Chinese automobile market obtained the maximum growth in the year 2013. In addition, it increased the output by more than 14.8% YoY to 22 million. The sales volume of the China SUV Industry attained over 13.92% YoY and crossing over 21 million. This has lead to the growth in Passenger car segment with increase in output and sales volume. Owing to the huge base of the current market, growth rate of china’s passenger car market will be reduced by 10%.
Furthermore, Chinese SUV industry observed rapid development in 2013 with a higher growth rate than the passenger car market and total car market. This increased the industry output by 2 million, hence augmenting the 50% of the sales volume. The total sales volume increased from 49.3% YoY to 2.99 million. Nowadays, SUV has become more in demand and more popular among the Chinese customers. By 2018, SUV market since past few years is growing rapidly. Its sales volume is likely to cross over 7 million by 2018.
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The SUV sub- compact industry has experienced considerable growth in the regions like Mexico, United States, India and China. This is majorly due to its compactness and low cost nature. Also, high maneuverability and stylish design of the sub compact SUV will augment the market demand for china SUV. High fuel efficient of SUV;s than passenger cars owing to its small engine, rebate and compact body on excise duty in various countries is the major factor augmenting the industry demand.
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The sub-compact SUV and Asia-Oceania SUV market is anticipated to go through maximum CAGR over the forecast period. Availability of economical domestic resources, strong governmental supports and developing economies in the regions like China and India will impact the overall industry growth positively. Furthermore, cost effective labor in china is the major factor expanding the SUV’s industry in china. This is projected to increase the China SUV industry demand over the forecast period.
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