In November 2024, China made a remarkable mark in the global automotive landscape, accounting for 41% of the world’s automobile sales. As per Cui Dongshu, the Secretary General of the China Passenger Car Association (CPCA), China sold 3.316 million vehicles during this month, reaching an all – time high. Globally, automobile sales stood at 8.18 million units, registering a 3% year – on – year increase and a 2% month – on – month rise.
From January to November 2024, global automobile sales aggregated to 82.01 million units, with a 2% year – on – year growth. In this period, after China, the United States ranked second in terms of market share, holding 18.2% of the global market. India, Japan, and Germany followed, securing the 3rd, 4th, and 5th positions respectively.
A retrospective look at China’s performance over the years reveals an interesting trend. From 2016 to 2018, Chinese automobiles held around 30% of the global market share. In 2019, this share dipped slightly to 29%, but it rebounded to 32% from 2020 to 2021. The share further climbed to 33% in 2022, remained at 33.8% in 2023, and reached 34.1% in the first 11 months of 2024. Notably, the Chinese market showed a strong recovery in March and April 2024, with China accounting for 33% of the global share in May and June.
Among the top ten automakers globally this year, only three Chinese automakers—BYD, Geely, and Chery—have witnessed an expansion in their market share.
As 2024 draws to a close, various organizations such as the China Association of Automobile Manufacturers (CAAM), the China EV100, and the CPCA predict that China’s automobile sales will range from 31 million to 31.3 million vehicles, marking a year – on – year growth rate of approximately 4%. Looking ahead to 2025, the growth rate is forecasted to increase by 3% year – on – year, reaching an estimated 32 million vehicles.
