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Premium and Luxury Cars in South Korea

  • ID: 5004082
  • Report
  • January 2021
  • Region: South Korea
  • 20 pages
  • Euromonitor International
In the first half of 2020, and despite the spread of COVID-19, South Korea saw increased sales of premium and luxury cars. A key driver of the positive performance was the local government’s temporary reduction in individual consumption tax, which is imposed on passenger car purchases. The tax cut was an attempt to revive the freezing domestic economy from the impact of the pandemic. The tax was cut from 5% to 1.

The Premium and Luxury Cars in South Korea report offers a comprehensive guide to the size and shape of the Premium and Luxury Cars market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Premium and Luxury Cars retailing along with the development of consumers’ shopping patterns. Forecasts to 2025 illustrate how the market is set to change

Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?
  • Get a detailed picture of the Premium and Luxury Cars market;
  • Pinpoint growth sectors and identify factors driving change;
  • Understand the competitive environment, the market’s major players and leading brands;
  • Use five-year forecasts to assess how the market is predicted to develop.
Note: Product cover images may vary from those shown
KEY DATA FINDINGS

2020 IMPACT
  • Car sales temporarily boosted by tax cut, but face roadblock as measure ends
  • Second wave of COVID-19 forces carmakers to review strategies
  • Leading brands maintain sales via contactless consultation, Japanese cars struggle due to boycott
RECOVERY AND OPPORTUNITIES
  • Sales recovery subject to pandemic and related controls
  • Electric car push to continue as South Korean consumers’ interest grows
  • Younger consumers to shift from short-term car sharing to long-term subscriptions
CATEGORY DATA
  • Table 1 Sales of Premium and Luxury Cars: Value 2015-2020
  • Table 2 Sales of Premium and Luxury Cars: % Value Growth 2015-2020
  • Table 3 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019
  • Table 4 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019
  • Table 5 Forecast Sales of Premium and Luxury Cars: Value 2020-2025
  • Table 6 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025
EXECUTIVE SUMMARY
  • COVID-19 impact on luxury goods
  • COVID-19 country impact
  • Company response
  • Retailing shift
  • What next for luxury goods?
MARKET INDICATORS
  • Table 7 Number of High Net Worth Individuals (HNWI): 2015-2020
MARKET DATA
  • Table 8 Sales of Luxury Goods by Category: Value 2015-2020
  • Table 9 Sales of Luxury Goods by Category: % Value Growth 2015-2020
  • Table 10 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020
  • Table 11 NBO Company Shares of Luxury Goods: % Value 2015-2019
  • Table 12 LBN Brand Shares of Luxury Goods: % Value 2016-2019
  • Table 13 Distribution of Luxury Goods by Format and Category: % Value 2020
  • Table 14 Forecast Sales of Luxury Goods by Category: Value 2020-2025
  • Table 15 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025
DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES
  • Summary 1 Research Sources
Note: Product cover images may vary from those shown
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