China's passenger vehicle market grew by 9.7% in 2022 compared to 2021
- China's passenger car market grew by 9.7% in 2022 compared to 2021, even if several Covid19 lockdowns were introduced several times last year, which could have affected car sales and production. This 9.7% increase is therefore a good surprise as the Chinese passenger car market had already increased by 6.5% in 2021 compared to 2020. This is actually a second catch-up after that 2021, which followed three years of decline (-4.1% in 2018, -9.6% in 2019, -5.9% in 2020). The level of passenger car registrations therefore fell to 23.56 million units in 2022, compared to 21.48 million in 2021 and 20.18 million in 2020, but the records of 2016 (24.38 million) and 2017 ( 24.72 million) have not yet been reached.
- The Volkswagen group (with its JVs) remains the leader in the Chinese passenger car market, with 13% market share (against 14% in 2021), ahead of the GM-Wuling group (10% against 12% in 2021), but the two carmakers have been declining for several years. The Chinese BYD, which made a spectacular breakthrough, took third place (8% market share), ahead of Toyota (8%) and the Chinese Geely (7%) and Changan (6%). BYD is arguably the automaker that has benefited the most from the boom in electric car sales.
- The share of Western carmakers is gradually eroding, with Chinese customers increasingly turning to Chinese carmakers who hold 50.5% of the local market in 2022 (including 5.5% for Baojun and Wuling integrated into the GM group) which had never happened since the 1990s. This proportion should continue to grow over the next few years, which will make it increasingly difficult for foreign carmakers to maintain their activity, the most threatened today being Stellantis, Ford and Hyundai-Kia.