2015 is undoubtedly a watershed for the Chinese auto market. This year, the Chinese auto market has ended its 15-year history of rapid growth, ending the sales record that has soared several times. However, this year, the new energy vehicle industry has ushered in unprecedented new opportunities. At the same time, there has also been a boom in the aftermarket and automobile interconnection.
According to Forbes official website, in 2015, China sold a total of 24.6 million vehicles, including passenger cars, trucks and passenger cars, which rose by 4.7% year-on-year. Among them, passenger cars increased by 7.3% year-on-year, while trucks and passenger cars dropped by 9%. In the 24.06 million sales volume, passenger cars accounted for 86% of the "Jiangshan", and 21.2 million units were sold in the year, far exceeding the market share of trucks and passenger cars in the late 1990s. This shows that a true car culture has firmly adhered to China's land.
Looking back at the 2015 Chinese auto market, prices are a well-deserved annual theme. Forced by the pressure of competition between international car companies and local car companies, major companies have adopted price cuts to sell their products. By mid-2015, the average selling price of cars fell 2.7%. At the same time, the Chinese car market, which is increasingly sensitive to prices, has also given birth to the rapid development of cheap SUVs. This type of low-cost SUV is mostly manufactured by local Chinese automakers. Last year, these vehicles also achieved a staggering 53% increase in sales. Although the outside world expects China to become a “small car†country, large-scale vehicles account for over 40% of the market.
Not only that, the strong momentum of car sales in the fourth quarter of 2015 also continued with the popularity of SUVs “hot-burning†to the first quarter of this year – China’s total automobile sales volume increased by 7.7% year-on-year, with passenger cars escalating by 9% in January. . It is predicted that in the next five years, the Chinese auto industry will usher in an annual growth of 6% to 7%, and automobile production and sales will also exceed 30 million vehicles annually.
While the future of growth is promising, there is also an interesting phenomenon in the Chinese market: the upsurge in the growth of new energy vehicles. In order to promote the sales of new energy vehicles, the Chinese government has introduced various regulations and measures including tax reductions, car subsidies and government procurement, hoping to save energy and reduce environmental pollution. Due to the small original sales base, new energy electric vehicles in China achieved a growth rate of 343% in 2015, and sold approximately 330,000 vehicles, which is much liked by second and third-tier cities in China. This growth momentum also continued into this year. In January alone, sales of new energy vehicles soared by 144% year-on-year to reach 16,100.
Another interesting phenomenon is the development and growth of the Chinese aftermarket for parts and services. According to statistics, about 172 million vehicles are driving on Chinese roads. With the increase in car ownership, it can be expected that there will be a significant increase in demand for aftermarket parts and services in the next five years. To meet growing demand, 440,000 Chinese auto repair shops and 250,000 component suppliers need more efficient and reliable services. Compared to the United States, which owns 200 large auto parts chain brands (such as NAPA and AutoZone), only about 100 chain brands in China have sufficient opportunities to develop an aftermarket. In addition, only in 2015, China has seen nearly 1,000 O2O companies providing on-site maintenance, used car transactions, assisted parking, and car rental services, which have made huge profits.
Finally, the entry of the Chinese Internet giant into the automotive industry will be another trend in the development of China's auto industry in 2016. These Internet giants rely on their own excellent Internet technologies to force the automotive industry. The recent LeTV investment in American electric car startup FaradayFuture (Faraday Future), a move at the Las Vegas International Consumer Electronics Show is a living example.
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