China Luxury Car Sales Seen Beating U.S. by 2016
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China premium car sales will probably surpass the U.S. as early as 2016 and equal that of Western Europe by 2020, driven by rising incomes in the world’s second-largest economy, according to McKinsey & Co.
Demand for luxury vehicles in China is expected to more than double by 2020 to 3 million from the 1.25 million cars sold last year, outpacing the total market, McKinsey said in a report released today. Deliveries of upscale autos will probably reach 2.25 million by 2016, according to McKinsey’s estimates.