H. Yoo
Research expert covering South Korea
Passenger vehicle market in China - statistics & facts
As the country producing the most passenger cars in the world, the passenger car market for China is a key industry for the country. China is estimated to have produced over 21.41 million units of passenger cars in 2021, around 2.2 times more than the second-place holder Japan. The number of passenger cars in China has been growing steadily since the last decade, reaching almost 241.7 million in 2020. That year, around 19.7 million passenger vehicles were new registered, among which a vast majority were small passenger vehicles. Traditionally, majority of the vehicles produced in China catered for domestic demand, where only almost a few percent of the cars were produced for export. A large share of China's exported cars is destined for other parts of Asia because of their relatively more competitive price range.
