On May 29, the “Car Capital Sets Off to Reach Five Continents” Chengdu-made Automobile and Parts Overseas Salon was successfully held. Gasgoo Automotive Research Institute was invited to participate in the event and delivered a keynote speech on “Practice and Prospects of China’s Automobile and Parts Overseas Market”, which deeply analyzed the development context and future direction of the automobile industry’s overseas expansion.
According to the Gasgoo Automotive Research Institute report, the current global passenger car market size is about 90 million vehicles. With a domestic sales volume of 22 million vehicles, China occupies 27% of the global market share and has become the largest regional market. This huge market size not only provides a solid domestic foundation for China’s automobile industry, but also breeds a number of independent automobile companies with global competitiveness, laying a solid foundation for its overseas market development.
Except for markets such as the United States, Japan, South Korea, and India where Chinese automobile companies have difficulty entering, about 2/3 of the global market is still relatively open to Chinese automobile companies, and a broad overseas growth space is waiting for the Chinese automobile industry to explore.
From the performance of key markets, each regional market presents different development trends. Since the beginning of this year, the Russian market has seen a decline in auto exports for three consecutive months due to issues such as an increase in auto loan interest rates and a backlog of terminal inventory. The substantial increase in the scrap tax on imported vehicles has led to a differentiation in the performance of automakers. Strong automakers have effectively offset some of the adverse effects by implementing localized assembly cooperation; while some automakers have been forced to clear out due to difficulties in coping with market changes.
Exports to the Southeast Asian market have maintained growth for three consecutive months, with new energy electric vehicles becoming the main growth driver. Due to the high import tariffs on fuel vehicles in Southeast Asian countries, but conditional tariff reductions for new energy vehicles, Chinese independent automakers have deployed localized production or assembly bases to better adapt to market demand.
In the North American market, exports to the Mexican domestic market have become the focus. This year, BYD has rapidly expanded in the Mexican market with a series of high-quality products such as Seagull, Destroyer 05 DM-i, and Song PLUS DM. In the Brazilian market, due to the high export base last year, market growth has slowed down, but the expectation of a tariff increase in July this year will once again boost the export of new energy vehicles.
From the perspective of export product structure, new energy exports account for nearly 40%, and plug-in hybrid products have become a new round of growth points. Gasgoo Automotive Research Institute predicts that by 2030, China’s passenger car exports will grow to 7 million vehicles, of which Europe and Southeast Asia will become core incremental markets. Gasgoo is the world’s leading automotive industry information service platform, providing various professional information services for the upstream and downstream of the automotive industry. Through the Internet, 5G, artificial intelligence, cloud computing and other new generation information technologies, a new business model with online interconnection, intelligent interaction, and development integration is formed, covering five core businesses such as “supply and demand docking platform, information platform, activity connection platform, data think tank platform, and talent training platform”, providing one-stop services for enterprises and industry professionals.
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