Chinese Cars Chart 33% Of March 2024 Global Car Sales

March 2024 global car sales saw Chinese cars accounts for a sizeable 33% market share.

Chinese car sales have always had a big influence on the global automotive market. This is evident as it accounted for 33% of the global car sales in March 2024, said Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), recently.

Prior to this recent figure, which marks an all-time high, global Chinese auto sales made up over 30% of global auto sales from 2016 to 2018. That percentage fell to 29% in 2019. In 2020 and 2021, things rose back up to 32%, and again to 33% in 2022.

In 2023 it increased once again to 34%. However, as expected China’s share dropped to 32% between January and March of 2024. According to CPCA, lower levels at the start of the year is often a result of China’s Spring Festival,  as well as the removal of tax benefits for car purchases.

some of the new metal from leading Chinese carmakers shown at the recent Auto China 2024 show held in Beijing late last month.

Chinese automakers aside, Japanese carmaking giants Toyota stood as the only manufacturer group with a percentage of the market greater than 10% - it presently holds 10.6% of the global car market share as of March this year. 

German powerhouse Volkswagen and Korean automaker Hyundai came in second and third respectively, each accounting for 9.5% and 7.4% of the market share, respectively, too. Combined, these three businesses only held 27.5% of the global market share.

The only carmaker to rank in the top ten Chinese corporations is Geely, which sold 738,400 cars in the first quarter of 2024 to take up 3.5% of the global market. Chinese EV-making giants BYD trailed Geely by a slight margin, holding a 3.2% share of the global market. KR

Source: CarNewsChina