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Chinese Car Brands to Dominate 33% of Global Sales by 2030

Daniel Kim Views  

Xinhua News Agency

By 2030, it is predicted that 33% of newly sold cars worldwide will be from Chinese brands.

On the 27th, Forbes and CNBC cited a global automotive market outlook from consulting firm AlixPartners, stating, “This year’s projected market share of 21% is expected to increase by an additional 12% by 2030.”

According to related reports, this growth trajectory is expected to occur overseas. Vehicle sales outside China are projected to increase from 3 million units this year to around 9 million units by 2030, tripling the current level.

The report stated, “Chinese brands will grow in all global markets,” adding, “but growth is expected to be significantly constrained in regions such as North America and Japan due to stringent vehicle safety standards and a 100% tariff on imported Chinese electric vehicles.”

According to the report, the market share of Chinese cars in North America, including the United States, is expected to increase from 1% to 3%. In comparison, the combined market share in Korea and Japan is likely to remain between 0% and 1% this year.

However, rapid growth is anticipated in other regions. Firstly, the market share in Europe is expected to increase from 6% to 12%. Additionally, increases in market share are forecasted for:

  • Central and South America (7% to 28%)
  • Middle East and Africa (8% to 39%)
  • South Asia and Southeast Asia (3% to 31%)
  • Russia (33% to 69%)

The rise in the Asian region is expected to be particularly noticeable.

The report identified that traditional car companies such as General Motors have significantly declined in China in recent years amidst the growth of the domestic car industry and the rise of companies like BYD, Geely, and Nio.

Mark Wakefield, the global co-leader of the automotive and industrial sectors at AlixPartners, stated, “Traditional automotive companies need to reconsider their business development process and vehicle development speed to compete with Chinese automakers.”

Daniel Kim
content@viewusglobal.com

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