The Chinese automobile market is set to make another breakthrough this year, as total sales are expected to break the 25 million mark. According to a report appearing in the Beijing Times today, the China Association of Automobile Manufacturers predicts sales this year to grow 7 percent, with total sales volume anticipated to be 25.13 million units.
The CAAM expects that the major factors behind this year’s sales growth are China’s increasing GDP, lack of policies restricting new automobile restrictions. The CAAM believes that the Chinese automobile market is reaching a new stage of maturity. The passenger automobile segment has continued to grow steadily, with demand remaining high. In addition to consumers in first- and second-tier cities buying more expensive vehicles, buying potential in third- and fourth-tier cities are beginning to be unleashed.
Furthermore, the new energy market in China is growing in importance, with the government unveiling a series of policies aimed at promoting new energy vehicle usage. At the same time, policies to get rid of vehicles’ whose emissions exceed national standards continue to be implemented, further encouraging consumers to consider new energy vehicle purchases.
The SUV and minivan segments are expected to be very hot in 2015, with their respective sales volumes for 2015 expected to be 5.1 million units and 2.58 million units.
