The possession of new registrations for small passenger vehicles in China is expected to grow steadily from 2024 to 2028, increasing from 2.5 to 2.9 ten million units. In 2023, the figure stood at 2.4 ten million units. The year-on-year growth rate is projected to be approximately 4% annually. This consistent growth indicates a robust market demand over the forecast period. The five-year compound annual growth rate (CAGR) reflects the average growth of about 4% per year.
Future trends to watch for include the impact of government policies on emission reduction, the adoption rate of electric vehicles, and potential fluctuations in consumer purchasing power and preferences which could influence market dynamics.
