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Booming Luxury Vehicle Market in China Offers Opportunities for Accessorization
|SEMA members are invited to participate in the SEMA CIAPE China Business Development Conference in Beijing, China, September 23–26, 2010.|
China imported 305,080 light vehicles in 2009, according to J.D. Power and Associates, down 11% because of the global economic downturn. But imports have grown steadily in recent years along with China’s economy. Growth is expected to resume this year.
Japanese and German luxury models account for the majority of imported vehicles in China.
For example, between 2007 and the end of 2010, China will import 53,812 Toyota Land Cruiser Prado SUVs, forecasts J.D. Power and Associates. In 2014 alone, 19,848 Prados are forecast to enter China.
The Lexus brand is very popular in China. From 2007 to the end of 2010, 13,376 Lexus RX series luxury SUVs will be imported. And imports will continue to grow, according to J.D. Power and Associates. In 2014 alone, more than 10,000 RX SUVs are forecast to be imported, for example.
Lexus sedans are also a hit. From 2007 to the end of 2010, China will import nearly 70,000 Lexus ES sedans, according to J.D. Power and Associates. In 2014, nearly 44,000 units are forecast to be imported.
The BMW X-5 luxury SUV is another popular imported model. In 2010, China is forecast to import 11,750 X-5 SUVs, up 12.8% compared to 2009.
Mercedes is another popular imported brand. From 2007 to the end of 2010, imports will top 51,000 Mercedes S-class sedans, forecasts J.D. Power and Associates. Indeed, China is the largest market in the world for the S-class.
Imported automotive accessories fit imported models, and also some domestically produced foreign-brand models, say distributors in China. So the market is not limited to imports.
“You have to consider which product is being installed on which car,” said Becky Zhou, executive assistant at Full Throttle Motorsports of Beijing. “It varies from product to product.”
For more information on the SEMA CIAPE China Business Development Conference, contact email@example.com or visit sema.org/china.