Forecast: Turnover of Retail of Automobile in China

The turnover of retail automobile in China grew steadily from 2013 to 2017, with annual increases of 2.57% to 10.59%. However, the market faced a downturn starting in 2018, with minor declines and a sharp drop of 4.33% in 2020. Recovery began in 2021 with a 6.85% rise, but slowed again to 1.2% in 2023, standing at 4.81 hundred billion Yuans Renminbi. Projections suggest moderate growth ahead, with the turnover reaching 5.08 hundred billion Yuans Renminbi by 2028, supported by an estimated five-year CAGR of 0.89%.

Future trends to watch for:

- Innovations in electric and autonomous vehicles impacting consumer demand.

- Policies promoting green energy and subsidies influencing market dynamics.

- Impact of economic fluctuations and global trade relations on consumer confidence and spending power.