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

April 13, 2023 | Automotive Industry

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