China to become largest premium car market overtaking US

According to a latest report released by McKinsey & Co., China will overtake United States to become the world’s largest premium car market by 2016, with selling more than 2.3 million premium cars.

China currently is the second biggest market for selling of premium cars with 1.25 million vehicles in 2012 after the US.

With rapid increase in demands of premium car in China, the report predicts that the premium car market in China will grow at 12% annual growth rate by 2020, with selling nearly 3 million premium cars per year.

McKinsey labeled 23 brands as “premium car” which includes Acura, Aston Martin, Audi, Bentley and BMW.

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