China’s auto brands set to account for over 50% of domestic market this year for first time – consultancy
DATA
China’s auto brands set to account for over 50% of domestic market this year for first time – consultancy
DATA

China’s auto brands set to account for over 50% of domestic market this year for first time – consultancy

 

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Chinese auto brands are on track to account for just over 50% of the cars sold in the domestic market this year thanks to a growing dominance in electric vehicles, according to consultancy AlixPartners.

That would represent the first time for Chinese automakers to have a majority share of China’s car market.

AlixPartners forecast China’s overall auto sales would grow 3% this year to 24.9 million units, recovering to the level of sales before COVID-19. It forecast growth to 30.6 million vehicles in 2030, when it projected more than half of vehicles sold in China would be EVs.By 2030, China’s domestic auto brands are expected to grab a share of 65% in the domestic auto market, it estimates.

Annual sales of Chinese-branded cars in overseas markets would grow to 9 million vehicles by 2030, which would give Chinese brands 30% of global share and a market share of 15% in Europe, 19% in South America and 19% in South East Asia and South Asia, it estimated.