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Well-heeled Urbanites Pushing SUV Demand in China
Sep 09, 2008
The demand for luxury cars (SUVs) has been growing at a blistering pace in China since 2004. Particularly the demand for SUVs radically gathered momentum in the country last year, reaching around 360,000 Units, an increment of more than 50% from 2006. And according to “China Automobile Sector to 2010”, a new research study by RNCOS, the rapidly growing earning power of urban people will further expand the consumer base for this segment of the auto industry in coming years in China.
We believe that with high economic growth, the average per head disposable income in China climbed by over 116% in 2007 from 2001, raising the hopes of new working urban and middle class population. Also, Chinese people spend a large share of their disposable income on transportation and communication, and this share is continuously growing, pointing towards the fact that people are now becoming more attracted towards this auto segment.
Moreover, SUVs are particularly known for their high fuel consumption rate; as a result, only rich urban population can afford to bear the high operating cost. Thus, the report forecasts the SUV sales to run at a CAGR of around 20% from 2008 to 2010 due to increasing support from the rich and affluent Chinese people, and large scale promotion of auto shows.
SUV is just one segment of the auto industry discussed extensively in “China Automobile Sector to 2010”. This report provides a detailed study on other important auto segments also, including LCVs, HCVs, passenger cars and two-wheelers (motorcycles), together with auto component market. It gives an analytical study on the factors that are pushing growth into the market, like consumer groups and steel industry. It tracks the market developments and analyzes the opportunities in various verticals to map out the future direction of the market.
The past and current data given in this research is supplemented by forecast on vital segments of the China’s auto industry, like premium for passenger cars, auto steel demand, automobile production, structure of automobile production, passenger car stock and sales of passenger cars and commercial vehicles.
For more information visit: http://www.rncos.com/Report/IM117.htm
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