The luxury vehicle market boomed in China in 2005, while the general automobile industry developed at a steady pace.

 

The Chinese market has become the fastest growing market for automobile giants, such as Land Rover, Jaguar and BMW, in their global sales.

 

The world's No.1 four-wheel-drive vehicle brand, Land Rover, posted a 107 percent revenue increase year-on-year, selling 1,415 unites in China in 2005, when it unveiled three new models in the Chinese market.

 

The famous British luxury brand, Jaguar, recently announced that its sales in China went up 220 percent in 2005, making China its second largest market in the world.

 

BMW sold 23,595 vehicles in China last year, a yearly increase of 52.4 percent.

 

"Our market research shows that China's need for luxury vehicles is growing gradually," said a manager with Mercedes-Benz. "Given the speed of expansion, the market has the potential to exceed America."

 

Industry insiders forecast that - based on an international statistic which states that 8 percent of the total population are able to afford an expensive car - there are about 5.2 million potential luxury car buyers in China.

 

(Xinhua News Agency January 19, 2006)