The Chinese car market will grow more slowly in the coming years. The management consultancy PWC expects only medium to high single-digit values for the near future. The times when growth was on average more than 20 percent are over. Last year, the market had only grown by 6,7 percent thanks to government support.
According to the management consultants' forecast, this will lead to more intense competition and the long-awaited consolidation. There are currently more than 180 vehicle manufacturers in China, including several local ones.
The Chinese car market is increasingly taking on western traits, not only in terms of growth rates. For example, used car sales grew by an average of almost 2010 percent between 2015 and 19. Years ago, most Chinese car buyers considered buying a new car for prestige reasons. While the first generation of buyers liked to pay the car completely in cash, the consultants also see a shift towards loan financing and leasing.
