The analysis of vehicles in use in China reveals significant growth from 126.7 million units in 2013 to 224.95 million units in 2023. This data demonstrates a strong expansion phase, particularly up until 2019, where growth rates were robust. However, the year 2020 saw a substantial decline of -13.48% due to external factors likely linked to the global pandemic. A notable rebound occurred in 2021, with a 19.02% year-on-year increase. By the end of 2023, the pace of growth moderated to a year-on-year increase of 3.55%. The last five-year CAGR leading up to 2023 was 4.01%.
Looking forward, forecasts indicate continued growth in vehicles in use, reaching 264.63 million units by 2028. However, the forecasted annual average growth rate (CAGR) from 2023 to 2028 is anticipated to slow down to 2.61%, revealing a deceleration compared to previous years. Overall, the total growth rate over the next five years is expected at 13.73%. Future trends to monitor include advancements in electric vehicle adoption, the impact of regulatory changes, and evolving consumer preferences toward shared mobility solutions.
