PROSPECTS AND OPPORTUNITIES
Electric and hybrid vehicles set to play a prominent role in the future of premium and luxury cars in South Africa
Over the forecast period, it is anticipated that premium and luxury cars in South Africa will witness moderate growth in retail volume terms and value terms (at constant 2024 prices). Growth is expected to be supported by new launches, especially electric and plug-in hybrid vehicles which are steadily gaining popularity among South African consumers.
AI expected to bring new features to some models
As technology evolves, specifically with regard to artificial intelligence, car manufacturers are anticipated to increasingly incorporate its functionalities into their newer models. For example, Mercedes-Benz (Daimler AG) has already launched a beta programme that incorporates OpenAI’s ChatGPT into the infotainment systems of some models with the aim of enhancing the driver’s experience and that of their passengers.
Car manufacturers under pressure to make more ethical and responsible choices
Many car manufacturers are already moving towards “cruelty-free interiors” in order to cater to the changing needs of consumers, an increasing number of whom are looking for eco-friendly and animal-friendly products. For instance, Land Rover has started using Ultraleather, a material made out of 100% polyurethane that has been developed in collaboration with Ultrafabrics.
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Overview:
Understand the latest market trends and future growth opportunities for the Premium and Luxury Cars industry in South Africa with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Premium and Luxury Cars industry in South Africa, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Premium and Luxury Cars in South Africa report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Premium and Luxury Cars in South Africa?
- Which are the leading brands in Premium and Luxury Cars in South Africa?
- How are products distributed in Premium and Luxury Cars in South Africa?
- How important is tourism in evaluating demand for Premium and Luxury Cars in South Africa?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Premium and Luxury Cars in South Africa - Category analysis
KEY DATA FINDINGS
Rising affluence and more stable inflation boosts demand for premium and luxury cars
BMW retains a healthy lead in 2023 as electric and hybrid vehicles attract growing interest
Consumers have more opportunities to personalise their car through the use of digital technology
Electric and hybrid vehicles set to play a prominent role in the future of premium and luxury cars in South Africa
AI expected to bring new features to some models
Car manufacturers under pressure to make more ethical and responsible choices
Luxury Goods in South Africa - Industry Overview
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Premium and Luxury Cars
Passenger car vehicles providing exceptional comfort, aimed at the premium market and at drivers wanting a higher level of performance and handling or a vehicle that gives the impression of being capable of high-speed motoring. These cars are generally designed to appeal to high earning, status led consumers and generally retail at US$75,000 plus Example models include: Aston Martin, Ferrari, Jaguar, Bentley, Porsche, McLaren, Maserati, Rolls-Royce and Tesla
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Premium and Luxury Cars research and analysis database.
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