Passenger Cars - China | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$547.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.96%, resulting in a projected market volume of US$574.7bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$226.9bn in 2024.
Passenger Cars market unit sales are expected to reach 22.48m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$25.75k in 2024.
With a vehicle unit sales share of 14.4% in 2024, BYD is expected to have one of the highest market share in the selected region.
The value market share of the make BYD in the selected region is expected to stand at 14.9% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in China has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Passenger Cars market in China have shifted towards more environmentally friendly and fuel-efficient vehicles.

With increasing concerns about pollution and the government's push for cleaner transportation, there has been a growing demand for electric and hybrid cars. Chinese consumers are also increasingly looking for advanced safety features, smart connectivity, and luxurious interiors in their vehicles. This shift in customer preferences has influenced the types of cars being produced and sold in the market.

Trends in the market include the rise of domestic Chinese car brands and the increasing popularity of SUVs. Domestic brands have been able to gain market share by offering competitive pricing, improved quality, and localized marketing strategies. Chinese consumers have also shown a strong preference for SUVs due to their versatility, spaciousness, and perceived safety.

As a result, many automakers have focused on expanding their SUV offerings in China to meet this growing demand. Local special circumstances in China, such as government regulations and policies, have also played a role in shaping the Passenger Cars market. The Chinese government has implemented policies to promote the development and adoption of electric vehicles, including subsidies and incentives for both manufacturers and consumers.

These policies have helped to drive the growth of the electric car market in China. Additionally, the government has imposed restrictions on the purchase of cars in major cities to control traffic congestion and reduce pollution. These restrictions have led to a surge in demand for cars in smaller cities and rural areas.

Underlying macroeconomic factors, such as China's growing middle class and urbanization, have also contributed to the development of the Passenger Cars market. As incomes rise and more people move to urban areas, the demand for personal transportation has increased. Additionally, the Chinese government's infrastructure investments, such as the construction of new highways and the expansion of public transportation networks, have improved accessibility and convenience, further driving the demand for cars.

Overall, the Passenger Cars market in China is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards electric and hybrid vehicles, the rise of domestic brands, the popularity of SUVs, government regulations and policies, and China's growing middle class and urbanization are all contributing to the growth and evolution of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.