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In the 2020s, the automotive industry in mainland China has experienced a rise in market dominance by domestic manufacturers, with a growing focus on areas such as electric vehicle technology and advanced assisted driving systems.
China remains the world’s largest automotive manufacturing country and automotive market since 2009. Annual vehicle production in China accounted for more than 32 percent of worldwide...
- The Market Contains Fewer First-Time Buyers and Interest in Trade-Ups Has Risen
- Digital Touchpoints Have Become Deeply Embedded in The Decision-Making Process
- Implications For Automotive OEMs
After about 20 years of continuous growth, sales of passenger vehicles (PVs) in China have been falling since 2018. The first quarter of 2020 saw an unprecedented decline as COVID-19 spread, but the market recovered in the second quarter. For 2020 as a whole, vehicle sales in China were down only 7 percent (Exhibit 1). Currently, demand is overwhel...
Use of digital channels during the vehicle-purchase process increased significantly after the onset of the pandemic, as did the influence of online video platforms and social-media networks. Our survey shows that these sources have supplanted friends and family recommendations, auto shows, and traditional offline channels as the primary source of i...
To secure a strong foothold in China’s fiercely competitive auto market, OEMs must champion customer-centric principles and apply them to every aspect of the value chain, from products to customer management to omnichannel marketing. They must also create innovative business models to sustain their success. A few steps may help:
Jan 26, 2024 · In 2023, China achieved the position of having the world’s largest automotive production sector, with a total output of 30 million vehicles, including global leadership in the manufacture of new energy vehicles (NEVs), producing nearly nine million units during the year, representing almost two in every three NEVs produced globally.
Jul 14, 2023 · Four major trends—autonomous driving, connectivity, electrification, and shared mobility (ACES)—are transforming the automotive industry worldwide. Within China, these changes are having a dramatic impact on consumer preferences for vehicles.
Over the last decade, China's automotive industry has been in overdrive, growing at an average 15 percent each year, and accounting for 70 percent of global growth during this period. By 2012, China surpassed the US as the world’s largest auto market. By 2018, however, China’s cooling economy put the brakes on the
Consumer attitudes in China, where autonomous vehicles and new mobility options are more positively received, will have a big impact on the global industry. For many of us, the car is one of the most important pieces of technology in our lives.
