China Leads Global Automobile Sales in November 2024
In November 2024, China dominated the global automobile market, accounting for 41% of all vehicle sales. According to Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), a record-breaking 3.316 million vehicles were sold in China during this month, marking a significant 11.7% year-on-year increase. The total global automobile sales for November reached 8.18 million units, showing a 3% increase compared to the previous year.
Global Automobile Sales Overview
From January to November 2024, the global automobile sales totaled 82.01 million units, reflecting a 2% year-on-year growth. Aside from China, the United States secured the second position with a market share of 18.2%, while India, Japan, and Germany followed as the third to fifth largest markets, respectively.
China’s Market Performance
Over the years, China’s presence in the global automobile market has been steadily increasing. From 2016 to 2018, China held around 30% of the market share, which dipped to 29% in 2019 but rebounded to 32% from 2020 to 2021. The share further rose to 33% in 2022, remained at 33.8% in 2023, and reached 34.1% in the first 11 months of 2024. Notably, China’s market share peaked at 33% in May and June 2024 following a rebound in March and April.
Top Automakers in China
Among the top ten automakers globally, only three Chinese companies saw an increase in their market share in 2024. These include BYD, Geely, and Chery, showcasing the strength and competitiveness of China’s domestic automotive industry.
Future Projections
As 2024 comes to a close, forecasts from organizations like the China Association of Automobile Manufacturers (CAAM) and China EV100 predict that China’s total automobile sales for the year will range from 31 million to 31.3 million vehicles, with a projected 4% year-on-year growth. Looking ahead to 2025, the growth rate is expected to rise by 3% year-on-year, reaching a total of 32 million vehicles sold.
Sources: Cui Dongshu, Autohome
