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New passenger car sales in China will reach 29,7 million units by 2020

[ July 5, 2017   //   ]

New passenger car sales in China will reach 29,7 million by 2020, says the research firm Reportlinker.

Based on data from the International Organization of Motor Vehicle Manufacturers, the forecast recently created by ReportLinker’s economists and artificial intelligence experts highlights several factors:

  • The increasing average income of Chinese households, which allows more Chinese citizens to buy a car, to own more than one, or to have a more reliable, comfortable one.
  • The small percentage of Chinese presently owning a vehicle, meaning there’s plenty of demand to be fulfilled.
  • And the increasing urbanization of Chinese citizens as they seek work and social opportunities in cities, meaning there’s an escalating desire for more mobility

The most dynamic market growth is expected to be in lower-tier cities.

 

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