Auto sales in China grew by more than 32 percent year-on-year in 2010 after the nation overtook the United States as the world’s biggest auto market a year earlier.But sales dipped 0.25 percent in April in their first year-on-year fall in more than two years.
China’s auto market, which witnessed a marked slowdown at the beginning of the year, is expected to maintain annual growth of up to 15 percent until 2016, a leading consultancy said Wednesday. Rising household income should usher in growth in China’s auto market of between 12 and 15 percent over the next five years, according to a new study published by the American consultants AlixPartners.
According to the report, rising fuel prices over the coming five years were unlikely to deter Chinese car buyers because "the car in China is more a social status symbol and the sign of a lifestyle", said Wu Jinghui, Alix’s China director. Strong growth was also predicted for auto part suppliers where robust growth in demand was likely to come as China’s fleet of cars aged, the report said, while numerous Chinese auto suppliers were also well placed in export markets.
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