- Covid-19 lockdown and semiconductor chip shortage won't stop Porsche's global sales ascent.
- Luxury cars from all brands will continue to rise in popularity over the next five years around the world.
- Electric cars to lead the proverbial charge for OEMs when it comes to new luxury vehicle sales.
- For motoring news, go to Wheels24
The impact of the ongoing Covid-19 pandemic lockdown around the world and the semiconductor chip shortage might have caused havoc in the automotive sector over the past year, but that hasn't stopped the boys and girls at Porsche in Stuttgart from pouring accelerant on the company's global new car sales programme.
Porsche says it's 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 manufacturer. Demand for Porsche sports cars and SUVs has risen across all sales regions, particularly in China and the USA.
"The high demand for our sports cars continued into the third quarter, and we are delighted to have been able to supply so many cars to customers during the first nine months of the year," says Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG.
He expounds that Porsche's order books are nicely filled and are, in turn, filling the board of management with optimism and enthusiasm as they approach the year-end rush. "However, the coronavirus situation remains dynamic, and we are facing challenges in sourcing semiconductors. For these reasons, we are keeping a very close eye on current developments to ensure that we can continue to react flexibly," he adds.
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According to statistics, the global luxury car market was valued at around USD 410 billion in 2020. The market is projected to grow to USD 566 billion by 2026, with a compound annual growth rate of approximately 5 per cent during the forecast period (2021-2026).
Mordor Intelligence, a research firm based in India studying the impact of Covid-19 on the global auto sector, says: "The pandemic had a profound effect on the luxury car market directly in the short term as the sales and production witnessed a decline in 2020. Furthermore, the pandemic has dramatically affected the spending power of every individual. After governments lifted the restrictions, the market gradually started gaining its lost momentum," its latest report highlights.
In its latest report, Mordor Intelligence notes that luxury cars provide a high level of comfort and safety features, creating opportunities for the market.
"Moreover, the growing trend of electric luxury vehicles worldwide is fueling the demand for luxury cars. Due to growing environmental concerns and increasing fuel prices, major luxury car manufacturers are launching electric variants of their vehicles. This is also likely to accelerate the growth of the luxury car market," the firm expounds. "Some of the major players in the market are Mercedes-Benz, BMW, Lexus, Audi, Volvo, Land Rover, Jaguar, and Tesla. The other players in the market include Ferrari, Lamborghini, and Porsche, amongst others."
Porsche's Cayenne remains the most successful model for the company, with 62 451 examples delivered this year, followed by the Macan with 61 944 units, a 12 per cent increase compared to the same period last year.
The fully electric Taycan is also proving extremely popular worldwide, with 28 640 cars being delivered to customers. Now in its second full year on the market, it is on a par with the iconic 911 sports car, 27 972 of which found new homes in the first three quarters of 2021 – an increase of 10 per cent.
The 718 Boxster and 718 Cayman were purchased by 15 916 customers, representing a rise of one per cent compared to the same period last year.
Deliveries of the Panamera also remained firm at the previous year's level with 20 275 examples – an increase of one per cent.
China, which is the largest single market for Porsche globally, contributed 69 789 vehicles to the total number delivered in the first three quarters of 2021, an increase of 11 per cent.
In total, deliveries to Asia-Pacific, Africa and the Middle East increased by 12 per cent. The company delivered Porsche cars to 97 841 customers in these regions.
Porsche's sports cars also enjoyed great popularity in Europe: 56 332 vehicles were delivered to customers, an increase of two per cent on the previous year.
In Germany, demand increased by nine per cent between January and September, with 19 099 units delivered.
South Africa remains one of Porsche's largest markets, particularly when it comes to Cayenne, Macan and 911 sales. The Taycan and Taycan Cross Turismo has also been well received by customers as the local distributor is receiving more orders than initially anticipated despite the eye-watering price tags on some of these cars. Last month, Porsche sold more than 40 brand new cars in South Africa.