Arab Today, arab today china overtakes us as leader in luxury auto market
Last Updated : GMT 10:36:23
Arab Today, arab today
Arab Today, arab today

‘Premium’ car sales up 4.3% in 2012

China overtakes US as leader in luxury auto market

Arab Today, arab today

Arab Today, arab today China overtakes US as leader in luxury auto market

German automakers account for 80% of China’s growing market
Shanghai - Arabstoday

German automakers account for 80% of China’s growing market China will overtake the United States as the world's biggest luxury car market as early as 2016, as rising incomes and desire for status boost premium auto brands, a consultancy said on Monday.
Global management consulting firm McKinsey & Company said China is already the second biggest market for "premium" cars after the United States, with sales of 1.25 million vehicles last year.
China's premium car sales could reach 2.25 million in 2016 and 3.0 million by 2020, it added in a report.
McKinsey defined the "premium" segment in China as cars costing from 200,000 yuan to 1.2 million yuan ($32,000 to $190,000), excluding "ultra-luxury" cars commanding even higher prices.
The US market for premium cars was an estimated 1.7 million vehicles last year and was forecast to rise to 2.3 million in 2020, it said.
"China is a growing market. People's confidence in the future is very high," said Sha Sha, a partner at McKinsey and the main author of the report.
"Chinese people want to upgrade and have the aspiration to buy premium cars," she told AFP.
German automakers -- including Audi, BMW and Mercedes-Benz --- account for 80 percent of China's premium car market, McKinsey said, but added competition in the segment was increasing.
US auto giant General Motors launched a Cadillac brand luxury sedan, the XTS, in the country last week.
China is already the world's biggest auto market, with sales rising 4.3 percent year-on-year in 2012 to 19.31 million vehicles.
But slowing domestic economic growth, limits on car numbers by some cities and a political row between China and Japan that hurt sales of Japanese-brand cars weighed on the market last year.
McKinsey said income growth, confidence in the Chinese economy, willingness to pay for luxury cars and a desire to reflect social status were among the factors supporting the premium market.
Households purchasing a second car or upgrading from basic transport were a new factor in the market, it said.
"The fast rise of the newly affluent middle class and two-car families presents an intriguing opportunity for premium automakers," the report said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china overtakes us as leader in luxury auto market Arab Today, arab today china overtakes us as leader in luxury auto market

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china overtakes us as leader in luxury auto market Arab Today, arab today china overtakes us as leader in luxury auto market

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday