《易车研究院：富豪车市洞察报告（2024版）-高知富豪重塑中国高端车市（英文版）（27页）.pdf》由会员分享，可在线阅读，更多相关《易车研究院：富豪车市洞察报告（2024版）-高知富豪重塑中国高端车市（英文版）（27页）.pdf（27页珍藏版）》请在三个皮匠报告上搜索。

1、Insights on Wealthy Car Market(2024)Yiche Research InstituteHigh Knowledge Wealthy Buyers to Redefine Chinas High-End Car MarketAuthorsDirector/Chief AIndustry AIndustry ALijun ZhouYing GaoBenya ShiVisual DQiang ZhangWealthy Car Market:vehicle segment composed of buyers with annual household disposa

2、ble income RMB500KThanks to vigorous development of Chinas economy and car market so far this century,Chinese wealthy car buyers desired international high-end brands like Audi,Mercedes and BMW,helping to drive annual sales of each of these German brands to 700,000-800,000 units,pushing their annual

3、 global sales to near or past 2 million units.Over the past three years(2021-2023),new Chinese high-end brands like Li Auto,Denza,NIO,AITO and TANK emerged like bamboo shoots after spring rain,attracting a huge group of Chinese wealthy car buyers while posing major challenges to BBA:their sales in C

4、hina have stagnated or fallen,and they are mired in price wars;Because YRIs core analysis logic is based on users,in order to explore the reasons behind these changes,their industry influence and future trends,this report focuses on the analysis of the evolution of users in Chinas wealthy car market

5、;The research data presented in this report is primarily based on YRI online research with a sample size of more than 60,000 in 2023,as well as on Yiche Big Data and YRI offline research with a sample size of more than 10,000 in 2023;YRIs insights series on specific segments of car buyers are only b

6、ased on data from new car sales.Please treat our findings with a grain of salt:the drop in young buyers in the new car market,for example,does not necessarily mean overall young buyers are shrinking since more and more of them are flocking to the used car market.Middle-ClassMarketWealthyMarketBlue C

7、ollarMarket015Annual Household DisposableIncome(RMB10,000)50Wealthy Car Market SchematicOver the past decade(2014-2023),Chinas passenger vehicle market has seen its ups and downs:sales peaked in 2017 at 24 million units,only to fall back down to the current 20 million units or so.The wealthy car mar

8、ket,in contrast,bucked the trend as annual sales rose from less than 600,000 units to nearly 900,000 units representing a market share of over 4%.That volume isnt significant compared to other key segments in China and doesnt even crack the top 10 rankings of global car markets.But the value it repr

9、esents is significant,and is as good as any of Chinas mainstream car segments or worlds top car markets,and it is a key market influencing carmakers trying to go high-end and brand value;The next couple of years from 2024 to 2026 will be a crucial period for new high-end brands like AITO,Li Auto,Den

10、za,ZEEKR,TANK and VOYAH as they try to solidify their footing in the market and grow further,it will also be a crucial period for traditional high-end brands like Audi,Mercedes,BMW,Volvo and Cadillac to stabilize sales in China,avoid the collapse of pricing tactics and redefine brand value.Chinas we

11、althy car market will no doubt be a strategic battleground for these two forces.Nearly 900,000 vehicles were sold to wealthy buyers in China in 2023,accounting for just over 4%of the car market,a key seg-ment influencing carmakers going high-end and brand strength because of value rather than volume

12、Source:YRIMarket share denotes variable as a percentage of total industry volumeChina Wealthy Car Market End-User Sales&Growth 2014-2023(10,000 units)Market Share of WealthyCar Market 2014-2023Sales of Top 10 Global CarMarkets 2023(10,000 units)200020202120222023End-User SalesY

13、oY Growth004000-20%-10%0%10%20%30%0204060801000%1%2%3%4%5%200020202120222023ChinaUSAChina Wealthy Car Market(PV)IndiaJapanGermanyBrazilUKFranceKoreaCanadaDuring the 80s and 90s,as China pushed for reform and opening up and its market economy thrived,demand for talent

