In March 2024, Chinese cars took over the global car market by storm, claiming a whopping 33% of the world’s monthly vehicle sales. This data, provided by Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), shows a significant increase compared to previous years. From 2016 to 2018, Chinese car sales held steady at around 30% of the market share before experiencing a slight dip to 29% in 2019. However, the numbers started climbing again, reaching 32% in 2020 and 2021 and peaking at 33% in 2022.
What?
In the first quarter of 2024 alone, a total of 21.05 million vehicles were sold globally, marking a 3% increase from the previous year. The world’s automotive landscape is seeing a shift, with Chinese brands making their mark on the industry ranking charts. Toyota led the pack with a market share of 10.6%, followed by Volkswagen at 9.5% and Hyundai at 7.4%. These three giants combined accounted for 27.5% of the global market share.
Why does it matter?
Geely emerged as the only Chinese automaker to break into the top ten list, with a notable market share of 3.5%. Not far behind, BYD claimed 3.2% of the global market share, showcasing China’s growing influence in the automotive sector. The top five Chinese auto exporters in the first quarter of 2024 were SAIC, Chery, Great Wall Motor, BYD, and Geely. These companies are making substantial strides on the international stage, challenging traditional automotive powerhouses.
How is it going to shape the future?
With Chinese car sales continuing to rise and claim larger shares of the global market, we can expect to see a shift in the competitive landscape of the automotive industry. As Chinese automakers innovate and expand their reach, traditional players will need to adapt to this new era of competition. The dominance of Chinese cars in the global market signals a significant change in the industry dynamics, paving the way for a more diverse and competitive market environment in the years to come.
Source: https://carnewschina.com/2024/05/05/chinese-cars-accounted-for-33-of-worlds-car-sales-in-march-2024/