ANALYSIS-MARKET-TRENDS
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China overtakes ‘Big Three’ in global automotive industry
The Big Three of four wheels used to relate to the U.S., Germany and
Japan. However, not for much longer. A new report shows that in the
past few years, precisely after its accession to the World Trade
Organization (WTO) in 2001, China has seen a phenomenal growth in its
automotive industry. As the country’s economy is growing
steadily, a vast consumer base with increasing disposable income has
led to a changing lifestyle and rapid development in road
infrastructure. This has subsequently led to China becoming a renowned
name in the global automobile industry.
Some of the key findings in the report highlights that China is projected to add 33 million automobiles during 2008-2010 which will see the passenger car sales cross 11 million units in 2010.
The positive sign is that China encourages the development of clean and fuel efficient vehicles in an effort to sustain continued growth. By the end of 2007, China planned to reduce the average fuel consumption per 100 km for all types of vehicles by 10%.
Also, the proportion of vehicles burning alternative fuel will be increased to help optimise the country’s energy consumption. Priority will be given to facilitating the research and development of electric and hybrid vehicles as well as alternative fuel vehicles, especially CNG/LNG. Major cities like Beijing and Shanghai already require Euro III emission standards.
Some of the key findings in the report highlights that China is projected to add 33 million automobiles during 2008-2010 which will see the passenger car sales cross 11 million units in 2010.
The positive sign is that China encourages the development of clean and fuel efficient vehicles in an effort to sustain continued growth. By the end of 2007, China planned to reduce the average fuel consumption per 100 km for all types of vehicles by 10%.
Also, the proportion of vehicles burning alternative fuel will be increased to help optimise the country’s energy consumption. Priority will be given to facilitating the research and development of electric and hybrid vehicles as well as alternative fuel vehicles, especially CNG/LNG. Major cities like Beijing and Shanghai already require Euro III emission standards.
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