Luxury car sales ‘likely to double in 2011’
Dubai, July 7, 2011
Sales of high-end cars in Gulf countries is likely grow by 20 per cent this year, more than double the rate of 9.7 per cent in the sector last year, according to recent data.
IHS Automotive, which provides independent analysis of the global auto market, said the sales spurt will probably continue and the market is expected to more than double from 2010 to 2015, said a report in Times of India.
This is comparable to the estimated 51 per cent increase globally, it added.
Buying luxury cars in the Gulf is "an extension of the ego", Pierluigi Bellini, associate director of Middle East research at IHS Automotive in Milan, was quoted as saying in the report.
"Thanks to the UAE, we were able to counterbalance the slowdown in other parts of the region," said Umberto Maria Cini of Maserati, supervisor of MEA.
According to George Wills, acting managing director of Porsche for the region, said Porsche is asking UAE buyers of its Cayenne SUV to wait at least three months to get delivery, while a 911 sports car may take as long as seven months to arrive.
He saw a growth of at least 10 per cent in the second quarter of the year, the report said.