China expected to become world’s largest auto market by 2020

China expected to become world’s largest auto market by 2020

Zheng Xinli, vice director of the Chinese Communist Party’s Policy Research Office has said in a statement that they expect china to become the world’s largest auto market surpassing that of USA by 2020.

By then the country’s output is expected to reach 15 million units. China expects their auto market to grow by 10 percent annually in coming years and passenger cars is expected to dominate these numbers.

Last year saw country’s vehicle output grew 12.56 percent when compared to 2004. The sales touched an impressive 5.71 million units.

Zheng added that they expect their domestic automakers including Geely Automobile Holdings and Chery Automobile to expand phenomenally in the coming years.

He said: “Their success is evidence that the Chinese industry can wholly depend on our own efforts, to make automotive products based on our own intellectual property.”