Automotive market growth china

2020-02-20 23:57

The Chinese Automotive Market Much more than just large. The sales tax on cars with engines of 1. 6 liters or below was cut to 5 (from 10) in late 2015, giving the auto industry a muchneeded boost as the economy slowed. The tax is set to rise again to 7, 5 for 2017, before returning to 10 in 2018.Market analysts of IHS Automotive estimate that vehicle sales will grow by a healthy 8. 8 percent in 2013 and average about 6 percent yearoveryear growth through 2020. In that year, 31 million passenger cars and SUVs will be sold in Greater China (see Figure 1). automotive market growth china

Automotive market is one of the fastest growing and competitive industries in China. It has become a leading industry in China's national economy and is playing a guiding and supporting role in the overall national economic situation. Rising personal income and increasing urbanization provides ample opportunity for players.

Automotive market growth china free

Looking out to 2020, however, we project that the vehicle market will grow by an average of 5 percent a year (Exhibit 1). While the rate of growth in the overall newcar market is decreasing, the survey highlights consumer segments that could emerge as new engines of growth in Chinas auto market.

Global automotive electronics market expected to reach USD 9, 507 million by 2024, growing at a CAGR of around 8. 14 between 2018 and 2024. The recent shift of the automobile industry toward the systems offering luxury and comfort is a primary factor fueling the automotive electronics market.

Rating: 4.36 / Views: 985

The road ahead: China's automobile market. Amid this tightening of demand, local automakers have seen more successful growth in recent years: SAIC motor sold 4. 9m cars in 2016, clinching the title as China's largest carmaker by sales that year, followed by FAW Group (3. 1m car sales) and Dongfeng Motor (3m car sales),

2020 (c) bobelleo | Sitemap