Key Market Indicators
In a notable shift, Chinese car registrations surged to approximately 1.88 million units in 2021, up from around 1.65 million units in 2020. This marks a significant increase of 13.6% compared to the previous year. Despite this uptick, the broader trend since 2010 indicates a substantial 40.1% year-on-year decline in Chinese demand for car registrations. In 2021, China was positioned 19th globally in vehicle registrations, with Ukraine overtaking it at the same figure of 1.88 million units. Indonesia, Austria, and Belgium secured the second, third, and fourth spots, respectively, in the rankings. Looking ahead, Chinese car production is projected to decline. By 2028, production is expected to reach roughly 9.67 million units, down from an estimated 16.02 million units in 2023. This represents an average annual decrease of 8.1%. Since 2002, the country's supply has been contracting at a rate of 7.4% year on year. In the global context of car production, Japan, Germany, and India hold the second, third, and fourth positions, respectively.
