Chinese Auto Market’s momentum continues in 2024, with sales growing 3.8% up t 23.26 million units. EV segment soars in double-digits (+38.8%) securing 30% market share. Chery enters the top 10 with a 37.8% increase in y-o-y volume.
Market Trend and Outlook
China’s economy in 2024 showed a return to stable growth, with GDP expanding by 5 percent, meeting government targets. This recovery was largely supported by stimulus measures that bolstered a stronger-than-expected fourth-quarter rebound. Despite structural challenges such as a declining population and weak consumer demand, key sectors like industrial output and the digital economy exhibited resilience.
The manufacturing sector, particularly in high-tech and equipment industries, experienced notable expansion, with strong production growth in new energy vehicles and industrial robotics. Retail sales increased by 3.5 percent, fueled by rising online consumption and government incentives. Meanwhile, foreign trade reached a record RMB 43.85 trillion, with high-tech exports surging, though actual foreign direct investment declined by 27.1 percent, reflecting global economic uncertainties.
Inflation remained minimal in 2024, with the consumer price index (CPI) rising by just 0.2 percent, indicating weak domestic demand. Persistent deflationary trends in producer prices, which had been in decline for 27 consecutive months, further underscored ongoing economic pressures. This subdued inflationary environment reflects the broader challenge of stimulating domestic consumption amid cautious consumer sentiment.
China’s EV sector maintained its global dominance in 2024, securing a 30.2% market share with a 38.8% y-o-y surge. Cumulative sales hit 9.37 million, underscoring the sector’s relentless expansion. Strategic investments and policy tailwinds continue to fuel its rapid ascent.
BYD continues to dominate China’s EV market, commanding just under 40% share with double-digit growth. Tesla and Wuling trail, each selling less than a quarter of BYD’s volume. Meanwhile, Huawei and Geely posted standout performances, securing 4th and 6th place in the rankings.
China’s auto market sustained its growth in 2024, expanding 3.8% to 23.26 million sales (wholesales + imports). A late-year recovery in the final four months helped drive the sector’s resilience.
Looking at cumulative data from 2024, brand-wise BYD was still on top with 3.57 million sales (+38.6%) defending the leadership from the attack of Volkswagen, second with 2.08 million sales (-7.0%).
Toyota was still in third place with 1.59 million sales (-8.4%) followed by Geely -up 2 spots- with 1.20 million sales (+19.4%), Changan with 999,647 sales (-11.2%) and Honda -down 2 spots- with 881,737 (-26.7%).
Wuling -up 3 spots- ranked 7th with 786,440 sales (+11.9%), followed by Chery -up 5 spots- with 721,317 (+37.8%), BMW -down 1 spot- with 692,401 (-13.1%) and, in 10th place, Mercedes -down 2 spots- with 689,368 sales (-5.4%).
To see the best-selling ranking in China, you can refer to the dedicated article. The leader, so far this year, was the BYD SONG -up 2 spots- with a 45.3% growth followed by Tesla Model Y which merely grew 5.2%.
Medium-Term Market Trend
The Chinese vehicle market not only is the largest in the world but represents near 30% of global sales and over 75% of global EVs sales.
The market booming phase ended already few years ago, with the all time record hit in 2017 with over 28.4 million sales (car passengers, including import, and light commercial vehicles).
Declining in the three following years at a below 25 million level, in the 2021-2023 the market was almost stable, ending the 2023 at 25.1 million. It is clear that in the future the market will not report further robust growth, considering the level of saturation and the replacement of combustion vehicles with electric will remain the key factor for development.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
