China remains biggest market of Germany's automotive industry (2024)

FAQs

China remains biggest market of Germany's automotive industry? ›

China remained the most important market for German combustion engine cars in terms of volume in 2022 with a share of 14 percent, the Federal Statistical Office (Destatis) said on Thursday.

China is the largest automobile market worldwide, both in terms of demand and supply.

In 2022, China overtook Germany to become the world's second largest car exporter after Japan. Chinese carmakers are increasingly expanding overseas, particularly as the domestic economy lost momentum last year. In January 2023, Tesla cut prices in the country to attract customers and stem slowing growth.

From a domestic brand perspective, Chinese-brand passenger cars demonstrated robust performance, with total sales reaching 14.596 million units, a 24.1% increase from the previous year, capturing a 56% market share.

“It is a certainty that China has become the world's largest exporter,” the China Passenger Car Association (CPCA) said last month. But the answer isn't that clear-cut and depends on which set of data you use. According to Japan's most recent customs data, the country exported 5.97 million vehicles in 2023.

China continues to hold its title as the world's largest car market, maintaining its status through a combination of robust economic growth, a burgeoning middle class, and government incentives for electric vehicles (EVs).

China continues to be the world's largest auto market, with new car sales reaching 26.86 million units in 2022.

China recently reported exports of more than 5 million vehicles in 2023, topping Japan to become the top country for car exports in the world. Rising volume from Chinse automakers like SAIC, Dongfeng and BYD comes amid declining U.S. vehicle exports as companies like General Motors have cut international operations.

The main destination of Cars exports from Germany are: China ($20.5B), United States ($17B), United Kingdom ($12.3B), France ($8.89B), and Italy ($8.38B). The fastest growing export markets for Cars of Germany between 2021 and 2022 were United States ($3.82B), South Korea ($1.22B), and Belgium ($1.21B).

In 2022, Germany did the most trade with China, almost 299 billion euros worth. The USA and the Netherlands were also in the top three. The value of trade with the listed countries refers to both imports and exports.

Does China own Volvo? ›

The Zhejiang Geely Holding Group is based in Hangzhou, which is located in south-east China's Zhejiang Province. The company launched their automotive business in 1997 and eventually took over ownership of the Swedish-made Volvo brand in 2010.

China is the world's largest car market. Major Chinese car manufacturers include FAW, Dongfeng, Changan, SAIC, Chery, GAC, BAIC, and others. Joint ventures with foreign car companies are significant in China's automotive industry. Chinese car brands are expanding globally, particularly in electric vehicles.

China leads the list of the world's largest exporter.

Yearly Trade

In 2022, China exported a total of $3.73T, making it the number 1 exporter in the world. During the last five reported years the exports of China have changed by $1.17T from $2.56T in 2017 to $3.73T in 2022.

Since 2009, annual production of automobiles in China accounted for more than 32% of worldwide vehicle production, exceeding both that of the European Union and that of the United States and Japan combined.

China is the biggest electric vehicle market in the world, a battle royale featuring both established carmakers as well as upstarts such as Xiaomi, which launched its first EV on Thursday.

With 30.09 million units sold in 2023, China maintained its position as the world's largest automobile seller. That number included overseas shipments, which grew 58% to 4.91 million units. Pending the actual data release, China could unseat top exporter Japan, which is forecast to ship 4.3 million units.

China remains the world's largest automotive manufacturing country and automotive market since 2009. Annual vehicle production in China accounted for more than 32 percent of worldwide vehicle production, which exceeds that of the European Union or that of the United States and Japan combined.