14、 exploded.But annual university graduates only numbered in the 400,000-500,000 during the 80s and 600,000-700,000 in the 90s,much less than needed to help build a socialist market economy.In order to break the talent bottleneck,the Chinese government carried out bold and resolute measures to reform

15、higher education and vigorously developed private education.Thanks to these policies and efforts,university graduates topped 1 million in 2000,5 million in 2008 and 10 million in 2022.The share of university graduates among peers of same age took off during this period,growing from over 10%in 2004 t

16、o over 20%in 2007,then topping 30%in 2012,more than 40%in 2018,over 50%in 2021,over 60%in 2022 and surpassing 70%in 2023;Over the past two decades or so,as Chinese citizens became more highly intellectualized,their personal income grew significantly,completely transforming the education level make u

17、p of wealthy car buyers.In 2007,the share of buyers with junior college degrees or above topped 40%.In 2014,it was over 50%,and in 2023,it topped 90%,with postgraduates accounting for nearly 25%.High knowledge individuals have replaced lowly educated nouveau riche as new core buyers in Chinas wealth

18、y car market;Because social perception,personal hobbies and social missions of these two different types of wealthy people differ greatly,their consumption habits for cars also differ.High knowledge individuals not only care about brand,but also technology innovation,user experience and corporate so

19、cial responsibility,inherently providing better growth opportunities for Chinese domestic high-end brands.The rapid popularization of higher education in China so far this century has completely transformed wealthy car buyers fromprimarily lowly educated individuals to high knowledge individuals wit

20、h junior college degrees and aboveSource:YRISource:National Bureau of Statistics0%20%40%60%80%05000654200720019202280s-90s00s-10sChinas University/College Graduates and TheirShare of Peer Population 1980-2023(10,000 people)0%20%40%60%80%100%2007

21、20142023Share of Chinas Wealthy Car Buyersby Education Level 2007-2023Middle School&BelowGraduateHigh School/Polytechnic SchoolPostgraduateJunior CollegeChinese wealthy car buyers are increasingly living in bigger cities，younger,more female and singleThe popularization of higher education so far thi

22、s century has been a great catalyst driving the modern-ization of Chinas society:pushing energetic young people to the forefront of building a socialist market economy,and allocating human and material resources to big cities like Beijing,Shanghai,Guangzhou and Shenzhen,thereby activating high-tech

23、industries like the internet,freeing up productive forces of women.Chinas social transformation by high knowledge people is naturally reflected in the countrys car market:university graduates in the first decade of this century were dominated by the post-80s generation,while they were dominated by p

24、ost-90s during the second decade.As of the first half of 2024,the post-80s and 90s population were generally in the age range of 25-44.Their income and wealth generally increased greatly after having worked 5-10 years,significantly improving buying power and driving the“go young”trend of Chinas weal

25、thy car market:from 2007 to 2014,buyers were still dominated by those in their 40s and 50s,but in 2023 that age range fell to the 30s and 40s,making them the youngest wealthy car buyers in the world.Over the past decade or so,the average age of buyers of Audi,Mercedes and BMW in China fell below 40;

26、because these high knowledge buyers primarily live in large cities,the higher their education level and knowledge,the more they live in larger cities.The share of wealthy car buyers from large cities increased from an already high of 66.05%in 2007 to 78.54%in 2023;because higher education helped ele

27、vate Chinas gender equality to the greatest extent,the share of female buyers in Chinas wealthy car market rose from 11.27%in 2007 to 48.08%in 2023;high knowledge people seemed to be more single:the share of singles buyers in Chinas wealthy car market grew from 4.98%in 2007 to 26.81%in 2023;Because

28、Chinese wealthy car buyers are increasingly living in larger cities,younger,more female and single as they become more high knowledge people,it will dilute“business needs”in Chinas wealthy car market and accelerate Chinas high-end car market transformation back to a family-fo-cused market and invigo

29、rate consumption trends that are defined by distinctive needs and“light business heavy lifestyle.”The primary buying force of Audi,Mercedes and BMW has already shifted to female buyers so effectively these brands no longer cater primarily to the business clientele.But the question mark is,are they a

