The worldwide recession has worsen throughout the course of 2022. Will this have an impact on ultra-luxury brands that sell motorcycles worth millions of dollars?
The IMF has reportedly cut its projection for global economic growth in 2022 four times in a row, according to pertinent information. It predicted that the global economy will expand by 3.2 percent in 2022, down 2.8 percentage points from 2021, in October of last year. Between 2021 and 2022, the US GDP growth rate decreased from 5.7% to 1.6%. The average growth rate for all advanced economies declined from 5.2% to 2.4%; the average growth rate for emerging and developing economies slowed to 3.7% from 6.6%. The euro slipped from 5.2% to 3.1%.
In light of this, 2022 saw an all-time high in Rolls-Royce sales. In 2022, Rolls-Royce supplied 6,021 vehicles to over 50 nations and regions, an increase of 8% from the 5,586 vehicles delivered in 2021. The company sold more than 6,000 vehicles for the first time in its 118-year history, setting a new record for sales.
According to information available to the public, global Rolls Royce’s sales in 2022 were dominated by the United States, China, and Europe. The United States market continues to have the greatest single sales region in the globe, followed by China. China market continues to be of critical strategic importance to Rolls-Royce as the second-largest market in the world, the company said. Although “new first-tier” cities like Hangzhou and Shenzhen also contribute to the total sales performance of this industry, Shanghai and Beijing continue to hold the top two spots.
In 2022, Rolls-Royce saw record sales throughout Europe, particularly in the UK and Germany. With its exceptionally extensive and individualized customisation needs, the Middle East market stands out in the bespoke customization industry.
“The average Rolls-Royce price hit €500,000 in 2022 for the first time in its history, almost double what it was 10 years before, driven by a bespoke service,” according to the company. Torsten Muller-Otvos, CEO of Rolls-Royce, said, “When modified, some Phantom models can fetch more than 2 million euros. Middle Eastern users are the most eager to splurge when it comes to “showing personality”.
According to Torsten Muller-Otvos, there has been a change in customers’ attitudes all over the world. “Customers who decide to purchase a Rolls-Royce want to ensure that the vehicle has a distinct identity of its own. In fact, by 2022, every Rolls-Royce that is produced at the Goodwood factory in England will include some form of customisation.” Muller-Otvos, Torsten said.
It’s important to note that Rolls-Royce sales set a record in 2021 as well. According to published statistics, Rolls-Royce automobiles sold 5,586 brand-new vehicles globally in 2021, a 49 percent increase over the same period the previous year, and set records in practically every market.
The company is also speeding up its transition to electric vehicles, most visibly with the introduction of the Spectre, its first all-electric model, which will be marketed as an ultra-luxury coupe with a starting price of $413,000. Deliveries are anticipated to start in 2023’s fourth quarter. The Spectre, according to Rolls-Royce CEO Torsten Muller-Otvos, is the industry’s first and best ultra-luxury vehicle. “The only car brand that truly matches electric drive is Rolls Royce. It produces almost instant torque, is refined, quiet, and delivers a powerful burst.” Muller-Otvos, Torsten said.