China produced nearly 9 million automobiles in last year, according to report

Jan. 1, 2020

China is both the fastest growing motor vehicle market and the fastest growing vehicle producer, according to Research and Markets, which adds that China is also the world's second-largest car market -- it produced 8.88 million automobiles in 2007, o

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China is both the fastest growing motor vehicle market and the fastest growing vehicle producer, according to Research an Markets, which adds that China is also the world's second-largest car market -- it produced 8.88 million automobiles in 2007, of which 8.79 million were sold.

The research firm includes this information in its "China Industry Research and Market Forecast:Automobile Parts and Accessories Manufacturing Industry, 2008-2009."

As the global economy slips, auto sales in China continue to boom, according to the company, which adds China's car market still has room to grow.

At present, China's private car density is very low. The number of cars per 1,000 people in China is only 6, whereas the figure in developed countries is 500. Auto sales in China are expected to exceed 10 million units this year, which would represent full-year sales growth of 14 percent. In fact, auto sales have maintained double-digit growth since the beginning of this year, Research and Markets adds.

The three driving forces behind the rapid growth of China's auto-parts industry are the domestic original equipment (OE) market, aftermarket and export market. The three markets reached a value of more than $100 billion in 2007, more than triple the number of 2002.

For more information on the report, visit www.researchandmarkets.com/reports/c93310.