China’s Dominance in Global Luxury Car Market Will Attract Automakers Till 2020
Albany, NewYork (PRWEB) January 30, 2015 -- Albany, New York January 27, 2015 – A new market research report added by ResearchMoz to its extensive database of market reports broadly analyzes the global luxury car market through the market sector scenario, growth drivers, emerging trends, market statistics, challenges, and competitive landscape. The report is titled ‘Analyzing the Global Luxury Car Market 2014-2020’.
The study says that in the next five years the Chinese luxury car market is expected to become the leading market in the world due to abundant room for growth in this region. Some of the factors fueling high growth in China’s luxury car market are its developing economy, high demand for luxury cars, increasing disposable income, and changing lifestyles and demographics.
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China superseded the U.S. in 2009 to become the largest auto market in the world. Based on the success seen in the passenger cars or luxury cars segment, growth in China is expected to rise at a CAGR of 12% during 2014-2020. The overall passenger car market is expected to grow at 8% during the forecast period.
In the report, some of the major market opportunities in the luxury car sector have been investigated and stated along with data about four regions key to the development of the luxury cars market. The four major regional markets for luxury cars are China, India, Europe, and the United States. The report also highlights and details the key dynamics, initiatives, and performances of the leading players in the global luxury car market. The report contains verbatim transcripts of the perspectives of the latest industry leaders in this market across the globe.
An in-depth research into data collected from various publications and public industry sources have been scanned and analyzed in this report to present a clear picture of the luxury car industry. In addition, all recent developments impacting the market dynamics of this sector have been studied and the findings presented to provide a clear understanding of the way the market develops.
According to the study in this report, the three leading German automobile manufacturers, viz. Audi, BMW, and Mercedes-Benz, account for nearly 80% of the global luxury car market. However, BMW is the global leader amongst the three and stands as the prime target for all the other car players in the global market as well.
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Worldwide, the luxury car segment has undergone tremendous changes in the last few years. The luxury car segment is a major contributor of revenue when it comes to the luxury goods market. Demand for a variety of luxury cars is stirring up in the emerging markets of India, China, and Brazil because they were left relatively untouched by the 2008-09 financial crisis. The growth observed in these developing countries is compensating for the declining luxury car market in European nations. Growth in Europe was expected to expand by 2%, but China is now the brand new focus for auto manufacturers and luxury car makers around the world.
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