Over the course of a decade, car consumption in China seems to have grown exponentially. It was not long back when the streets and roads in Beijing were literally covered with cyclists, now feature cars on every street corner. In fact, there seems to be a boom in the luxury automobile segment in the Chinese market. McKinsey & Company expect that China would beat the U.S in the next seven years to being the number one consumer of luxury cars in the world. Here are the top ten brands that are purchased in China:
The only American-based automobile manufacturer that figures in this list is the Cadillac by General Motors.
The Infinity by Nissan is a luxury car which earlier used to be imported. However, Nissan changed its manufacturing policy and has now installed its manufacturing unit in China to make them more cost effective.
8. Land Rover
The only SUV that features on this list is the Land Rover by Tata Motors. The sales in China are what helped to lift the Land Rover-Jaguar 2012 sales to more than 2 million dollars as the sales in China alone rose by a phenomenal 50%
The Volvo is a company that is owned by the Chinese Geely Motors which is manufacturing Volvos in China. The company hopes to reach their sales target of 200,000 Volvos by the year 2018.
This high end sports automobile by Lamborghini has envisaged a sales growth between 20-30% in the coming seven years. Lamborghini has registered great surges in its sales as it increased by 150% in 2010 and by another 70% in 2011. Although the market for this ultra chic sports car is very small, but it seems to be catching on at a fast rate.
The average sales of Porsche in China are around two thousand cars a month and the figure is still rising. China is the second largest market for Porsche apart from the United States, however, of late the sales figures in China have surpassed those in the US.
4. Mercedes Benz
Mercedes Benz is on the fast track route to expanding and building its base in the Chinese market. This high-end German luxury car maker has been negotiating for 75 dealerships in China this year which include 36 cities which are yet to have a Mercedes Benz dealership.
Last year, Lexus recorded sales of 64 thousand cars in China which made up 7.6% of the total sales by Toyota in China. However, the only drawback that Toyota faces is in the manufacture as it still does not have assembly lines unlike its competitors. However, this has not reduced its popularity as Lexus is still amongst the top three most searched car brands in China.
The BMW is not expecting sales growth in double digit this year, however, this does not rule out any further growth in the sales of this hot favorite car. Due to the competition, BMW might face a reduction of profit marketing by 1-2%.
Audi is the most preferred high-end vehicle in China and in terms of sales; the momentum is quite high and would continue to be so.