In November 2024, China accounted for 41% of the world’s automobile sales with 3.316 million vehicles sold, reaching an all-time high, according to Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA). The global automobile sales were 8.18 million units, a year-on-year increase of 3% and a month-on-month increase of 2%.

From January to November, global automobile sales totaled 82.01 million units, a year-on-year increase of 2%. Besides China, the United States ranked second from January to November 2024 with a market share of 18.2%, while India, Japan, and Germany ranked 3rd to 5th, respectively.

Taking a closer look at China’s performance over the years, from 2016 to 2018, Chinese automobiles accounted for about 30% of the global market. Although it fell to 29% in 2019, the share rebounded to 32% from 2020 to 2021 and further increased to 33% in 2022. In 2023, China’s share remained at 33.8% and reached 34.1% for the first 11 months of 2024. More specifically, the Chinese market rebounded in March and April 2024, with China accounting for 33% of the world’s share in May and June.

Furthermore, among the top ten automakers in the world this year, only three Chinese automakers have seen their market share increase, namely, BYD, Geely, and Chery.

As 2024 is wrapping up, China’s automobile sale is predicted to be around 31 million to 31.3 million vehicles, with a year-on-year growth rate of approximately 4%, according to forecasts from the China Association of Automobile Manufacturers (CAAM), the China EV100, CPCA, and other organizations. In 2025, the growth rate is predicted to increase by 3% year-on-year to 32 million vehicles.

Source: Cui Dongshu, Autohome