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

The continuous growth of the middle class in 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 2016, the China Association of Automobile Manufacturers (CAAM) reported 28.03 million passenger vehicles sold, up 13.7% from…

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