In the first 11M 2023, almost 13 mn domestically produced cars were sold in China. This represents a significant increase of 23.8% in sales compared to the previous year, Kursiv reports. The market share of domestic cars in China in 2023 reached an impressive 55.8%.
Sales volume
The total volume of automobile industry sales in China reached 26.9 mn units in 2022. With 13 mn domestic cars sold in the first 11M 2023, China is on track to significantly surpass this figure. This is a testament to the growing strength and appeal of domestic car manufacturers in the Chinese market.
Market share
The market share of domestic cars in China has seen a steady increase over the years. In 2021, domestic brands held 41.2% of the market share. This figure rose to 50% in 2022 and further increased to 55.8% in 2023. This growth indicates a shift in consumer preference towards domestically produced cars.
Impact on economy
The surge in domestic car sales has a positive impact on China’s economy. It boosts the manufacturing sector, creates jobs, and contributes to the country’s GDP. Moreover, the increase in sales also indicates a robust domestic demand, which is a healthy sign for the overall economy.
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