China Automobile Market is high due to many market players such as Volkswagen, Toyota Motor Corporation, Daimler AG, Ford Motor Company, Honda Motor Company.
China Automobile Market to Reach 39.78 Million Units by 2027
The China Automobile Market was 27.71 Million Units in 2021. China is the largest automobile industry worldwide, both in demand and supply. The automobile sector is at a crossroads owing to changing customer behavior and direction. It is one of China’s most important economic sectors by revenue. China’s automobile industry has attracted many well-established foreign brands to invest in automobile production. Owning to technical development and lower production costs, various indigenous brands of China’s leading automobile manufacturers have gained popularity in the automobile market. The rapid growth of the Chinese domestic market has also further accelerated the automobile industry in China.
