Last year China surpassed the United States to become the world’s largest car market, but that was only the beginning say industry experts. Selling 18.06 million units in China in 2010, that number could rise to 40 million in just the next 10 years. That, at least, is the prediction of Byeong Jin Lee, Hankook Tire China’s vice-president of marketing and sales, who insists he’s not alone in his forecast.
If China were to reach the 40 million mark, it would mean that one of every two new cars sold in the world would be in China.
Jin Lee points to the tremendous growth over the past few years with new car sales in China up 34 percent last year and 50 percent the year before. While he does not expect that trend to continue quite as dramatically, only 10 percent growth per year will help China hit the 40 million mark.
Perhaps more believable is a 30 million target by 2020, which is what the Chinese government and major Chinese domestic automakers like Shanghai Automotive Industry Corporation (SAIC) are targeting, according to info from Hyundai’s Chinese division.
[Source: The Age]