China is expected to add 33 million vehicles to its roadways between 2008 and 2010, according to report released Oct. 13 by market research database Companies and Markets. The report, entitled "China Automobile Sector to 2010," notes that the country's growing economy has led way to consumer base with an increasing disposable income, changing lifestyle and rapid development in road infrastructure.
Among other key findings released by Companies and Markets are projections that China:
- Will add 33 Million automobiles during 2008-2010.
- Produce more than 7 Million passenger cars in 2008.
- Increase passenger car stock per 1,000 population at a compound annual growth rate (CAGR) of 19.8% from 2008 to 2012.
- Sell commercial vehicles at a CAGR of 5.5% during 2008-2010.
- Sell more than 11 million passenger cars in 2010, based on past performance.
The report also concludes that sedans will be the preferred segment among Chinese consumers during the forecasted period.
Key auto manufacturers in China's projected growth include General Motors Corp., Volkswagen AG and Hyundai Motor Co.