30、ctively embracing this transformation with dedicated products?24&Below25-2930-3435-3940-4445-4950-5455&AboveSource:YRIChinese Wealthy Car Buyersby Age Group 2007-2023Chinese Wealthy Car Buyersby City Level 2007-2023Chinese Wealthy Car Buyersby Gender 2007-2023Chinese Wealthy Car Buyersby Marital Sta

31、tus 2007-2023MaleFemale0%5%10%15%20%25%0%20%40%60%80%100%200720142023Tier 1Tier 3New Tier 1Tier 4Tier 2Tier 52007201420230%20%40%60%80%100%200720142023MarriedSingle0%20%40%60%80%100%200720142023Employees working at internet companies are primarily high-knowledge people and backbones behind tech comp

32、anies becoming stronger,this is the core advantage for Huawei(AITO),Xiaomi and Li Auto challenging BBAThe rapid increase in university graduates since Chinas reform and opening up has propelled the industrial upgrade of Chinas economy:the contribution to GDP of the primary industry fell below 10%fro

33、m more than 30%while that of the tertiary industry topped 50%.The internet sector where talent,technology and capital are concentrated grew rapidly,and employees in this sector earned significantly more than those working in traditional sectors like real estate and manufacturing.This not only cultiv

34、ated many new wealthy Chinese people,they also became the primary buying force in Chinas new wealthy car market:in 2007,this market was still dominated by buyers working in the manufacturing,wholesale/retail and real estate industries with internet ranking No.8;in 2014,though real estate and manufac

35、turing still led the rankings,internet surpassed wholesale/retail to crack into the top 3;in 2023,internet rose to the top of the rankings,contributing to nearly 20%of buyers of this market;People that work in the internet sector in China care very much about tech innovation and user experience,and

36、are the backbone behind Chinese brands becoming stronger.This is the core advantage of very much internet-oriented new smart EV forces like Huawei(AITO),Xiaomi and Li Auto.0%50%100%28402002200420062008200022Share of Output Value of Ch

37、inas PrimarySecondary and Tertiary Industries 1978-2023TertiarySecondaryPrimaryInternetFinanceReal EstateManufacturingSource:YRIAverage Salary of Employees(Urban)in Chinas Internet,Finance,Real Estate and Manufacturing Industries 2003-2023(RMB10,000)00052007200920002

38、3Source:National Bureau of StatisticsThis reports considers information transfer,computer services and software as part of internetTop 10 Industries Represented by Chinese Wealthy Car Buyers 2007Top 10 IndustriesRepresented byChinese WealthyCar Buyers 2014Top 10 IndustriesRepresented byChinese Wealt

39、hyCar Buyers 20230%10%20%0%10%20%0%10%20%Internet,ITManufacturingConstructionReal EstateParty&GovtAffiliated InstitutionsWholesale&RetailFinanceTransportLogisticsEnergyMedical,HygieneCulture,SportsEntertainmentMiningManufacturingWholesale&RetailConstructionReal EstateParty,GovtAffiliated Institution

40、sEnergyTransportLogisticsInternet,ITFinanceNewsAdvertisingConstructionReal EstateManufacturingInternet,ITWholesle&RetailParty&GovtAffiliated InstitutionsTransportLogisticsEnergyFinanceCulture,SportsEntertainmentMiningNewsAdvertisingMost of the senior managers and technology backbones atprominent com

41、panies like Huawei and Tencent that are drivingtech innovation in China have the capabilities to purchasehigh-end vehicles that cater to their own needs and valuesThe internet wave so far this century has resulted in the rise of prominent Chinese companies like Huawei,Tencent,Alibaba,JD,Baidu,Meitua

42、n and DiDi.Most of their employees have relative high levels of education and are in their prime working age(30s and 40s),and many senior managers and technology backbones at these companies have gotten handsome rewards.From 2016 to 2023,the average dividend Huawei employees received rose from over

43、RMB200K to more than RMB500K,with senior managers and technology backbones benefiting the most.Meanwhile,average salary at Tencent rose from over RMB600K to more than RMB1 million.In 2023,doctorates accounted for 5%of Huaweis global employee force,while masters accounted for 49%and bachelors account

