferences change, businesses must adapt by investing in innovation to offer a varied range of products. This will sustain the industry and spur more growth.
Market Competitive Landscape
Infiniti, BYD, Tesla, Geely, Toyota Motors, BMW, FAW Group Co. Ltd., and Infiniti lead the relatively consolidated luxury automobile industry in China. A cost advantage over their competitors is enjoyed by a few large corporations that have established their production facilities within the nation. They also give a faster timeframe for sending out their manufactured cars.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Vehicle Bodystyle, By Powertrain Type
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| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region
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| Companies Covered | Acura (Honda Motor Co. Ltd), BMW Group, Cadillac (General Motors Company), China FAW Group Co. Ltd, Dongfeng Motor Company, General Motor Company, Infinity (Nissan Motor Co. Ltd), Lexus (Toyota Motor Corporation), Lincoln Motor Company (Ford Motor Company), Mercedes-Benz AG, Tesla Inc., Volkswagen Group (Audi AG).
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COVID-19 Impact on China Luxury Car Market
The demand for luxury cars fell as a result of the COVID-19 pandemic's impact on consumer confidence on discretionary spending. The purchasing power of potential customers was impacted by economic concerns, job losses, and financial restraints. As a result, throughout the pandemic, many put off purchasing expensive cars. In addition, as a result of the epidemic, automakers saw their operations slashed or temporarily closed throughout the world. Lockdown procedures caused a disturbance in the supply chain as a result. In addition, production delays in the automobile sector resulted in a restricted supply of high-end car models.
Key Target Audience
- Affluent Professionals
- Status and Prestige
- Tech-Savvy Consumers
- Comfort and Performance Enthusiasts
- Brand Conscious Consumers
- Customization Preferences
- Urban Dwellers
- Car Enthusiasts
Our in-depth analysis of the China Luxury Car Market includes the following segments:
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By Vehicle Bodystyle:
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Hatchback
Sedan
Sports Utility Vehicle
Multi-Purpose Vehicle
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By Powertrain Type:
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IC Engine Vehicle
Electric
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By Region:
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Eastern Region
Western Region
Southern Region
Northern Region
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Key Topics Covered in the Report
- China Luxury Car Market Size (FY’2023-FY’2033)
- Overview of China Luxury Car Market
- Segmentation of China Luxury Car Market By Vehicle Bodystyle (Hatchback, Sedan, Sports Utility Vehicle, Multi-Purpose Vehicle)
- Segmentation of China Luxury Car Market By Vehicle Powertrain Type (IC Engine Vehicle, Electric)
- Expansion Analysis of China Luxury Car Market
- Problems and Obstacles in China Luxury Car Market
- Competitive Landscape in the China Luxury Car Market
- Impact of COVID-19 and Demonetization on China Luxury Car Market
- Details on Current Investment in China Luxury Car Market
- Competitive Analysis of China Luxury Car Market
- Prominent Players in the China Luxury Car Market
- SWOT Analysis of China Luxury Car Market
- China Luxury Car Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the China Luxury Car Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. China Luxury Car Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in China Luxury Car Market
7. China Luxury Car Market, By Vehicle Bodystyle (USD Million)
7.1. China Luxury Car Market Value Share and Forecast, By Vehicle Bodystyle, 2023-2033
7.2. Hatchback
7.3. Sedan
7.4. Sports Utility Vehicle
7.5. Multi-Purpose Vehicle
8. China Luxury Car Market, By Powertrain Type (USD Million)
8.1. China Luxury Car Market Value Share and Forecast, By Powertrain Type, 2023-2033
8.2. IC Engine Vehicle
8.3. Electric
9. China Luxury Car Market Forecast, 2019-2033 (USD Million)
9.1. China Luxury Car Market Size and Market Share
10. China Luxury Car Market, By Vehicle Bodystyle, 2019-2033 (USD Million)
10.1. China Luxury Car Market Size and Market Share By Vehicle Bodystyle (2019-2026)
10.2. China Luxury Car Market Size and Market Share By Vehicle Bodystyle (2027-2033)
11. China Luxury Car Market, By Powertrain Type, 2019-2033 (USD Million)
11.1. China Luxury Car Market Size and Market Share By Powertrain Type (2019-2026)
11.2. China Luxury Car Market Size and Market Share By Powertrain Type (2027-2033)
12. China Luxury Car Market, By Region, 2019-2033 (USD Million)
12.1. China Luxury Car Market Size and Market Share By Region (2019-2026)
12.2. China Luxury Car Market Size and Market Share By Region (2027-2033)
12.3. Eastern Region
12.4. Western Region
12.5. Southern Region
12.6. Northern Region
13. Company Profile
13.1. Acura (Honda Motor Co. Ltd)
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. BMW Group
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Cadillac (General Motors Company)
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. China FAW Group Co. Ltd
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Dongfeng Motor Company
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. General Motor Company
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Infinity (Nissan Motor Co. Ltd)
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Lexus (Toyota Motor Corporation)
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Lincoln Motor Company (Ford Motor Company)
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Mercedes-Benz AG
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Tesla Inc.
13.11.1. Company details
13.11.2. Financial outlook
13.11.3. Product summary
13.11.4. Recent developments
13.12. Volkswagen Group (Audi AG)
13.12.1. Company details
13.12.2. Financial outlook
13.12.3. Product summary
13.12.4. Recent developments
13.14. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
