The findings show that demand for vehicles priced two to three times above the market average remains at a relatively high level.
The average price of a car in the U.S. market is now around $50,000, forcing many consumers to postpone purchases until “better times.” According to research conducted by Boston Consulting Group (BCG), however, sales in the ultra-premium segment have held steady and in some cases are even increasing.
BCG analysts surveyed current owners of high-end vehicles as well as potential buyers. More than 400 affluent car enthusiasts took part in the study. The results indicate that demand for vehicles priced at two to three times the market average remains strong.
Experts estimate that over the next 10 years, the share of vehicles priced above $100,000 will grow from the current 5 percent to 7 percent of the market. In the same period, the segment of cars priced between $100,000 and $170,000 could expand to as much as 8 percent.
The market for vehicles priced up to $500,000 is also expected to grow, analysts say, increasing from about 3 percent to 5 percent. According to experts, the strongest growth will come from sales of pre-owned vehicles, while new cars are likely to be less popular.
Survey results show that buyers of high-end vehicles still prefer traditional dealership showrooms. At the same time, nearly 75 percent said they see no problem with purchasing a car online and plan to buy their next vehicle that way.