44、ed for only 39%.About two-thirds(68%)of Huawei global employees were between the ages of 30 and 50;Thanks to the rise of the internet economy,the emergence of high knowledge wealthy people such as these senior managers and technology backbones not only redefined the traditional wealthy class in the

45、Chinese society centered on business owners,it also redefined Chinas wealthy car market:in 2007 business owners dominated this market,with senior managers ranking No.3 and people working in R&D No.10;In 2014 senior managers move to the second spot while R&D moved to No.4;in 2023 senior managers topp

46、ed the rankings,significantly ahead of business owners,while R&D moved up to No.3;As the dominant buying force of Chinas wealthy car market shifts from business owners to senior managers and technology/R&D backbones,the consumption basis of this market will only get more diverse.This means that Huaw

47、ei employees alone can drive significant sales of high-end products like the AITO M7 and M9 that Huawei has been deeply involved in.For carmakers that are putting great emphasis on developing high-end brands,besides efforts to absorb Huaweis car making philosophy and technologies,they should also at

48、tract potential customers such as senior managers and technology backbones at prominent companies like Huawei,Alibaba and JD.They must race against the clock to figure out what products besides the Xiaomi SU7 can better attract and satisfy Xiaomi employees.Dividend Per Employee atHuawei2016-2023(RMB

49、10,000)0204060Average Annual Salary atTencent 2016-2023(RMB10,000)050002020200222023Source:YRISource:Public earnings data502%Age Distribution of HuaweiEmployees(Global)2023Education Level of HuaweiEmployees(Global)2023Doctorates&Above 5%Masters4

50、9%Bachelors39%Other7%Top 10 OccupationsRepresented byChinese WealthyCar Buyers 2007Top 10 OccupationsRepresented byChinese WealthyCar Buyers 2014Top 10 OccupationsRepresented byChinese WealthyCar Buyers 20230%10%20%30%0%10%20%30%0%10%20%30%BusinessOwnerPurchasingSalesMiddleManagementConsultingAnalys

51、isFreelanceCivl ServiceFinance/HRPublic ServantLowerManagementTeachingScience ResearchR&DProgrammingBusinessOwnerMiddleManagementPurchasingSalesR&DProgrammingLowerManagementFreelanceCivil ServiceFinance/HRDesignArtistConsultingAnalysisPR,Sales&MarketingMid to HighManagementBusinessOwnerR&DProgrammin

52、gLowerManagementCivil ServiceFinance/HRFreelancePurchasingSalesWorkerPublic ServantDoctor,NurseLabels such as high-knowledge,internet and senior managers haveredefined new and confident Chinese wealthy car buyers,resultingin strong desire to purchase Chinese brandsNew Chinese wealthy car buyers that

53、 bought cars in 2023 still preferred German brands,which accounted for 38%of sales.But the share of Chinese brands approached 30%,right on the heels of German brands.For those with purchase intentions,the share of Chinese brands was higher at 45.83%,far ahead of German brands at 27.2%.Chinese brands

54、 have now become the preferred brand of choice for Chinese wealthy car buyers.Purely from a share by brand origin point of view,if BBA cannot keep up with this changing consumption dynamic over the next 2-3 years,they will encounter severe challenges;From a product perspective,Chinese wealthy car bu

55、yers with purchase intentions in 2023 preferred midsize or larger cars,multi-purpose vehicles like SUVs and MPVs,and distinctive vehicles like sports cars and NEVs.As of the first half of 2024,Chinese brands offered a greater variety of these types of vehicles catered to the needs of Chinese wealthy

56、 car buyers,such as large energy-saving vehicles like the AITO M9,Denza D9 and Li L9,as well as distinctive vehicles like the NIO ET5,Xiaomi SU7 and TANK 300.Wealthy Buyers(Purchasedvs.Purchase Intent)by BrandOrigin 2023Vehicle Segment Preference ofWealthy Car Buyers(Purchasedvs.Purchase Intent)2023

