In automotive industry's meeting held in second week of September 2006 in Beijing, the Chinese automotive industry was reported to have nearly 20 percent of the country's total industrial production. This shows that china has major growth potential for automotive industry.
As per RNCOS market research report "China Automobile Industry Forecast (2006-2010)" China's automotive industry is emerging as a key player in the global automobile landscape from the perspective of demand as well as supply. China is the latest entrant into the automobile market that has, traditionally, been dominated by US, Germany, Japan and South Korea.
According to the statistics issued by China's Insurance Regulatory Commission, automobile insurance premium market of china reached 8.8 billion US dollar in the last eight months of 2006, which is 19 percent up from 2005.
China's Insurance Regulatory Commission statistics illustrate the vehicle insurance premium revenue accounted for 67.7 percent of the country's entire non-life insurance industry. Revenue generated from compulsory vehicle insurance premiums represented approximately 8.1 percent of the country's total vehicle insurance business.
At present, China's vehicle park consists of 130 million vehicles, which includes tractors, cars and motorcycles. Research analysts at RNCOS have found that the passenger car and automotive component segments will be the major contributors in the future growth of the industry. Domestic producers are steadily building an export market for the commercial vehicles and it is likely to grow in future.
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