China Automotive Outlook Report Highlights Industry Growth and Challenges

Strategic Insights -

The automotive industry in China continues to grow, with an expected 27.6 million units in 2024, an increase from 26.1 million units in 2023. The Chinese government's subsidies to scrap old vehicles and the rise of Chinese domestic original equipment manufacturers (OEMs) have strengthened sales. However, global geopolitical issues and relative uncertainty in 2025 may affect the economy and consumer spending.

Key Takeaways:

  • The Chinese automotive industry is expected to grow from 26.1 million units in 2023 to 27.6 million units in 2024, driven by government subsidies and the rise of Chinese domestic OEMs.
  • The industry is expected to continue growing, with a GDP growth of 5 percent year-on-year (YoY) in 2024, despite global geopolitical issues affecting business activities and consumer sensitivity.
  • The report provides historical and forecast data from 2019 to 2025, including total size of the Chinese automotive industry, analysis by segment, and growth opportunities emerging from changes in the industry.
  • The report highlights key topics, including analysis of the rise of Chinese domestic brands, replacement of old vehicles, and electrification, connected, and autonomous driving vehicles.

Statistics:

  • The Chinese automotive industry is expected to grow from 26.1 million units in 2023 to 27.6 million units in 2024.
  • The GDP growth is expected to be 5 percent year-on-year (YoY) in 2024.
  • The report provides historical and forecast data from 2019 to 2025.
  • The industry is expected to continue growing, with a total size of the Chinese automotive industry expected to increase in the coming years.

Sources:

  • "China Automotive Outlook" report (no date)
  • ResearchAndMarkets.com ((Comments on this story may be sent to newsdesk@closeupmedia.com))