57、ChinaUKItalySwedenJapanUSACzechGermanyKoreaFranceLargeMicroMid to LargeSmallMidsizeCompact0%20%40%60%80%100%0%20%40%60%80%100%PurchasedPurchaseIntentVehicle Type Preference ofWealthy Car Buyers(Purchasedvs.Purchase Intent)2023Vehicle Energy Preference ofWealthy Car Buyers(Purchasedvs.Purchase Intent

58、)2023BEVEREVICEVPHEVHEVMPVSUVSports CarCar0%20%40%60%80%100%0%20%40%60%80%100%PurchasedPurchaseIntentPurchasedPurchaseIntentPurchasedPurchaseIntentSource:YRIMost Chinese wealthy people have multiple vehicles and strong desirefor road trips and mobility enabling,resulting in diversified needs forlarg

59、e,multi-purpose and distinctive vehiclesIn 2023,only 30%of car owners in China had two or more cars in their families.The same percentage for wealthy car buyers was nearly 60%(58.21%).While the industry average for the share of car owners with three or more was just 4.62%,it was 21.6%for the wealthy

60、 car market;Many Chinese wealthy families are about to buy their third or even fourth vehicle,and naturally they would be buying for non-work commute purposes.In 2023,road trip ranked first among purchase factors for Chinese wealthy car buyers,at a share of 50.57%,followed by mobility enabling,while

61、 work commute came in third.In addition,factors such as daily upgrade,business reception,gifting and off-road needs also ranked higher than industry average;Non-work commute purchase factors that dominate buying in the Chinese wealthy car market stimulate diversified consumption habits of Chinese we

62、althy car buyers.In 2023,new Chinese wealthy car buyers that became owners primarily purchased mainstream quality and grand&high-end cars,but those with purchase intent desired grand&high-end,off-road&macho,avantgarde and noble&luxury cars rather than economy bland cars.High-end and more distinctive

63、 cars are increasingly favored by these buyers.Source:YRI0%20%40%60%Family CarOwnership CountIndustry Averagevs.Wealthy CarBuyers 2023Top 10 PurchaseFactors WealthyBuyers vs.IndustryAverage 2023Wealthy Car BuyerVehicle Type Preference Purchased vs.Purchase Intent 20233 or More2WealthyIndustry Averag

64、e10%20%40%60%80%100%IndustryAverageWealthy0%20%40%60%80%100%OtherSmall&CuteRefined&StylishStreamlined&SportyAvant GardeEconomy BlandNoble LuxuryHigh-End BusinessOff-Road&MachoMainstream QualityGrand&High-EndPurchasedPurchaseIntentRoad TripMobility EnablingWork CommuteDaily UpgradePick up/Drop off Ki

65、dsBusiness ReceptionHaving ChildrenGiftRacing,Off-RoadFishingNew Chinese high-end vehicles sabotaged Chinas wealthy carmarket in 2023 after actively catering to new needs from newhigh-knowledge wealthy car buyers,models like the 5 Series,A6Land E-Class from BBA are facing significant headwindsThe De

66、nza D9,one of the new kids on the block,topped the rankings of mainstream models in wealthy car buyer penetration in 2023 at 41.09%,beating out Mercedes GLE and BMW X5.Chinese high-end models like the Li L9/L8/L7,NIO ET5/ES6,TANK 300 and Xpeng P7 all moved into the top 20 model rankings in wealthy c

67、ar buyer penetration.This metric shows the internal structure of a model,the specific value not only reflects current consumption characteristics but also previews future trends;The Model Y topped the rankings of mainstream model wealthy car market share in 2023 at 7.57%,but a bunch of Chinese high-

68、end models like the Denza D9,Li L9/L8/L7,TANK 300,NIO ET5 and Hongqi HS5 moved into the top 20.Market share not only shows the rankings of all models in the wealthy car market,but it also reflects its competitive landscape;In 2023,be it the top 20 mainstream model wealthy car buyer penetration ranki

69、ngs or the wealthy car market share rankings,Chinese brands accounted for nearly half of the models on the lists,posing huge challenges to the BMW 5 Series,Audi A6L and Mercedes E-Class.In 2024,more Chinese high-end models like the AITO M7/M9 and Xiaomi SU7 will likely crack into these top 20 rankin

