China: Passenger Car Market 2024

Passenger Car Market Size in China

The Chinese passenger car market dropped to $X in 2021, reducing by -5.6% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Passenger Car Production in China

In value terms, passenger car production stood at $X in 2021 estimated in export price. In general, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +4.6% against 2018 indices. The pace of growth appeared the most rapid in 2016 with an increase of 44% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Passenger Car Exports

Exports from China

In 2021, overseas shipments of passenger cars increased by 77% to X units, rising for the fifth year in a row after four years of decline. In general, exports posted strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 221%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, passenger car exports surged to $X in 2021. Over the period under review, exports showed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Belgium (X units) was the main destination for passenger car exports from China, with a 41% share of total exports. Moreover, passenger car exports to Belgium exceeded the volume sent to the second major destination, the United States (X units), threefold. Mexico (X units) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume to Belgium amounted to +69.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+14.5% per year) and Mexico (+26.6% per year).

In value terms, the largest markets for passenger car exported from China were Belgium ($X), the UK ($X) and Saudi Arabia ($X), with a combined 27% share of total exports. These countries were followed by the United States, Russia, Germany, Chile, Australia, Mexico, Slovenia, Israel, the Netherlands and Bangladesh, which together accounted for a further 35%.

Slovenia, with a CAGR of +114.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, surging by 39% against the previous year. Overall, the export price saw a remarkable increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 195% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+32.9%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into China

In 2021, supplies from abroad of passenger cars increased by 1.7% to X units for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, saw a pronounced contraction. The growth pace was the most rapid in 2016 with an increase of 94%. Imports peaked at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 26% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Germany (X units), Japan (X units) and the United States (X units) were the main suppliers of passenger car imports to China, with a combined 75% share of total imports. These countries were followed by Slovakia, the UK, Sweden, Thailand, Mexico, South Korea and Belgium, which together accounted for a further 20%.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +31.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and Japan ($X) appeared to be the largest passenger car suppliers to China, together accounting for 69% of total imports. Slovakia, the UK, Thailand, Sweden, Mexico, South Korea and Belgium lagged somewhat behind, together comprising a further 25%.

Among the main suppliers, Thailand, with a CAGR of +45.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, increasing by 16% against the previous year. Over the period under review, the import price recorded a tangible expansion. The most prominent rate of growth was recorded in 2018 an increase of 105%. The import price peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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