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Luxury Cars - China - June 2018

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Table of contents

  1. Overview

    • What you need to know
      • Covered in this Report
        • Excluded
        • Executive Summary

            • The market
              • Figure 1: Best- and worst-case forecast of luxury cars sales volume, 2013-23
            • Companies and brands
              • Figure 2: Market share of luxury car brands, by sales volume, 2015-17
            • The consumer
              • Popularity is more important than uniqueness
                • Figure 3: Luxury car brand feature association, March 2018
              • BBA leads in favourability…
                • Figure 4: Favourite luxury car brand, open question, March 2018
              • …with diversified perceived brand character
                • Figure 5: Correspondence Analysis – Brand characteristics, March 2018
              • Interior design could be highlighted
                • Figure 6: Preferred interior design details, March 2018
              • Young people prefer simple and clear cabin designs
                • Figure 7: Attitudes towards interior designs, March 2018
              • Overall high acceptance with a practical demand
                • Figure 8: Demand level for self-driving functions, March 2018
              • What we think
              • Issues and Insights

                • What parts of interiors are worth investigating?
                  • The facts
                    • The implications
                      • Figure 9: The door panel design of Lexus LS500
                    • Sophisticated, driver-focused versus simple, clear cabin design
                      • The facts
                        • The implications
                          • Figure 10: Central console designs of Mercedes-Benz new A series and G series
                        • Are local start-ups and sub-brands challenging luxury car brands?
                          • The facts
                            • The implications
                            • The Market – What You Need to Know

                              • China is now the largest luxury car market
                                • A faster growth than general passenger car market
                                • Market Size and Forecast

                                  • Significantly faster than overall new passenger car sales
                                    • Figure 11: Sales volume and growth rate of luxury cars and total new passenger cars in China, 2011-17
                                  • China replaces America to be the largest luxury car market
                                    • Figure 12: The US and China markets’ luxury car sales volume and share, 2012-17
                                  • A CAGR of 15.6% over the next five years
                                    • Figure 13: Best- and worst-case forecast of luxury cars sales volume, 2013-23
                                • Market Factors

                                  • Tariff cut and ownership structure adjustment
                                    • The replacement wave and trading up Chinese car buyers
                                      • The low-price competition
                                      • Key Players – What You Need to Know

                                        • Audi saved its first position in terms of sales, with a slight lead
                                          • The four core trends within the domestic auto industry
                                            • Creative thinking in vehicle design and distribution
                                            • Market Share

                                              • Intensified competition between BBA
                                                • Figure 14: Market share of luxury car brands, by volume, 2015-17
                                              • The thriving ‘second-tier’ luxury car brands
                                                • Figure 15: Sales volume of luxury car brands, 2015-17
                                              • The legend of Lincoln continues
                                                • A similar story for Japanese brands
                                                • Competitive Strategies

                                                  • Electrification
                                                    • Intellectualisation
                                                      • Municipalisation
                                                        • Vehicle networking
                                                        • Who’s Innovating?

                                                          • Infotainment
                                                            • Luxury Vehicle Subscription
                                                            • The Consumer – What You Need to Know

                                                              • Popularity is more important than uniqueness
                                                                • BBA leads in favourability, with diversified perceived brand character
                                                                  • Design and the functionality of doors could be highlighted
                                                                    • Young people prefer simple and clear cabin designs
                                                                      • Overall high acceptance with a practical demand
                                                                      • Appreciated Luxury Car Brand Features

                                                                        • Technology has the strongest halo effect, followed by the history
                                                                          • Figure 16: Luxury car brand feature association, March 2018
                                                                        • Popularity, instead of the uniqueness is more important
                                                                          • Ethics matter, especially among luxury car owners
                                                                            • Figure 17: Gap between luxury car owners and general car owners (as benchmark) on brand feature association, March 2018
                                                                          • Price may not be a criterion
                                                                          • Favourite Luxury Car Brand

                                                                            • BBA leads in the rank of favourability…
                                                                              • Figure 18: Favourite luxury car brand, open question, March 2018
                                                                            • …followed closely by four super luxury car brands led by Porsche
                                                                              • Figure 19: Favourite luxury car brand, coded from open question, March 2018
                                                                            • Different nominating motivations
                                                                            • Luxury Car Brand Character

                                                                              • Mercedes-Benz has the most balanced brand personality
                                                                                • Figure 20: Correspondence Analysis – Brand characteristics, March 2018
                                                                              • Infiniti needs to work on building brand awareness
                                                                                • Figure 21: Percentage of surveyed consumers who claim ‘I am not familiar with this brand’, March 2018
                                                                              • Distinct perceived personalities of tier two luxury car brands
                                                                                • Figure 22: Perceived brand personality of American brands, March 2018
                                                                                • Figure 23: Perceived brand personality of Japanese brands, March 2018
                                                                                • Figure 24: Perceived brand personality of British brands and Volvo, March 2018
                                                                            • Preferred Interior Design Details

                                                                              • Divided requirements on interior designs
                                                                                • Figure 25: Preferred interior design details, March 2018
                                                                              • Door panel design could be a hidden breakthrough point
                                                                                • Figure 26: Interior requirement – TURF Analysis, March 2018
                                                                              • Door storage and rear A/C outlet arrangement worth investigating
                                                                                • Figure 27: Gap between luxury car owners and general car owners (as benchmark) on the preferred interior design details, March 2018
                                                                              • Pursuits of car buyers aiming at different brands
                                                                                • Figure 28: Preferred interior design details, by favourite car brand, March 2018
                                                                            • Attitudes towards Interior Design

                                                                              • Welcome creative and rule-breaking designs
                                                                                • Figure 29: Attitudes towards interior designs, March 2018
                                                                              • Different attitudes between 20s and 30s
                                                                                • Figure 30: Attitudes of 20s and 30s towards the selected interior design features, March 2018
                                                                              • The battle between buttons and screens
                                                                                • Diversified demands of different brand buyers
                                                                                  • Figure 31: Attitudes towards the selected interior design features, by different brand buyer group, March 2018
                                                                              • Self-driving Function Requirement

                                                                                • Overall high acceptance
                                                                                  • Figure 32: Demand level for self-driving functions, March 2018
                                                                                • 40-49-year-olds have the highest requirement on autonomous driving
                                                                                  • Figure 33: Percentage of respondents who claim ‘it is a must’, by age, March 2018
                                                                                • Self-driving function preference related to income level
                                                                                  • Figure 34: Percentage of respondents who claim ‘it is a must’, by monthly household income, March 2018
                                                                              • Meet the Mintropolitans

                                                                                • MinTs prefer driver-centred cabin designs
                                                                                  • Figure 35: Attitudes towards selected interior designs, by consumer classification, March 2018
                                                                              • Appendix – Market Size and Forecast

                                                                                  • Figure 36: Total market volume of luxury cars, 2013-23
                                                                              • Appendix – Methodology and Abbreviations

                                                                                • Methodology
                                                                                  • Fan chart forecast
                                                                                    • Abbreviations

                                                                                    Luxury Cars - China - June 2018

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