70、gs and further take away market share of the BBA models.Source:YRIMainstream model denotes models with sales of more than 30,000 units in China in 2023;the denominator of the penetration rate is the brand/model itself,while the numerator is the actualvalue of variable,this better reflects the condit

71、ions of the said brand/model,so we are not going todo horizontal comparison;market share denotes variable as a percentage of total industry volumeTop 20 Mainstream Models inWealthy Car Buyer Penetration 2023Top 20 Mainstream Models inWealthy Car Market Share 202341.09%40.55%38.46%36.58%36.14%31.73%2

72、6.25%26.07%25.62%22.45%22.01%19.64%18.08%15.48%15.19%14.64%13.90%13.88%13.21%12.67%7.57%6.05%4.96%4.72%4.08%3.90%3.50%3.28%3.02%2.70%2.04%1.93%1.84%1.75%1.71%1.70%1.67%1.42%1.38%1.27%Denza D9Mercedes GLEBMW X5Li L9Mercedes E-ClassBMW iX3NIO ET5Li L8BMW 5 SeriesMercedes GLCsmart#1Mercedes C-ClassNIO

73、ES6TANK 300Audi A6LModel YBMW X3Audi Q5LXpeng P7Li L7Model YMercedes E-ClassDenza D9Li L9BMW X5BMW 5 SeriesLi L8Mercedes C-ClassAudi A6LMercedes GLCAudi Q5LLi L7BMW X3Mercedes GLENIO ET5Audi A4LTANK 300BMW iX3Hongqi HS5Model 3Many new emerging Chinese high-end brands disrupted Chinas luxurycar marke

74、t in 2023 by catering to needs of high knowledge new wealthycar buyers,BBAs traditional dominance is being shatteredPorsche topped the rankings of mainstream brands in wealthy car buyer penetration in 2023 at 47.52%,followed by Land Rover and new force Denza.Li Auto ranked fourth at 25.97%,slightly

75、ahead of Mercedes.NIO was right on the heels of Mercedes and Chinese brands like TANK,VOYAH,Xpeng,IM and Hongqi cracked into the top 20 rankings,accounting for more than half of the brands on the list.Wealthy car buyer penetration for BMW and Audi fell below 19%and 12%,respectively;Mercedes topped t

76、he rankings of mainstream brand wealthy car market share at 22.65%,followed by BMW.Li Auto ranked third,surpassing Audi.Chinese brands like Denza,NIO,Hongqi,TANK,BYD,Xpeng and ZEEKR cracked into the top 20 rankings,accounting for nearly half of the brands on the list;In 2023,the performance of BBA i

77、n these two rankings differed greatly:they lost all advantage in the penetration rankings but still commanded leading positions in the market share rankings.So far in 2024,they have deepened price promotions averaging at about RMB100K per vehicle,as middle-class and even blue collar buyers became cu

78、stomers.But Chinese brands will continue to drive the momentum in the high-end vehicle market,as more high-end products like the TANK 700,Denza N9,AITO M9 and Xiaomi SU7 flock to the market,which will attract more middle-class and even wealthy car buyers.Top 20 Mainstream Brands inWealthy Car Buyer

79、Penetration 2023Top 20 Mainstream Brands inWealthy Car Market Share 202315.81%15.25%13.28%12.33%12.07%11.79%11.48%10.77%9.59%8.94%7.84%47.52%41.45%36.02%25.97%25.93%23.63%23.47%19.58%18.86%PorscheLand RoverDenzaLi AutoMercedesNIOsmartTANKBMWVOYAHZEEKRTeslaLexusXpengAudiWEYIMCadillacHongqiBEIJING22.6

80、5%17.26%11.08%9.35%9.16%7.42%4.65%4.58%4.33%3.85%3.50%3.48%3.18%3.00%2.55%2.52%1.93%1.82%1.82%1.59%Source:YRIMainstream brand denotes brands with sales of more than 30,000 units in China in 2023;the denominator of the penetration rate is the brand/model itself,while the numerator is the actual value

