It has been predicted that by the year 2020 half of all luxury vehicles will be sold in China.
Currently BMW only sells more vehicles in Germany than it does in China. Cadillac only sells more vehicles in the US than it does in China.
Luxury car buyers in China are swayed by brand names such as BMW, Mercedes, Cadillac. While domestic Chinese automakers dominate the market for lower priced vehicles, higher priced vehicles are the domain of the big international luxury brands.
Super luxury automaker Bentley Motors sells more cars in China than any other market in the world.
Currently China has the fourth-largest population of millionaires globally. It is estimated that there are over 535,000 millionaires living in China today.
As China’s economy continues to get stronger, an even higher percentage of their population will be ‘high net worth individuals’. This will only increase their demand for luxury vehicles going forward. Really the sky is the limit for luxury car sales in China in the future.