China Luxury Car Market to Grow at 7.01% during 2024-2032, Impelled by Increasing Demand for Luxury Cars

April 13, 2023 | Automotive Industry

VIEW FULL TABLE OF CONTENTS

According to the latest report by IMARC Group, titled “China Luxury Car Market Report by Vehicle Type (Hatchback, Sedan, Sports Utility Vehicle), Fuel Type (Gasoline, Diesel, Electric), Price Range (Entry-Level, Mid-Level, High-End, Ultra), Engine Capacity (Up to 3,000 CC, Above 3,000 CC), and Region 2024-2032,” the China luxury car market is projected to grow at a CAGR of 7.01% during 2024-2032. Luxury cars are high-end vehicles that offer premium features, comfort, and superior performance. They are designed to provide a luxurious and comfortable driving experience to passengers. Luxury cars come in various styles, including sedans, sport utility vehicles (SUVs), coupes, convertibles, and sports cars. These cars often have high-performing engines that provide quick acceleration, smooth rides, effortless handling, and superior driving dynamics. In addition to this, they are equipped with state-of-the-art technologies and advanced safety features such as anti-lock brakes, air suspension, adaptive cruise control, lane departure warning, and blind spot monitoring. Compared to moderately priced conventional vehicles, luxury cars are more sophisticated, aesthetically appealing, and offer superior competence and a higher amount of convenience. However, they are usually expensive and are marketed to a niche market of affluent individuals.

China Luxury Car Market Trends:

The shifting consumer preference for premium and luxury automobiles due to the increasing availability of tangible luxury offerings and the surging demand for better connectivity to smart devices and the internet within them is primarily driving the market growth. Besides this, the inflating disposable income and rising consumer awareness about the benefits of luxury cars, such as safety, comfort, state-of-the-art technology, resale value, and prestige, are supporting the market growth. Moreover, the surging demand for comfortable driving experiences and advanced security systems to ensure passengers’ safety is creating a positive outlook for the market. In addition to this, escalating environmental concerns and the implementation of stringent emission norms and various green initiatives by the People’s Republic of China and environmental agencies are propelling the demand for sustainable and eco-friendly electric luxury vehicles, which is acting as another growth-inducing factor. Furthermore, continuous technological advancements, such as the integration of innovative artificial intelligence (AI) and machine learning (ML) solutions with automatic security, seat massager, and entertainment systems, are contributing to the market growth. Concurrent with this, the bolstering growth of the automotive sector and strategic collaborations among original equipment manufacturers (OEMs) and leading market players to engineer luxury cars with enhanced performance are presenting remunerative growth opportunities for the market in the country.

Market Summary:

On the basis of the vehicle type, the market has been classified into hatchback, sedan, and sports utility vehicle.
Based on the fuel type, the market is categorized into gasoline, diesel, and electric.
On the basis of the price range, the market has been segregated into entry-level, mid-level, high-end, and ultra.
Based on the engine capacity, the market is bifurcated into up to 3000 CC and above 3000 CC.
On a regional basis, the market has been segmented into Guangdong, Jiangsu, Zhejiang, Henan, Sichuan, Shanghai, and others.
The competitive landscape of the industry has also been examined, covering the competitive structure and key player profiles.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Vehicle Type, Fuel Type, Price Range, Engine Capacity, Region
Region Covered	Guangdong, Jiangsu, Zhejiang, Henan, Sichuan, Shanghai
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

China Luxury Car Market to Grow at 7.01% during 2024-2032, Impelled by Increasing Demand for Luxury Cars

Purchase Options Discount
Offer

Inquire Before Buying

Benefits of Customization

Personalize this research
Triangulate with your data
Get data as per your format and definition
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.