Luxury cars are growing at a healthy rate in China and promises high potential for the industry players in the coming years, says RNCOS.
Noida, India -- (SBWIRE) -- 04/18/2014 -- The demand for luxury cars is increasing in the Chinese automobile market. The level of comfort provided by luxury cars coupled with their association with status symbol, is making them a popular choice among the consumers. Further, increasing per capita income has led to the emergence of an entry-level group of potential premium car consumers, called the "new mainstream" households, who care more about style, brand and outward appearance in comparison to more affluent consumers, who tend to value technology and vehicle performance. This has given a boost to the luxury car sales in the Chinese market.
In addition to the increasing income levels, the expanding presence of the luxury makers has fuelled the growth of luxury vehicles in China. Virtually all major high-line brands, such as Mercedes-Benz and BMW, are already operating in the country, and new makers are looking for access. The government is also playing a major role in expanding the demand for luxury cars in the country. For instance, the government allows the officials to purchase the premium brand models depending on the status of the government official involved. Further, policies set by the Chinese government in some cities to limit car purchases, are prompting consumers to buy luxury cars, as they don't want to waste their quota on smaller homegrown brands. Thus, all the above factors are providing a boost to the luxury car segment in the country. According to “Booming Automobile Sector in China”, a recent report by RNCOS, the luxury car sales are anticipated to grow at a CAGR of around 16% during 2013-2017.
Apart from luxury cars, the report also analyzed the other segments of Chinese automobile market such as small and mid-sized cars, SUVs, MPVs and commercial vehicles. Automobile production and sales forecast of overall industry, its segments and sub-segments till 2017 has been furnished in the report. Moreover, the report evaluates the industry trends thoroughly and profiled major automobile manufacturers. Overall, our research foresees immense opportunities for both domestic and international players in the Chinese automobile market and presents optimum information and balanced outlook on the potentials of China’s automobile industry.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.