Published Date : Jun 07, 2016
ALBANY, NY, June 07, 2016 – MarketResearchReports.biz has recently announced the addition of a new study on the China passenger vehicle market to its vast repository. The research report, titled “Passenger Vehicle Market in China 2016-2020,” offers a comprehensive assessment of this market by taking the current and the imminent market trends into consideration.
The rapid urbanization and the growing preference for owning a vehicle among consumers in lower tier cities have fueled the demand for passenger vehicles in China. The low costs of these vehicles are anticipated to maintain this trend in the coming years, ensuring a steady rise in this market. Analysts estimate this market to record a CAGR of 5.39% between 2016 and 2020.
In this report, analysts have evaluated the China passenger vehicle market on the basis of the type of propulsion and the type of vehicle. By propulsion type, the market has been classified into electric and hybrid vehicles and internal combustion engine (ICE) vehicles.
The electric and hybrid vehicles segment is expected to register the fastest CAGR of more than 23% during the forecast period. The rapid infrastructural development in the electric vehicles market, government-sponsored subsidies, and decreasing prices of vehicle batteries are likely to boost this segment in the coming years.
Apart from this, factors such as the implementation of strict emission norms, fluctuation in fuel prices, and the growing preference of people for eco-friendly transportation are also projected to drive the growth of this segment in the near future, notes the study.
Based on vehicle type, the report segments the China passenger vehicle market into sports utility vehicles (SUV) and crossovers, luxury cars, sedan and small cars, and multi-purpose vehicle (MPV). In 2015, the sedan and small cars segment dominated the overall market with a share of more than 52%.
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The economic slowdown in the country has led to a massive shift in the preferences of consumers, who are now more interested in small cars. The government-sponsored cash subsidies on these vehicles are acting as a catalyst in this situation. All these factors have had a positive influence on the China small cars market in the recent times.
In the coming years, the introduction of cost- as well as fuel-efficient small cars and the increasing demand for sedans in tier three, tier four, and tier five cities is likely to uphold the dominance of the sedan and small cars segment, states the report.
As per the study, the China passenger vehicle market exhibits a fragmented structure, owing to the presence of a number of foreign as well as domestic participants. The leading players in the China passenger vehicle market are FAW, Dongfeng Motor, SAIC Motor, BAIC Group, Changan Automotive, and Geely. Other significant market participants mentioned in this report are BYD Auto, Guangzhou Automobile Corp., GM China, Great Wall, Brilliance Auto, Chery, and Volkswagen China.
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