- The Covid-19 lockdown and the shortage of semiconductor chips will not stop Porsche’s rise in global sales.
- Luxury cars of all brands will continue to gain popularity over the next five years across the world.
- Electric cars lead the proverbial charge for OEMs in new luxury vehicle sales.
- For automotive news, visit Wheels24
The lockdown impact of the ongoing Covid-19 pandemic around the world and the shortage of semiconductor chips may have wreaked havoc on the automotive industry over the past year, but it hasn’t not stopped the boys and girls of Porsche in Stuttgart from pouring the accelerator on the company’s global new car program.
Porsche claims to have achieved a record result for the first three quarters of 2021: having delivered 217,198 vehicles worldwide between January and September. This represents a 13% increase for the premium sports car maker. The demand for Porsche sports cars and SUVs has increased in all sales regions, especially in China and the United States.
Detlev von Platen, Porsche AG, member of the board of directors
“The strong demand for our sports cars continued in the third quarter and we are delighted to have been able to supply so many cars to our customers in the first nine months of the year,” said Detlev von Platen, member of the Sales and Marketing Board at Porsche AG.
He explains that Porsche’s order books are full and, in turn, fill the board with optimism and enthusiasm as the end of the year rush approaches. “However, the coronavirus situation remains dynamic and we face challenges in semiconductor supply. For these reasons, we are monitoring current developments very closely to ensure that we can continue to respond flexibly,” he adds.
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Porsche 2021 range
According to statistics, the global luxury car market was valued at around USD 410 billion in 2020. The market is expected to reach USD 566 billion by 2026, with a compound annual growth rate of around 5% during the period forecast (2021-2026).
Mordor Intelligence, an India-based research firm studying the impact of Covid-19 on the global automotive sector, says: “The pandemic has had a profound effect on the luxury car market directly in the short term as sales and production experienced a decline in 2020. In addition, the pandemic has significantly affected the purchasing power of each individual. After governments lifted the restrictions, the market gradually began to regain its lost momentum, ”its latest report said.
The company adds that significant growth in tangible luxury offerings in vehicles, shifting consumer preferences from sedans to SUVs, and increasing consumer disposable income have propelled demand for luxury cars around the world. “However, a few factors, such as an increase in import tariffs in particular markets, are expected to hamper the growth of the luxury car market,” the company adds.
In its latest report, Mordor Intelligence notes that luxury cars offer a high level of comfort and safety, creating opportunities for the market.
“In addition, the growing trend of luxury electric vehicles around the world is fueling the demand for luxury cars. Due to growing environmental concerns and rising fuel prices, major luxury automakers are launching electric variants of their vehicles. This should also accelerate the growth of the luxury car market, ”explains the firm. “Some of the major players in the market are Mercedes-Benz, BMW, Lexus, Audi, Volvo, Land Rover, Jaguar and Tesla. Other market players include Ferrari, Lamborghini, and Porsche, among others.
Porsche Cayenne Turbo GT
Porsche’s Cayenne remains the company’s most popular model, with 62,451 units delivered this year, followed by the Macan with 61,944 units, a 12% increase over the same period last year.
The fully electric Taycan is also proving extremely popular around the world, with 28,640 cars delivered to customers. Now in its second full year on the market, it is on par with the iconic 911 sports car, 27,972 of which found new homes in the first three quarters of 2021, a 10% increase.
The 718 Boxster and 718 Cayman were purchased by 15,916 customers, a 1% increase over the same period last year.
Deliveries of the Panamera also remained stable at the level of the previous year with 20,275 units, an increase of 1%.
China, which is the world’s largest single market for Porsche, contributed 69,789 vehicles to the total number delivered in the first three quarters of 2021, an increase of 11%.
In total, deliveries to Asia-Pacific, Africa and the Middle East increased by 12%. The company delivered Porsche cars to 97,841 customers in these regions.
Porsche sports cars were also very popular in Europe: 56,332 vehicles were delivered to customers, an increase of 2% over the previous year.
In Germany, demand increased by 9% between January and September, with 19,099 units delivered.
South Africa remains one of Porsche’s most important markets, especially when it comes to sales of Cayenne, Macan and 911. The Taycan and Taycan Cross Turismo have also been well received by customers as the distributor local is receiving more orders than initially expected despite the exorbitant price of some of these cars. Last month, Porsche sold more than 40 new cars in South Africa.