China indeed is becoming a global maket for luxury cars. China today has a high demand for luxury cars helping car market profitable amidst the ongoing recesession.
Liu Siyang, chief researcher with Samsung Economic Research Institute said: “China has been the most important market for luxury vehicles, so with consumption power increasing, the structure of the global automobile market is also changing and shifting its focus to China.”
Statistics from Boston Consulting Group show that by the end of 2009, China had 450,000 millionaires (calculated in US dollars), and over the next four years that number will rise to 800,000.
Added to that, in 2008, 33.4 out of 100 Chinese families owned a vehicle, compared with 16.2 out of 100 in 2005. With such a burgeoning middle-class, the potential for luxury carmakers is enormous.
Klaus Maier, president and CEO of Mercedes-Benz China, recognizes this fact: “In the European and American markets, as well as Japan, one out of every five car owners drives a luxury sedan. However, the figure in China is one in 10.”
In specific reference to Mercedes-benz he added: “China was our group’s fourth-largest market last year we are confident that the country will be Mercedes’ No 3 global market this year.”
China’s growing demand in the automobile industry was also highlighted by statistics published by the German luxury carmaker Audi. They showed that last year 392,000 premium cars were sold in China, a surge of 38 percent over 2008. It is this growth that is so remarkable.
Via luxury-insider
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