The Chinese auto market in 2023 is like a blockbuster with ups and downs, going through ups and downs, and finally ending with a brilliant report card. According to the latest production and sales data released by the China Association of Automobile Manufacturers (CAAM), China's automobile production and sales in 2023 will be 3,01610,000 and 300940,000 units, up 11. y/y6% and 12%, reaching new all-time highs. This achievement marks a new milestone for China's auto industry, which has become a veritable automotive powerhouse.
Looking back on the development of China's automobile industry, in 2009, China's automobile production and sales exceeded the 10 million mark for the first time, becoming the world's largest automobile production and sales country. Since then, China's auto market has maintained a rapid growth rate. However, in 2017, China's auto market reached an inflection point, and production and sales began to decline for three consecutive years after reaching the stage peak, and the market entered a period of transformation and adjustment. It was not until 2021 that the market adjustment came to an end, and production and sales began to stabilize and rebound.
The China Association of Automobile Manufacturers said that in 2023, China's annual automobile production and sales will enter a new era of 30 million units, and the achievement of this milestone marks the re-emergence of China's automobile industry. After years of rapid development, China's auto market has shifted from a simple incremental market to a stock market, and the market competition has become more and more fierce. Against this backdrop, Chinese auto companies need to continue to innovate and improve quality and service to meet the growing needs of consumers.
Looking ahead, the China Association of Automobile Manufacturers (CAAM)**, China's total automobile sales will exceed 31 million units in 2024, a year-on-year increase of more than 3%. Among them, sales of new energy vehicles are expected to reach 11.5 million units, and exports of 5.5 million units. The realization of this is a great way for Chinese auto companies to further strengthen technological innovation, brand building and market development to meet the challenges and opportunities of domestic and foreign markets.
In the field of new energy vehicles, the Chinese market has become the world's largest new energy vehicle market. According to data from the China Association of Automobile Manufacturers, in 2023, the production and sales of new energy vehicles in China will be 95870,000 and 94950,000 units, a year-on-year increase of 358% and 379%, with a market share of 316%, up from 5 in the same period last year9 percentage points. This growth rate is not only much higher than the traditional automobile market, but also exceeds the capacity growth rate of the entire new energy vehicle industry. This shows that the potential of China's new energy vehicle market is still very large, and there is still a lot of room for development in the future.
In the competition of the new energy vehicle market, domestic car companies have also shown strong strength. According to the data released by the China Association of Automobile Manufacturers, the total sales volume of the top 10 enterprise groups in new energy vehicle sales in 2023 will be 82410,000 units, a year-on-year increase of 477%, accounting for 86% of the total sales of new energy vehicles8%, the market share was 5 higher than the same period last year8 percentage points. This shows that the competition pattern of the domestic new energy vehicle market has gradually become clear, and the leading effect of the leading car companies is becoming increasingly prominent. Through technological innovation, brand building, channel expansion and other efforts, these car companies have continuously improved their competitiveness and occupied a larger share in the new energy vehicle market.
In addition to the excellent performance in the domestic market, China's new energy vehicles have also begun to enter the global market. Major domestic NEV exporters include Russia, Mexico, Saudi Arabia, Kyrgyzstan, the United Kingdom, the Philippines, Thailand, the United Arab Emirates, Brazil and Kazakhstan. With the continuous progress of China's new energy vehicle technology and the improvement of brand influence, the share of China's new energy vehicles in the global market is expected to further expand in the future.
In the rapid development of the new energy vehicle market, policy support has also played a vital role. China** has been committed to promoting the development of the new energy vehicle industry, by providing subsidies, tax incentives and other policy measures to encourage consumers to buy new energy vehicles. The implementation of these policies not only promotes the R&D and industrialization process of new energy vehicle technology, but also enhances consumers' awareness and acceptance of new energy vehicles.
However, with the continuous expansion of the new energy vehicle market and the intensification of competition, Chinese auto companies are also facing many challenges. For example, how to maintain the leading edge of technological innovation and brand building, how to deal with the challenges of domestic and foreign competitors, how to improve capacity utilization and reduce costs, etc. In this regard, Chinese auto companies need to further strengthen their investment in R&D and innovation, optimize production and sales channels, and enhance brand value and market influence to meet future challenges and opportunities.
In short, in 2023, China's auto market will once again usher in a new milestone, with production and sales reaching a record high. This marks that China has become a veritable automotive powerhouse and occupies a pivotal position in the global automotive market. In the future, China's auto market will continue to maintain a steady growth trend, and the new energy vehicle market will become the focus and highlight of development. In the face of the challenges and opportunities in the domestic and foreign markets, Chinese auto companies need to further strengthen their efforts in technological innovation, brand building and market development to achieve sustainable development and enhance global competitiveness.