Automotive Market in China size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at 6.49% through 2020 to 2026, reaching US$ XX Mn.

Automotive Market in China

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Automotive Market in China Overview:

China endures being the world’s major vehicle market with the Chinese government expecting that automobile output will reach 32 Mn units by 2021 & 35 Mn by 2025. According to the MMR study, over 27 Mn vehicles were sold in the year 2018. This included 23.79 Mn passenger vehicles, down 4.08 percent from 2017, & 4.38 Mn commercial vehicles, an increase of 5.05 percent. The decline in passenger vehicle sales is the 1st annual decline in at least 20 years.

Automotive Market in China1

Autos, counting new energy vehicles, are one of ten segments of the Made in China 2025 program, the Chinese government initiative to upgrading the country’s industry from low-cost mass production to higher value-added progressive manufacturing. For new energy vehicles, the government’s aim is to produce 1 Mn electric & plug-in hybrid cars in China by 2021, with local production accounting for at least 70 percent of the country’s market share. Moreover, China goals to sell 3 Mn locally branded NEV’s in the year 2025 with a minimum of 80 percent of the country’s new energy vehicles market share. China’s Automobile Mid & Long-Term Development Proposal, released in April 2017, supports this initiative; aiming to make China a robust auto power within 10 years. This strategy highlights the growth of new energy vehicles & connected & autonomous vehicles as an opportunity for China to lead this developing market. Numerous ambitious targets have been set relating to the creation of national winners in auto parts/brands, connected car technology, driver assistance, & autonomous systems. Added guidelines focus on new energy vehicles engines, plug-in hybrid engines, fuel cell systems & main components, charging stations, battery manufacturing facilities, & testing equipment.

China contribute 35% of global growth from 2011-2020:

Automotive Market in China2

Leading sub-segments:

Automotive Aftermarket:

The Chinese parts & repair aftermarket is estimated to reach $198 billion by 2024. The Chinese automotive parts market is led by foreign & JV companies with a 70 percent revenue share in 2019.

Specialty Auto Parts:

China’s specialty auto parts market reached about $3.5 Mn in the year 2019, registering a CAGR of about 30 percent. The car modification business stays popular in many established cities despite the fact that China’s Road Safety Law basically prohibits modifications. However, foreign specialty equipment establishments have understood the market potential. The International Trade Administration endures to engage with Chinese industry & government representatives on aftermarket problems & has delivered information on how the US controls its aftermarket, with specialty equipment. The Specialty Equipment Market Association has a MDCP award with ITA to support United States specialty parts establishments grow their exports to China.

Autonomous and Connected Vehicles:

The promising industry of autonomous driving vehicles, as a main sector for growth in China, offers new areas of opportunity for high quality automotive component & IT companies. “The Connected Vehicle Industry Development Plan 2020” sets exact goals for autonomous driving vehicles with the reduction of vehicle traffic accidents by 30 percent, increase traffic efficiency by 10 percent, & decrease fuel consumption by 5 percent. The strategy also calls for at least 50 percent of the vehicles being equipped with driver assistance, partial assistance (PA) or conditional assistance (CA). The growth of autonomous driving vehicles in China faces challenges relating to standards growth, on-road testing, cyber security, geographic data collection, & intellectual property protection amongst others.

The report covers Commercial Vehicles, Passenger Vehicles, with detailed analysis Automotive Market in China industry with the classifications of the market on the Type, Application & region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key players' contribution in it. The report has profiled twelve key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced Type, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in four regions. The major states policies about manufacturing & Covid 19 impact on demand side are covered in the report.

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Scope of the Automotive Market in China: Inquiry before Buying

Automotive Market in China3

Automotive Market in China Key Players

• Honda

• Geely Auto

• Dongfeng Motors

• Changan Automobile

• Faw Group

• Great Wall Motors

• SAIC-Wuling-GM

• Byd Auto Co. Ltd

• Brilliance Auto

• Chery

• Lifan Group

• Green Field Motors

• Volkswagen

• HONGQI

• FAW Group

• Chana

• GWM

• Qoros

• XPeng

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