China Becomes the World’s Largest Auto Market but Growth Is Slowing

The continuous growth of the middle class is creating a vast and lucrative market for automobiles and trucks worldwide. China’s most affluent residents have been eager buyers of expensive imported cars, while a mass market is growing for inexpensive, China-built family cars and vans. In addition, consumers in rural areas are buying their first vehicles, which are typically small, low-cost domestic cars or vans. Beijing’s accession to the World Trade Organization brought about a steep reduction in tariffs on vehicle imports. For 2023, the China Association of Automobile Manufacturers (CAAM) reported 30.09 million new vehicles sold in China.

China’s massive scale in manufacturing EV batteries, major financial backing of EV carmakers by the Chinese government and rapid expansion of EV manufacturing plants has enabled its carmakers to sell EVs at significantly lower prices than those of other nations. China has been making a very strong push into EV export markets. This has caused some nations, including the U.S., to place extremely high tariffs on Chinese EV imports. China had more than a 60% share of the EV manufacturing market in 2023.

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China Becomes the World’s Largest Auto Market but Growth Is Slowing, Business and Industry Trends Analysis

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