The possession of passenger vehicles for highway business transportation in China shows a varied trend over the past decade. Starting at 85.26 ten thousand units in 2013, it gradually declined to 77.67 ten thousand units by 2019, showing a nearly consistent decrease. A sharp drop was noted in 2020, reaching 61.26 ten thousand units, followed by a partial recovery in 2022 to 75.44 ten thousand units. In 2023, it slightly increased to 79.49 ten thousand units, showing a 5.36% year-on-year growth. The 5-year CAGR before 2023 was approximately -0.044%, indicating an almost stable trend.
From 2024 onwards, the forecasts suggest a gradual increase in vehicle possession, reaching 82.93 ten thousand units by 2028. The forecasted 5-year CAGR is 0.67%, with an overall growth rate of 3.42% during this period.
Future trends to watch for:
- The impact of government policies on vehicle emission standards and their promotion of electric vehicles.
- Economic factors affecting demand for business transportation, including GDP growth and fuel prices.
- Technological advancements in autonomous and connected vehicle technologies, influencing fleet upgrades.
