Chinese buy a quarter of all cars built globally – for starters

Traffic in China - Picture courtesy china-mike.com

Japanese media generally isn’t known as to be recklessly praising China, which makes the The Nikkei’s latest predictions of the directions of the Chinese auto market all the more astounding. According to data compiled by The Nikkei

  • Full year car sales in China are “expected to reach some 21 million units, up from 19.3 million in 2012.”
  • This is “roughly equivalent to a quarter of the global total, which is projected to climb above 80 million units in 2013.”
  • The Chinese new car market “will grow to 30 million units toward 2020, says Alan Mulally.”
  • The Chinese market “has large growth potential because less than 10% of the population own vehicles, compared with 60-80% in Japan, the U.S. and Europe.”
  • “The Chinese market will drive the worldwide auto industry,” says Fumihiko Ike, chairman of Honda Motor.