Key Market Indicators
Chinese vehicle registration is projected to climb to nearly 38 million units by 2028, up from approximately 29 million units in 2023. This marks an average annual growth rate of 4.1%. The Chinese market has seen a modest annual growth rate of 0.9% since 2010. In 2023, China ranked third in vehicle registration, with Canada taking the lead at around 29 million units. The rankings saw Canada, China, and Austria occupying the second, third, and fourth positions, respectively. On the production front, Chinese vehicle output is expected to reach about 27 million units by 2028, up from roughly 26 million units in 2023. This represents an average yearly growth of 0.4%. However, since 2002, China's vehicle supply has experienced a slight annual decline of 1%. Globally, the United States, Japan, and Germany held the second, third, and fourth spots in vehicle production rankings, respectively.
