Auto Shangai 2025: The context: the Chinese market and production in China continue to grow (1/2)
A. Analysis of the year 2024 and outlook for 2025
- The passenger car market reached a volume of nearly 22.9 million units in 2024, up 5.5% from 2023. NEVs (BEV+PHEV+REEV) represent 53% of the passenger car market in 2024.
- After a spectacular development, the Chinese BYD has managed to supplant the two former leaders of the Chinese market, the Volkswagen and GM groups , to become the number 1 in the market in 2024, with a 15% market share, while Volkswagen has fallen to 10% and GM to 6% (the Chinese brands Wuling and Baojun representing two-thirds of GM's 6%). The Chinese groups Chery, Geely and Changan are now in 3rd, 4th and 5th position behind BYD and Volkswagen. At the end of 2024, Chinese carmakers represented 66% of the Chinese passenger car market compared to 57% in 2023 and 45% in 2021.
- For 2025, the market and production are expected to continue to grow at a rate equivalent to 2024, although some claim that the economic climate in China is less dynamic, it is difficult to see it clearly in the figures. The growth of NEVs is also expected to continue with strong competition between Chinese carmakers to offer new models regularly and at competitive prices.