Car sales in China, the world’s second largest vehicle market, are expected to grow by an average of 30% per year in the next three years, boosted by demand from the country’s rising middle class, CLSA analyst Geoff Boyd told a news agency on Tuesday.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“Only 8% of China’s middle-class families already own cars … The percentage will be 24% in the coming three years,” Boyd, regional head of auto and steel research at the investment bank, told Reuters.
Boyd reportedly said a CLSA survey showed that 17% of Chinese middle-class families would like to buy a car in next three years.
Sales of Chinese-brand cars in China are expected to increase by an average of 30 to 35% annually in the period, he added.
China’s car sales grew 30% to 5.18m units in 2006, according to official data from the China Association of Automobile Manufacturers, Reuters noted.
