In 2023, the possession of large passenger vehicles in China stood at approximately 147.27 ten thousand units. Forecasts for 2024 indicate a slight decline to 145.14 ten thousand units. The trend continues with projections showing a decrease to 143.1 ten thousand units in 2025, 141.29 ten thousand units in 2026, 139.7 ten thousand units in 2027, and 138.29 ten thousand units in 2028. This represents a year-on-year decline of 1.38% from 2024 to 2025, 1.26% from 2025 to 2026, 1.13% from 2026 to 2027, and 1.01% from 2027 to 2028.
Analytically, the compound annual growth rate (CAGR) between 2024 and 2028 will average around -1.2%. This reflects a steady reduction in the possession of large passenger vehicles over the forecasted period.
Future trends to watch for include potential shifts towards more environmentally friendly transportation options due to regulatory pressures and increasing consumer awareness about sustainability. Additionally, technological advancements and innovations in the electric vehicle sector may also influence this downward trend in large passenger vehicle possession.
