Our analysis suggests that growth in luxury car segments will vary by price band, and that higher-priced brands will experience somewhat greater growth. Chinese car buyers see luxury through a wider angle lens compared to their peers in the world's major developed automotive markets. In addition to traditional comfort, convenience, entertainment and safety features, luxury cars are packed with advanced connectivity elements, autonomous driving options and the latest powertrain electrification technologies. Based on those assessments, it seems that there will be a shortage of new cars well into 2024, and the number of used cars on the market could lag behind demand at least a couple of years after that.
A leading luxury car manufacturer recently unveiled a series of bespoke models exclusive to China to take advantage of the demand for luxury cars in the region and support its long-term commitment to the market.