China Overtakes Germany As The Second Largest Market For Luxury Cars [Headlines]
The US still holds the spot for largest market but Asia is catching up quickly.
China may overtake Germany as the world’s second-largest market for luxury cars behind the U.S. this year, fueled by demand for the two brands that are fighting for leadership in the category: BMW and Audi.
The number of luxury cars sold in China may climb 39 percent to 939,000 in 2011, exceeding the 914,000 vehicles that will probably be delivered in Germany, Jenny Gu, a Shanghai- based analyst at research firm LMC Automotive, said in an interview yesterday. Sales in China will probably increase 16 percent next year, outpacing Germany’s 4.4 percent growth, she said. Bloomberg