Every year, the automotive industry not only generates billions of dollars in revenue but also creates job opportunities for millions of people in every country across the globe.
According to a report by Business Research Insights, there are up to 7 car companies from China in the top 20 largest car companies in 2023.
This indicates the strong growth and intense competition in the automotive industry. Without constant innovation and breakthroughs, any car company will quickly be phased out.
In 2021, the global car market had a revenue of $2.73 trillion. With an annual growth rate of approximately 3.01%, it is projected that revenue will reach $3.57 trillion by 2031.
This is driven by the increasing average per capita income, which leads to a significant rise in consumer demand for goods, housing, and vehicles in various countries.
Currently, passenger cars are the most popular type of vehicles in most countries. Users tend to prefer SUVs and crossover vehicles that offer height, spaciousness, and comfort for family use. This trend is predicted to dominate the market until 2031.
The increasing demand and growing concern for quality and the environment have led many people to choose electric vehicles.
According to a report by the International Energy Agency, electric car sales are expected to continue to rise sharply this year. In the first quarter of 2023 alone, over 2.3 million electric vehicles were sold, marking a nearly 25% increase compared to the same period last year.
These cars are also revolutionizing the automotive industry in China. The dominance in the electric vehicle sector not only enables China’s automotive industry to grow sustainably amidst the pandemic, but also positions the country as a global leader in climate policies.
In the past two years, annual electric vehicle sales in China have surged from 1.3 million to 6.8 million, making it the world’s largest electric vehicle market.
TH (Tuoitrethudo)
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