81、 of variable,this better reflects the conditions of the said brand/model,so we are not going to do horizontal comparison;market share denotes variable as a percentage of total industry volumeMercedesBMWLi AutoAudiTeslaToyotaDenzaNIOPorscheLand RoverHondaHongqiVWTANKBYDLexusCadillacXpengZEEKRBuickBBA

82、 has not changed over the past decade,but their buyers have,creating new opportunities for Chinese high-end brandsrapid ascentThe popularization of higher education over the past two decades or so redefined not only Chinas wealthy class but also the countrys wealthy car market:the core age range of

83、wealthy car buyers have fallen from the 40s and 50s to the 30s and 40s,they are shifting from male and married buyers to female and single buyers,from business owners to corporate senior managers and technology backbones,and from working in traditional industries such as manufacturing and real estat

84、e to tech industries such as internet.The new wealthy car market is now dominated by high-knowledge buyers;This high-knowledge user base perspective naturally explains the abrupt change in Chinas high-end car market over the past 3-4 years and offers carmakers proper guidance as they try to make the

85、 necessary adjustments to respond to the change.Low education level(mainly high school&below)Mainly post-50s,60s&70sThe 1980s and 1990s and the first decade of the 21st centuryMainly business ownersMainly work in manufacturing,real estateMainly from coastal provinces such as Guangdong,Zhejiang and J

86、iangsuaMainly male&marriedHigh education level(mainly junior college&above)Mainly post-80s and 90sEmerged over the past decadeMainly corporate senior managers and technology backbonesMainly work in high value-add industries like internet,science&technology and financeMainly from tier-1 cities like B

87、eijing,Shanghai,Guangzhou and ShenzhenMore female and singlePrimary buying factor:road trip,business reception,off-roadMainly multi-car families wanting to buy off-road&macho,grand&high-end andnoble&luxury vehiclesPrimarily care about brand,service and stylingMore inclined to purchase Chinese brands

88、 rather than German brandsNew emerging high-end models like the Denza D9,Li L7/L8/L9,NIO ET5 and TANK 300took China s wealthy car market by storm in 2023,stealing away market share of BMW5 Series,Audi A6L and Mercedes E-ClassNew emerging high-end brands like Li Auto,Denza,NIO,ZEEKR and TANK upendedC

89、hina s wealthy car market,posing severe challenges for traditional powerhouseslike BBAUserCharacteristicsof TraditionalChinese WealthyCar BuyersUserCharacteristicsof New ChineseWealthy CarBuyersBuyingCharacteristicsof New ChineseWealthy CarBuyersCompetitiveLandscape ofChinas NewWealthy CarMarketChin

90、as wealthy car market share is expected to approach 9%by2030,BBA can still capitalize on this new market opportunitydominated by high-knowledge buyers,but time is running outBrand remained as the top purchase factor for Chinese wealthy car buyers in 2023 at 66.14%.Theoretically,BBA with their strong

91、 branding can still capitalize on the opportunity of Chinas new wealthy car market dominated by high-knowledge buyers.But the mediocre performance of the three German premium brands supposedly with strong branding and the rapid ascent of emerging Chinese new high-end brands like AITO,Li Auto and Den

92、za lacking branding in recent years proves that these new wealthy car buyers understanding of branding has changed significantly:it has partially shifted toward technology innovation and improved user experience.In other words,the branding power that Audi,Mercedes and BMW used to enjoy can no longer

93、 satisfy the new Chinese wealthy car buyers;From 2024 to 2030,as more post-90s and younger wealthy car buyers flock to the market,Chinas wealthy car market share is expected to further increase and approach 9%,about twice what it is now.If BBA still blindly pushes ahead their NEV strategies and cont

94、inue to ignore opportunities in large,distinctive and energy-saving vehicles,their sales in China likely will drop further and faster.Chinas ever expanding wealthy car market will no doubt cultivate many domestic high-end brands.Once these brands achieve economies of scale and their brand value stre

