A Note on the Chinese Automobile Industry
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Case Details:
Report Code : BREP029
Report Length : 59 Pages
Period : 2000 - 2005
Organization : FAW-Volkswagen, Shanghai
Pub Date : 2006
Teaching Note : Not Available
Countries : China
Industry : Auto and Ancillaries
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Introduction
In 2004, the Chinese automobile industry had a sales turnover of 453.13 billion Yuan.
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Passenger vehicle registrations in 2005 were expected to touch 2.61
million (while total automobile registrations were expected to cross 5.57
million). In the late 1990s and early 2000s, China's automobile industry has
been accelerating with annual growth rates of 15%, compared to a world average
of 1.5 percent in the same period.
In the post-WTO years, the growth rate was
even higher. In 2003, it peaked at an astonishing 65% (y-o-y sales).
In 2003,
China produced 4.4 million vehicles and overtook France and Germany to become
the third biggest automobile market in the world after the US and Japan.
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Several analysts predict that China's automobile market is set to almost double
by 2008, challenging Japan for its position as the world's second-largest
auto market.
It is estimated that the combined production of China-based
auto manufacturers will touch 6 million vehicles by 2010.
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And the
demand for automobiles in the country may touch 18 million by the year
2020. According to the World Markets Research Center (WMRC) , the
per-capita GDP of US$ 5000 and above leads to a marked increase in
demand for automobiles. Since China's per capita GDP rose to US$ 5,600
in 2003-04, it witnessed a surge in automobile sales.
The size of the Chinese automobile market has attracted all the major
global auto makers to set up production facilities in China. VW, PSA,
General Motors (GM) were the early entrants, and Honda, Toyota, Nissan,
Hyundai joined later. With the entry of these players, competition in
the industry became intense. |
Most of the leading global automakers are ramping up their production capacities in a bid to dominate the local market. With a crowded market and oversupply, the competition in the future is expected to grow fiercer...
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