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The Xiaomi SU7 is one of the newest additions to the Chinese automotive industry’s roster. Image source: Xiaomi. |
According to a recent report cited by Carscoops, Chinese automobiles are projected to dominate the global car market by 2030. Specifically, industry experts predict that by 2030, about one-third of all cars sold worldwide will be manufactured by a Chinese automaker.
As of now, Chinese automobiles account for approximately 21% of global sales. Analysts believe that the influence of the Chinese automotive industry will expand rapidly. AlixPartners forecasts that Chinese cars will soon overtake Western brands in their domestic market, with market share rising from 59% currently to 72% by 2030. Meanwhile, sales of Chinese automobiles outside of their home country are expected to increase from 3 million to 9 million by the same year.
The report also predicts that the market share of Chinese automobiles in Europe will grow to 12% by 2030, and reach 69% in Russia during the same period. Currently, Chinese cars hold about a third of the total car consumption in the country.
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Chinese cars currently account for about a third of total sales in the Russian automotive market. Image source: Paultan. |
According to CNBC, sales of Chinese automobiles in the Middle East and Africa are expected to increase from 8% to 39%, while consumption in Central and South America could rise from 7% to 28% by 2030.
The report also forecasts that the market share of Chinese automobiles in South Asia and Southeast Asia, currently at 3%, will surge to 31% by 2030.
Carscoops attributes the success of Chinese cars to their competitive pricing strategies and higher profit margins. Additionally, Chinese automakers have a product development timeline that is half that of their Western counterparts, allowing them to refresh their lineups more frequently.
Andrew Bergbaum of AlixPartners notes that Chinese automakers focus more on features that customers can truly experience. “Chinese automakers are focusing on design and in-cabin technology. They are concentrating on maintaining cost advantages even when setting up factories abroad. They are also creating significant advantages in new technologies, including battery manufacturing,” says Bergbaum.
With these characteristics, the Chinese automotive industry is poised to become a key player in shaping the global car market.
Recommended Reads for Your Next Journey
Our Automotive section presents a selection of captivating books with diverse themes. During those moments of rest and relaxation on your journeys, let these books be your delightful companions.
Quick review of Honda Civic 2022: Listening to customers and comprehensive changes.
With the introduction of the all-new 11th generation, the Honda Civic has undergone a comprehensive transformation in design, functionality, features, and performance. As a result, the compact sedan has become a much more compelling choice for domestic consumers in Vietnam.
Reviewing the Honda Civic 2022: Listening to customers and making comprehensive changes
The Honda Civic has recently unveiled its 11th generation, bringing about significant changes in design, functionality, features, and performance. This comprehensive transformation has made the compact sedan an even more appealing option for Vietnamese consumers.
[Quick Review] VinFast VF 6: Sleek, Portable, Amazing Value
The most striking feature of the VinFast VF 6 is its captivating design. Crafted by Pininfarina, the world-renowned Italian designer behind iconic brands like Ferrari, Alfa Romeo, and Maserati, this car exudes a sense of elegance and sophistication.
Toyota Veloz X-Urban launch: Unbeatable pricing at 625 million VNÐ, taking on Xpander Cross
Toyota Veloz has unveiled the X-Urban edition in a bid to rival the Mitsubishi Xpander Cross and Hyundai Stargazer X. This latest variant boasts enhanced exterior features, drawing inspiration from SUV designs.
TVS – Indian Motorcycles Introduce 5 Models (110-125cc) to Vietnamese Market
TVS Motor, the prestigious motorcycle brand from India, has recently unveiled a lineup of five exciting new models. These models, namely the Ntorq 125, Callisto 110, Callisto 125, and Dazz 110 in the scooter segment, along with the Rockz 110 in the commuter segment, showcase TVS Motor’s unwavering commitment to delivering motorcycles of exceptional quality and innovation to riders across the globe. Each model embodies a distinct fusion of sleek design, impressive performance, and cutting-edge features, catering to the diverse needs of riders. Whether you seek the allure of a trendy and dynamic scooter or the reliability and efficiency of a commuter bike, TVS Motor has you covered. Embark on an exhilarating journey with TVS Motor and discover your perfect two-wheeled companion.
