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 reached a value of US$ 143 Billion in 2021. A luxury car provides more comfort, equipment, amenities, quality, performance, and associated status than moderately priced cars. It reflects both the car's qualities and its manufacturer's brand image. It has traditionally emphasized higher levels of comfort and safety, with vehicle manufacturers often introducing advanced safety technologies and comfort amenities on luxury models. A luxury car offers various exceptional features, such as a heated steering wheel, integrated seat massagers, water-resistant windows, automatic safety features, and entertainment systems. Individuals can opt for luxury cars in multiple categories, including sedans, hatchbacks, crossovers, SUVs, and minivans.
China Luxury Car Market Trends:
The market in China is primarily driven by the increasing demand for premium cars. In line with this, luxury car manufacturers are focusing on launching highly advanced cars with better connectivity to smart devices and the internet. This, in turn, is creating a positive outlook for the market. Furthermore, continuous changes in consumer buying habits due to the inflating disposable incomes of individuals are significantly contributing to the market growth across the country. Apart from this, the growing awareness among the consumers regarding the benefits of luxury cars is positively influencing the market. Moreover, rapid improvements in artificial intelligence and machine learning have led to advances in autonomous vehicles. The rising research and development related to the electrification of vehicles are one of the emerging trends in the China luxury car industry. Besides, with the escalating concerns for environmental protection, multiple environmental agencies are introducing vehicle emission standards, due to which the demand for environmentally friendly and sustainable transportation, such as electric vehicles, is rapidly accelerating. Additionally, strategic collaborations among original equipment manufacturers (OEMs) and leading players to introduce advanced features in luxury cars are expected to provide a boost to the market. On account of the factors above, the market is anticipated to reach a value of US$ 233 Billion by 2027, exhibiting a CAGR of 8.4% during 2022-2027.
- On the basis of the vehicle type, the market has been segmented into hatchback, sedan, and sports utility vehicles.
- Based on the fuel type, the market has been categorized into gasoline, diesel, and electric.
- Based on the price range, the market has been classified into entry-level, mid-level, high-end, and ultra.
- Based on the engine capacity, the market has been segmented into up to 3000 CC and above 3000 CC.
- On the basis of the region, the market has been divided into Guangdong, Jiangsu, Zhejiang, Henan, Sichuan, Shanghai, and others.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
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