As of 2023, the possession of private small passenger vehicles in China stood at approximately 27.35 ten million units. Forecasts indicate a steady upward trend from 2024 through 2028, reaching 35.35 ten million units by the end of the period. This suggests a continuous increase in annual growth, with year-on-year growth rates gradually decreasing, reflecting maturing market dynamics.
Future trends to watch for include the impact of economic policies favoring electric vehicles, advancements in shared mobility solutions, and potential changes in urban planning that might influence private vehicle ownership.