95、ngthens,it will redefine not only Chinas high-end car market but also the global high-end market.Time is running out for BBA to get back on track.Source:YRITop 10 Purchase Factors forWealthy Car Buyers 2023Market Share of WealthyCar Market 2014-20300%10%20%30%40%50%60%70%0%2%4%6%8%10%2001

96、7200224E2025E2026E2027E2028E2029E2030EBrandQualityServiceSafetyReputationPriceFeatureStylingSpaceComfortThis report is produced by Yiche Research Institute.All text,pictures andtables are protected by relevant trademark and copyright laws.Some textand data are collected from pu

97、blic information and are therefore owned bythe original author(s);No organization or individual may reproduce,copy,publish or quote in anyform the content of this report without the prior consent of Yiche ResearchInstitute;For reprint or quotation of content,please contact us in advance and citesour

98、ce.No quotations of modifications or abridgements of the originalcontent are permitted.Copyright DisclaimerCurrently YRI does not publish reports for commercial purposes,we mainly helpempower customers like OEMs and dealers;YRI prides itself on its rich data and the ability to speak the facts based

99、on these data;Everyone has different views,therefore we welcome comments and feedback onour own views.Lets agree to disagree.YRI positioning:non-commercial digital car market think tankYRI mission:help Yiche customers better understand Chinascar marketCommunications(Media,etc.)Extract（Survey/Consult

100、ing/Association/Investment Banking）Target Audience（OEM/Dealer/Investment）Traffic,Leads,Conversion,TransactionAd,Membership,Collection,ActivityReceive Basic InformationGain Core PerspectivesReport,Advisory,Suggestion,Diagnostics,System Info,etc.Service FeeGain Trust&CustomersShare Knowledge&Opportuni

101、tiesShareKnowledge&OpportunitiesGain Trust&CustomersGain Trust&CustomersShare Knowledge&OpportunitiesNew Species(non-commercial digital think tank)Pro:WideAudienceCon:Limitedin DepthNature:TrafficConversionEffect:BoostSalesPro:Complementary;Con:Cooperation LimitedNature:Communication of Views;Effect

102、:Elevate InfluenceThe media&thepress arestrengthening dataanalysis andindustry authority,as well as elevatingcooperation withOEMs.Case inpoint:Yicheforming YRI.Entities likeconsulting firmsarestrengtheningdata miningcapabilities andindustryauthority,andimprovingindustrycredibility andcustomerinfluen

103、ce,likethe McKinseyQuarterlyValue：Guidance for the massmedia:realize long-term interaction;Cooperation forcommercial extraction:facilitate long-termcollaboration;Trust for customers:build long-termcooperationTraits:CommunicationsConsciousness,ExtractionCapability,Audience BaseAuto Industry Dialogue

104、Tour Insights Clear as Blazing FireCore Topic:Analyzing Chinese Car Buyer Characteristics&TrendsTime:May-July 2024Target:primarily Yiche customers including OEMs,one on one discussionSignup at WeChat:yicheresearch please provide name,position,company and cell phone#)-a New Book from Yiche Research I

105、nstitutes Industry Analysis Series gives a deeper look atChinese car buyer characteristics and consumption potential centered on the customer journey from purchase to use,covering key metrics such as traffic,net promoter score,use case,mileage used,family vehicle ownership data and parking to help c

106、armakers refine their strategies timely so that they can better put into practice their”customer is at the center of everything we do”corporate philosophy.How to get your book:OEMs,dealers and Yiche customers should contact their Yiche service personnel:Non-Yiche customers please contact YRI directl

107、y(WeChat:yicheresearch)From May to July 2024,YRI will kick off its 8 round of“Insights Clear as Blazing Fire”Auto Industry Trends&Analysis Dialogue Tour,covering the core topic of“analyzingChinese car buyer characteristics and trends”to help carmakers capitalize newopportunities presented by these new trends.thDemystifying Chinas Auto MarketDemystifying Chinas Auto Market(2024 Edition,Part I)Contact UsFollow UsWeChatJuns Market TalkYing Gao，Industry AnalystMobile：188 0118 7009Mail：WeChat：yicheresearch