Market Size of Asia Pacific Luxury Cars Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.40 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Luxury Car Market Analysis
The Asia-Pacific market is poised to register a CAGR of over 6.40% over the forecast period.
- In 2018, the overall vehicle production in Asia-Pacific declined by 1.78% due to the global economic slowdown. Asia-Pacific holds the largest market share in the global luxury car market.
- Despite a generally weaker development of the Chinese car market, the segment of premium and luxury vehicles continues to grow. According to the Chinese Automobile Manufacturers Association, the luxury sedans grew by 18.8% and premium SUVs 3.5%. The price segment over JPY 300,000 (USD 44,000), about 1.16 million vehicles, was sold in 2018. All major manufacturers of luxury vehicles, including Mercedes-Benz, BMW, and Audi, reported positive figures in November 2018.
- The sales of luxury cars in India registered a slump of approximately 13% in 2019 compared to 2018. The drop came due to economic downturn, high import tariff, and the anticipation of relief in goods and services tax (GST) rates, which weighed on demand.
