Last Updated : 14 November 2011 at 20:00 IST
China's automobile sector to grow 15% annually till 2016
By 2016, the Chineese automobile manufacturing industry is expected to grow at an annual rate of about 15% to US$805.9 billion, according to IBISWorld, America’s largest publisher of industry research.
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BEIJING (Commodity Online): By 2016, the Chineese automobile manufacturing industry is expected to grow at an annual rate of about 15% to US$805.9 billion, according to IBISWorld, America’s largest publisher of industry research.
Chinese auto manufacturing revenue is forecast to increase by 15.6%, which comes as no surprise since China surpassed the United States as the largest automobile market in the world in 2009.
With revenue of US$386.0 billion in 2011, the Automobile Manufacturing industry in China has seen average annual revenue growth of 23.9% over the past five years. This strong growth was mainly driven by substantially increasing domestic demand across urban and rural areas and increased exports.
Chinese automobile manufacturers benefit from low labor costs and good relationships with countries in Africa, South America and the Middle East, ensuring positive trade environments.
The strong output growth in 2009 and 2010 was mainly driven by a series of favorable government policies, including the reduction of purchasing fees for new cars, subsidies for buyers of cars in rural areas, and subsidies for car owners who replaced old vehicles with new ones.
As household income levels have increased in China in the past several years, and as vehicle prices have remained competitive, more people have been able to purchase their own vehicles, particularly in China's large cities. This has had a major positive impact on this industry and will continue to drive future growth.
Over the next five years, industry revenue is projected to grow by 15.9% per annum to reach just under US$805.6 billion.For 2011, the Automobile output is estimated to be around 20.1 million.
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