The possession of medium passenger vehicles in China is anticipated to decline from 59.52 ten thousand units in 2024 to 55.56 ten thousand units in 2028. Comparing the year-on-year change, the forecast shows a consistent downward trend with the number of vehicles reducing by approximately 2.2% in 2025, followed by 1.8% decreases each in 2026 and 2027, then a slight drop of 1.2% in 2028. Considering the previous year, 2023, wherein the actual value stood notably higher, the average annual decline rate (CAGR) computed over the 5-year span is approximately -1.8%.
Future trends to watch for encompass emerging shifts towards electric vehicles (EVs), governmental regulations focused on reducing emissions, and urban transportation policies that may influence vehicle possession patterns. Enhanced focus on public transportation infrastructure is expected to further impact ownership trends.
