Demand for Luxury Cars Increases in China

Increasing Demand for Luxury Cars in China
Demand for Luxury Cars Increases in China

China, which holds the leadership in automotive sales, is experiencing an explosion in luxury vehicle sales due to the rise in domestic demand. According to the data of the China Automobile Manufacturers Association (CAAM); In 2022, the sales of the upper segment automobile category in the country increased by 11,1% compared to the previous year and reached 3,89 million.

The rate of increase in upper segment automobile sales was 1.6 percentage points above the national average. According to CAAM, sales of gasoline cars, which cost more than 500 thousand yuan ($74 thousand), increased by 2022 percent in 41,2 compared to the previous year. The increase in the demand for new energy cars sold in the range of 350- 400 thousand yuan reached 167%.

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