Assessment of China's Luxury Car Market 2020

The auto sector in China has been hit by the COVID-19 pandemic and the effects are expected to last till mid 2021. Shut down of manufacturing facilities, restricted mobility of consumers during lockdown and consumer’s income cuts, have all negatively affected the sector. Fear of a second wave of the novel coronavirus pandemic has made the scenario even more uncertain.

The premium and luxury car sales in China experienced a 42.4% year-over-year decline in the period January-March 2020. The market began to revive in April 2020, with sales of 277,000 vehicles, recording a growth of 11.1% year-on-year. The growth continued into June 2020 and sales increased by 27% year-on-year to reach 246,236.

Globally, once the Pandemic is over, it is expected that consumers will look for enhanced health, hygiene and sanitation features in the cars that they buy. Some aspects including in-built sanitization, advanced air-purification systems and anti-bacterial surfaces are likely to see interest from consumers. Players that are able to offer these and other innovative health features at an accessible price are expected to appeal more to consumers.

Why Purchase This Report?

The report highlights key dynamics of the global and China’s luxury car market. The growing opportunity in the sector has been investigated along with capturing initiatives and performance of key players such as Volkswagen AG, Daimler AG, Bayerische Motoren Werke AG (BMW), Tata Motors Limited, General Motors Company, Honda Motors Company and Porsche AG. The report contains the impact of COVID-19 on the sector and the opinions of industry stakeholders/experts.

Research Methodology

The publisher has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.