Executive Cars - China

China

Highlights

Revenue in the Executive Cars market is projected to reach US$63bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.08%, resulting in a projected market volume of US$66bn by 2029.
Executive Cars market unit sales are expected to reach 1.3m vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$53k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in China has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Chinese customers have shown a growing preference for luxury and high-end vehicles, which has fueled the demand for executive cars. This can be attributed to the increasing disposable income of the middle class and their desire for status symbols. Additionally, the younger generation in China is more inclined towards luxury and premium brands, further driving the demand for executive cars.

Trends in the market: One of the key trends in the Executive Cars market in China is the shift towards electric and hybrid vehicles. The Chinese government has been promoting the use of electric vehicles as a means to reduce pollution and dependence on fossil fuels. This has led to the introduction of a number of electric and hybrid executive cars in the market, which have gained popularity among environmentally-conscious consumers. Another trend in the market is the integration of advanced technology and connectivity features in executive cars. Chinese consumers are increasingly looking for vehicles that offer a seamless digital experience, with features such as voice recognition, smart connectivity, and advanced driver assistance systems. Automakers are responding to this trend by incorporating these features in their executive car models.

Local special circumstances: China has a unique set of circumstances that have contributed to the growth of the Executive Cars market. One of these is the presence of a large number of high-net-worth individuals in the country. China has the second-highest number of billionaires in the world, and these individuals are a key target market for executive car manufacturers. Additionally, the Chinese government has implemented policies to support the growth of the domestic automotive industry. These policies include tax incentives for electric vehicles, subsidies for the purchase of new cars, and the development of charging infrastructure. These measures have created a favorable environment for the growth of the Executive Cars market in China.

Underlying macroeconomic factors: The growth of the Executive Cars market in China is also influenced by underlying macroeconomic factors. China has experienced rapid economic growth in recent years, which has resulted in an increase in the disposable income of consumers. This has enabled more individuals to afford executive cars and has contributed to the overall growth of the market. Furthermore, the Chinese government has implemented measures to stimulate domestic consumption and reduce reliance on exports. This has led to an increase in consumer spending and a greater demand for luxury goods, including executive cars. In conclusion, the Executive Cars market in China is experiencing growth due to changing customer preferences, the integration of advanced technology, local special circumstances, and underlying macroeconomic factors. The shift towards electric and hybrid vehicles, the demand for advanced connectivity features, the presence of high-net-worth individuals, government support, and economic growth are all contributing to the development of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).