2014-01-23 14:21:01 - Booming Automobile Sector in China - a new market research report on companiesandmarkets.com
China´s automobile market has grown rapidly since the country´s inclusion to the World Trade Organization in 2001. By 2009, Chinese automobile market had become the world´s largest, overtaking US both in terms of sales and production. Growth has been underpinned by market liberalization and greater economic openness.
Further, vast consumer base having more purchasing power, and improved road infrastructure has made China one of the most attractive destinations for major market players. In fact, despite economic slowdown in the country, the automobile sector is posting continuous growth. Automobile sales in the country are expected to grow at a CAGR of around 8.2% during 2013-2017.
It has been observed that utility vehicles (SUV and MPV) are posting strongest growth in China. With rising
income levels, coupled with changing preference, the utility vehicles have become first choice of Chinese people. Apart from this, luxury car market is also growing at a high rate. Sensing the growth prospects in future, Chinese automobile industry is expected to see more players entering into this segment.
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