China has surpassed the U.S. as the largest car market worldwide. Given tremendous further growth potential, China is one of most attractive automotive markets in the world. China's automobile industry has been in rapid development since the early 1990s.
The car market is characterized through a variety of companies manufacturing cars as well as a very diverse parts making industry. China tries to consolidate the industry, which already resulted in some mergers and take-overs. China’s car market has been growing at rates of around 35% over the last years and 2009 marked a record year. It is projected that China will continue its growth to lead the World in the automotive industry volume throughout the coming years.
In addition, the Chinese automotive sector is now maintaining a stable and rapid growth in line with the continuous development of the Chinese economy.
An important factor to remember nowadays, most of the international cars’ brands are manufacturing their cars in China and as a result, Chinese cars are witnessing the same rapid developments.