RNCOS, an industry research group, reports that China will at 33 million cars to its roadways in 2010 in a new study, “China Automobile Sector to 2010”.
In the past few years, precisely after its accession to the World Trade Organization (WTO) in 2001, China has seen a phenomenal growth in its automotive industry. As the country’s economy is growing steadily and it has a vast consumer base with increasing disposable income, changing lifestyle and rapid development in road infrastructure, China has become a renowned name in the global automobile industry.
Key Findings
– It is projected that China will add 33 Million automobiles during 2008-2010.
– Passenger car production in China is expected to cross 7 Million Units in 2008.
– Passenger car stock per 1000 population is likely to increase at a CAGR of 19.8% from 2008 to 2012 in China.
– Sales of commercial vehicle in the country are forecasted to grow at a CAGR of around 5.5% during 2008-2010.
– Based on the past performance, it is projected that passenger car sales will cross 11 Million Units in 2010.
– Sedan will be the preferred segment among the Chinese consumers during the forecasted period.
Source: RNCOS
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