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Chinese Passenger Car Market
Frost & Sullivan, April 2007, Pages: 20
This Frost & Sullivan research service titled Chinese Passenger Car Market provides market dynamics, forecast, competitive dynamics, and Chinese industrial policies. This research service focuses on historical sales/production numbers, market share of key OEMs, best selling models, new brands launch, and significant industry policies.
Booming Sales of Consumer Vehicles Helps China Overtake Japan as the Second Largest Vehicle Consumer in the World
In 2006, China outstripped Japan as the second largest vehicle consumer in the world and this high growth is likely to be sustained in 2007. The sales of passenger cars and commercial vehicles are expected to increase by 22 percent and 7.8 percent, respectively, to touch 6.30 million and 2.20 million. The Chinese vehicles market is anticipated to roll out 8.5 million units in 2007, 15 percent more than in 2006.
'Sedans claimed the biggest market share, followed by minibus, sport utility vehicle (SUV), and multi-purpose vehicle (MPV), with market penetration rates of 74 percent, 17.7 percent, 4.5 percent, and 3.6 percent, respectively,' says the analyst of this research service. 'The Chinese Spring Festival in January ensured that the sales of passenger cars rebounded in March and peaked in December.'
Favourable Industry Policies Promote Fair Play and Enhance Competition
Private cars are fast becoming a necessity in China, with the country’s high gross domestic product (GDP) rates encouraging people to invest in the market. The Government has taken active steps to aid the cause of the market by lowering the tariff on imported cars. This move will enable foreign companies to reduce the prices of their cars and make them competitive with domestic cars. Meanwhile, new rules on the qualification evaluation of car dealership will ensure the elimination of car dealers without authentic authorization, thus aiding fair competition in the market.
'Policies have also been drafted to improve the quality of car parts and components to guarantee the safety of passengers,' notes the analyst. 'The moves to promote the consumption of low cylinder volume cars will not only improve their effect on the environment, but will also raise the prices of luxury cars.' Further, the State Council’s mandate to rationalize the structure of the automotive industry will curb irrational expansion of production. All these factors are expected to go a long way in augmenting the passenger car market’s total revenue.
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