China Automobile Market

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China Automobile Market
China Automobile Market
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China Automobile Market
According to Renub Research report tittled China
Automobile Market, Size, Forecast 2021-2030,
Industry Trends, Growth, Impact of COVID-19,
Opportunity Company Analysis finds that the
China Automobile Market was 27.71 Million Units
in 2021. China is the largest automobile industry
worldwide, both in demand and supply. The
automobile sector is at a crossroads owing to
changing customer behavior and direction. It is
one of Chinas most important economic sectors by
revenue. Chinas automobile industry has
attracted many well-established foreign brands to
invest in automobile production. Owning to
technical development and lower production costs,
various indigenous brands of Chinas leading
automobile manufacturers have gained popularity
in the automobile market. The rapid growth of the
Chinese domestic market has also further
accelerated the automobile industry in
China. Increasing Adoption of Electric and
Hybrid Vehicles, due to Government Push Based on
category, the Chinese automotive vehicles
industry's principal categories include Electric
Vehicle (EV), Hybrid Electric Vehicle (HEV),
Plug-in Hybrid Electric Vehicle (PHEV), Mild
Hybrid
China Automobile Market
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China Automobile Market
Electric Vehicle (MHEV), Natural Gas Vehicle
(NGV), Fuel Cell Electric Vehicle (FCEV), Diesel
Vehicle, and Petrol Vehicle. With accelerated
urbanization and an increase in vehicle sales,
China is planning to reduce exhaust emissions
from vehicles. Meanwhile, the country also plans
to reduce its dependence on oil imports,
promoting electric vehicles. In Addition, some
major provinces and cities are imposing more
stringent restrictions. For instance, Beijing
only issues 10,000 licenses to register
combustion-engine vehicles per month to encourage
its citizens to switch to electric vehicles.
Similarly, the Government of China had lifted
taxes or given a substantial tax release on the
purchase of EVs. These initiatives by the Chinese
government had attracted a lot of customers to
purchase EVs in this country. For instance, in
2020, the China government offered a 10 service
tax waiver for electric vehicles to boost the
demand in the automobile market.
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China Automobile Market
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China Automobile Market
Notwithstanding, there is a massive demand for
the Plug-in Hybrid Electric Vehicles (PHEVs) due
to their price compromise between large cars and
small cars, and it is one of the several sought-
after cars, after small SUVs. This is due to
their compactness, price affordability, ease of
use, and family friendliness. Besides, hybrid
electric vehicles (HEVs) come with various
benefits like reduced operational and maintenance
costs and less pollution. With technological
breakthroughs, the portfolio for electric
vehicles is ever-expanding, with many consumers
in China different sectors preferring to go in
for fully hybrid or mild hybrid vehicles due to
their being less carbon-intensive. COVID-19
Impact on China Automobile Industry The COVID-19
pandemic had a swift and severe impact on the
China automotive industry. Several Chinese
vehicle parts plants had extended their seasonal
shutdowns, and the automotive component supply
chain has been disrupted, with some industrial
areas in lockdown. Meanwhile, travel restrictions
caused by COVID-19 have interrupted automobile
material supplies that rely on imports,
accelerating domestic substitute exploitation and
inventory improvement for critical parts.
China Automobile Market
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China Automobile Market
Additionally, massive lockdowns for controlling
COVID-19 have disrupted productions and
operations, which tends to expel small brands
from the competitive market, concentrating
China's automobile industry on the leading
brands. Finally, after the pandemic, the social
distancing trend challenges automobile
distribution channels with dealers, pushing
automakers to develop innovative online selling
channels. Key Players Performance The leading
Chinese automobile market is the Toyota Motor
Corporation, Volkswagen, Daimler AG, Ford Motor
Company, and Honda Motor Company. In 2020, Honda
Motor Company, Ltd. announced its deals of
all-new Honda Fit Hybrid vehicles. It is adorned
with Hondas 2-motor hybrid system, which makes
the vehicle with an electric motor, which results
in better fuel performance and smooth drive.
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China Automobile Market
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China Automobile Market

• Market Summary
• Category Renub Research Report covered by
  Product Category in the 8 viewpoints (Electric
  Vehicle (EV), Hybrid Electric Vehicle (HEV),
  Plug-in Hybrid Electric Vehicle (PHEV), Mild
  Hybrid Electric Vehicle (MHEV), Natural Gas
  Vehicle (NGV), Fuel Cell Electric Vehicle (FCEV),
  Diesel Vehicle, Petrol Vehicle)
• All the major players have been covered from 3
  Viewpoints (Overview, Recent Development, and
  Revenue Analysis) Ford Motor Company, Volkswagen,
  Toyota Motor Corporation, Daimler AG, and Honda
  Motor Company.

China Automobile Market
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China Automobile Market
China Automobile Market
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China Automobile Market