China remains the world’s largest automotive market and automotive manufacturing country since 2009. In 2014, the total output and sales of vehicle units both exceeded 20 million. From 2004 to 2014, the Compound Annual Growth Rate (CAGR) was 11.4%; by 2020 the market is estimated to reach 22 million units, which will be larger than the North American and European markets combined.
The fast growing number of legally registered automobiles provides a large Original Equipment Manufacturer (OEM) and replacement market for automotive parts with opportunities existing for EU SMEs with specialised components, equipment and technologies to supply to the leading manufacturers of premium cars.
This report is compiled in partnership with the China-Britain Business Council.
