China's auto market continues to prosper, accounting for one-third of global sales in January-February

News on March 31: Recently, Cui Dongshu, Secretary-General of the Passenger Car Association, pointed out that the Chinese automobile market occupies a pivotal position in the global automobile industry. According to it, from January to February 2024, China's automobile sales reached an astonishing one-third of the global total, revealing the strong purchasing power of the Chinese market and the booming development of the automobile industry.

In February 2024, the global automobile market showed a certain weakness, with sales of 5.98 million units, a year-on-year decrease of 7%, and a month-on-month decrease of 10% in January. Although sales in February 2024 were down slightly compared to the same period in 2018, they remained at the mid-year level. Cumulative global car sales from January to February this year reached 12.65 million units, a year-on-year increase of 3%, indicating that the market is gradually recovering.

In the Chinese automobile market, the performance of independent brands is gradually eye-catching. Well-known brands such as BYD, Chery, Changan, and SAIC have won widespread recognition from consumers with their outstanding product capabilities and market strategies, and their sales have continued to rise. At the same time, the performance of international brands in the Chinese market shows a trend of polarization. In addition to Tesla bucking the trend and rising, other international brands generally face the dilemma of declining market share. Among them, the Toyota Group's market share fell by 1.7 percentage points, while the Volkswagen Group only increased slightly by 0.4%, showing a relatively weak performance.

The performance of South Korea's Hyundai Motor in the Chinese market is relatively stable, with a slight decrease in market share of 0.5%, but it still maintains a certain degree of competitiveness. However, compared with its strong performance in other Asian markets, Hyundai Motor's influence in the Chinese market needs to be improved.

German Mercedes-Benz and BMW Groups continue to maintain stable market positions. Since the beginning of this year, the sales of traditional luxury car brands in the Chinese market have improved, showing a development trend of low base and high growth. This trend indicates that the luxury car market is expected to usher in a new growth cycle.

According to the editor’s understanding, the prosperity of China’s automobile market not only benefits from the continued growth of domestic consumers’ demand for automobiles, but is also inseparable from the government’s strong support for the new energy automobile industry. In the future, with the continuous advancement of new energy vehicle technology and the increasing improvement of charging infrastructure, the Chinese automobile market is expected to continue to maintain a strong growth momentum and inject new vitality into the development of the global automobile industry. At the same time, the government should continue to increase support for the new energy automobile industry and inject stronger impetus into the development of the national automobile industry.

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