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Encouraged by explosive growth, the passenger autos market in China will maintain rapid growth for 20 years based on a traveling conditions upgrade, and the annual growth rate could be 15 to 20 percent over the next 10 years.
As the national highway network is constructed and rural roads improve, the number of passenger cars is estimated to surge to 120 million units. China will produce and sell a total 18 million units annually by 2015, with half of the market occupied by Chinese own brands. In the next five to ten years, China"s leading automakers are expected to maintain an annual 30 percent growth on average, and several of them will become global mainstream automakers.