There is also still ‘vast potential’ to increase car sales in China’s less developed regions, association head says
China’s auto industry is likely to sell more than 40 million vehicles per year over the next five years – including 10 million to the overseas market – as the sector still has “vast potential” for growth, according to an industry insider.
Cui acknowledged in an article posted online on Saturday that his estimate may be more optimistic than the general consensus, but stressed that China had the ability to achieve it as there was still plenty of room for growth in both the domestic and global markets.
“There is still vast potential for market expansion in China’s less developed regions, such as mid-western districts and rural areas, where car ownership levels could gradually surpass those in metropolises like Beijing and Shanghai,” he said.
China’s vehicle ownership rate – 250 cars for every 1,000 people – remains relatively low compared with developed countries, Cui pointed out.
