In 2023, the possession of private passenger vehicles in China stood at 27.62 million units. Forecasted data from 2024 to 2028 shows a steady increase, with values reaching 29.19 million units in 2024, 30.85 million in 2025, 32.51 million in 2026, 34.14 million in 2027, and 35.76 million units by 2028.
Year-on-year variations indicate positive growth:
- 2024: 5.68%
- 2025: 5.69%
- 2026: 5.39%
- 2027: 5.02%
- 2028: 4.74%
The compound annual growth rate (CAGR) from 2023 to 2028 is 5.50%, reflecting consistent expansion in the possession of private passenger vehicles over the five-year period.
Future trends to watch for include the rise of electric vehicles (EVs) and autonomous driving technology, government policies on vehicle ownership, urbanization rates, and changes in consumer preferences towards shared mobility services.
