Description of the Report
Amid strong demand for automotive vehicles, several domestic and foreign OEM manufacturers are planning to expand their production bases in Hong Kong. The government of Hong Kong also prioritizes the automotive segment as a key revenue generator and is encouraging the flow of FDIs in the automotive industry.
Hong Kong is one of the most promising and fastest-growing automobile markets in the region. Hong Kong automobile industry is supported by multiple factors such as labor availability, R&D efforts, geographic advantage, and government support. With a positive outlook for the economy and greater household purchasing power, automobile sales in the country are set to witness a strong surge in sales to 2026.
New players continue to foray into the market, in particular in low price vehicle segments with the number of sales increasing at robust growth rates. Passenger cars and light commercial vehicles are also witnessing a steady increase in demand.
Cost-effective models tend to witness strong success as the majority of car buyers segment includes the middle class. Further, strong customer support and availability of cheap spare parts gain high priority for purchases in cars segment
The Hong Kong Automotive Market research identifies that the competition continues to intensify year-on-year with the introduction of new models and brand availability. This LNGAnalysis report covers the 2019 scenario and growth prospects of the Hong Kong Automotive market for 2016-2026. To calculate the market size, revenue from the market sales of Passenger cars, light commercial vehicles, and heavy commercial vehicles are considered.
The global Automotive market is poised to register strong growth with light vehicle sales increased from around 95 million to over 106 million between 2019 and 2025. The ongoing trend towards modernization of Automotives such as electric and hybrid cars, growth from emerging economies- compensating decline from mature markets, the focus is on the user, increasing penetration of autonomous vehicles, and others are supporting countries worldwide to strengthen their Automotive markets. However, increased risk of new disruptive business models, falling margins and rising investment., long-term market volatilities, vehicle retreats from globalization pose significant challenges to growth.
The Hong Kong Automotive Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s automotive market. Key trends and critical insights into Hong Kong Automotive markets along with key drivers, restraints, and growth opportunities are presented in the report.
Hong Kong passenger car markets and Hong Kong commercial vehicle markets are analyzed and forecast to 2026. Further, Hong Kong vehicle production is forecast from 2016 to 2026. Demand for all these vehicle types is also forecast during the period.
Hong Kong Automotive market is compared against five of its competitive markets in the region to analyze the role of Hong Kong on the regional front and benchmark its operations.
Global Automotive, Asia Pacific, Europe, Middle East Africa, North America, and Latin America Automotive market outlook is also presented in the report to provide a global perspective of the industry.
Hong Kong population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Hong Kong Automotive markets.
Further, business and SWOT profiles of three of the leading Automotive companies in Hong Kong are detailed in the report along with recent developments and their impact on overall market growth.
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