According to the latest report by IMARC Group, titled, “China Luxury Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The China luxury car market size reached US$ 143 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 233 Billion by 2027, exhibiting a growth rate (CAGR) of 8.4% during 2022-2027.
A luxury car refers to a wide range of categorized advanced vehicles equipped with lavish interiors, enhanced capacities, and the latest safety technologies to provide optimal comfort to passengers and drivers. It is more sophisticated as well as offers superior competence and a higher amount of convenience than moderately priced conventional automobiles. In line with this, a luxury car is customizable, aesthetically appealing, and comprises Bluetooth or wireless fidelity (Wi-Fi) entertainment systems, sensors, anti-lock brakes, cameras, etc. These devices reduce the risk of accidents by providing a rear view and security alerts and optimize overall vehicle performance. Presently, it is commonly available in commercial and passenger vehicles with numerous propulsion types across China.
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China Luxury Car Market Trends and Drivers:
The growing consumer inclination towards branded autonomous vehicles over conventional transportation modes is primarily driving the China luxury car market. Additionally, the inflating disposable income levels of individuals and the rising offerings of tangible luxurious properties within automobiles are further catalyzing the market growth. Besides this, the widespread adoption of luxury cars, owing to their several associated benefits, including prestige, coexistent beauty and comfort, safety, resale value, state-of-the-art technology, the potential to add individual style, etc., is acting as another significant growth-inducing factor. Moreover, the increasing need for a comfortable driving experience and enhanced security systems to ensure optimal safety of passengers and the launch of favorable policies by government bodies to promote the utilization of sustainable transportation modes, such as premium electric vehicles (EVs), to minimize greenhouse gas (GHG) emissions are propelling the market growth across the country. Apart from this, the elevating integration of machine learning (ML) and artificial intelligence (AI) solutions with automatic security, seat massager, entertainment systems, etc., is anticipated to fuel the China luxury car market over the forecasted period.
China Luxury Car Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on vehicle type, fuel type, price range and engine capacity.
Breakup by Vehicle Type:
- Hatchback
- Sedan
- Sports Utility Vehicle
Breakup by Fuel Type:
- Gasoline
- Diesel
- Electric
Breakup by Price Range:
- Entry-Level
- Mid-Level
- High-End
- Ultra
Breakup by Engine Capacity:
- Up to 3,000 CC
- Above 3,000 CC
Breakup by Region:
- Guangdong
- Jiangsu
- Zhejiang
- Henan
- Sichuan
- Shanghai
- Others
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