The luxury car market in Asian is shifting north from the Asean countries, according to a Ford Premier Automotive Group (PAG) manager speaking at an Economist Conference. The comments by Pascal Bellemans, reported by AutoAsia, emphasise the growing importance of the northern Asian markets of Taiwan, China (including Hong Kong) and Korea.
This year the share of the Asian luxury car market taken by the ASEAN countries is set to fall to around 41% against a share of around 50% a few years ago.
PAG says that Asia, excluding Japan, purchased around 63,300 luxury cars last year. That figure is forecast by PAG to grow to 107,000 units in 2006, with 63,000 sold in Taiwan, China, Korea and Hong Kong. Thailand, Singapore, Indonesia, Malaysia and the Philippines combined, will soak up the remaining 44,000 units.
AutoAsia also reports that Bellemans expects that growth over the next five years will be particularly strong in Korea as well as China, as local attitudes towards imports changes. PAG anticipates that luxury sales in Korea will jump from 2,900 last year to 13,000 in 2006.