China Luxury Car Market

Market Overview:

The China luxury car market size reached US$ 182.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 336.1 Billion by 2032, exhibiting a growth rate (CAGR) of 7.01% during 2024-2032.

A luxury car represents a range of categorized advanced vehicles equipped with enhanced capacities, lavish interiors, and the latest safety technologies to provide optimal comfort to passengers and drivers. As compared to moderately priced conventional automobiles, it is more sophisticated and offers superior competence and a higher amount of convenience. Apart from this, a luxury car is more aesthetically appealing, customizable, and comprise Bluetooth or wireless fidelity (Wi-Fi) entertainment systems, anti-lock brakes, sensors, and cameras. These devices optimize overall vehicle performance and reduce the risk of accidents by providing a rear view and security alerts. Currently, luxury cars are commonly available in commercial and passenger vehicles with different propulsion types. 

China Luxury Car Market Trends:

The market in China is majorly driven by the increasing offerings of tangible luxurious properties within automobiles and the shifting consumer inclination toward branded autonomous luxury vehicles over conventional transportation modes. This is further influenced by the inflating disposable income and the rising awareness amongst consumers regarding the benefits of luxury cars, including safety, resale value, prestige, coexistent beauty and comfort, state-of-the-art technology, and the potential to add individual style. In line with this, the growing need for a comfortable driving experience and enhanced security systems to ensure passengers’ optimal safety is acting as another growth-inducing factor. Additionally, the favorable green initiatives being undertaken by the People’s Republic of China and environmental agencies to promote the uptake of sustainable transportation modes, such as premium electric vehicles (EVs), to reduce greenhouse gas (GHG) emissions are propelling the market growth. Moreover, the large-scale integration of artificial intelligence (AI) and machine learning (ML) solutions with automatic security, seat massager, and entertainment systems are contributing to the market growth. Other factors, such as the rapid expansion in the automotive sector and strategic collaborations amongst original equipment manufacturers (OEMs) and key players to engineer luxury cars with enhanced performance, are positively stimulating the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the China luxury car market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized 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
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage: