The special purpose motor vehicles market in China has experienced fluctuations over the past decade. As of 2023, the market stood at 3.1804 Billion US Dollars. The area saw an increase of 3.52% year-on-year from 2022. Average yearly growth in the last five years was -0.7%, marking a period of relative stagnation. However, from 2013 to 2018, the market sustained several ups and downs before a consistent downward trend from 2017 to 2020, followed by modest recovery up to 2023.
Forecasts for 2024 onwards show a positive trend, with an anticipated increase to 3.2874 Billion US Dollars in 2024. The forecasted CAGR for the next five years, up to 2028, is 2.42%, suggesting steady growth reaching 3.705 Billion US Dollars by 2028. This indicates a predicted growth rate of 12.7% over this five-year period.
Future trends to watch for include potential technological advancements, government policies supporting special purpose vehicle manufacturing, and macroeconomic factors affecting industrial activities. Increasing automation and integration of smart technologies are expected to drive growth.
