Maserati taps into Cambodia's growing list of millionaires

MODENA: Maserati thinks Cambodia is its next growth market, and has announced its foray into the South-East Asian country.

It has partnered with Cambodia's HGB Group, which will distribute the Italian company's full Maserati range.

HGB Group’s showroom is located in the most elegant and prominent area of Phnom Penh.

The opening of the showroom has been announced by Oknha Ngov Leang Houth, Chairman of HGB Group, with a livestream broadcast to a global audience. The facility includes a showroom of 610 sqm displaying the Maserati product line-up and a workshop of 1.760 sqm equipped with 3 work bays.

“Maserati is entering in a period of intense changes with revolutionary new cars, innovations and projects," said Maserati chief commercial officer Bernard Loire.

"The focus now is strongly on the future, including hybrid and electric models."

"Maserati has been establishing its presence actively in South-East Asia in recent years”, said Maserati APAC head Luca Delfino.

“We already have partners in Singapore, Malaysia, Thailand, Vietnam, and Indonesia."

Cambodia's luxury car market is estimated to grow at a Compound Annual Growth Rate of 14% from 2017 to 2020. Cambodia has an average GDP annual growth of 7% between 2014 and 2018, and up to 6% by 2024.

Its major industries - textile, agricultural, tourism and gaming and property - have attracted foreign direct investments of US$2.2 billion in 2016, with an average annual growth of 12% in 2014-2016 and up to US$6 billion by 2024.

On top of this, the number of Cambodians with more than US$30 million in net assets increased by 170% over the past decade, and it is set to rise by a further 56% in the next decade.