China could soon become the third largest auto market in the world

China could soon become the third largest auto market in the world

China is already one of the fastest growing mobile and internet markets in the world. The country is also gaining positions in the automobile segment and is likely to become the world’s third largest auto manufacturer behind the United States and Japan.

China’s annual auto output has tripled since year 2001 when the country joined the World Trade Organization. They were the fifth largest auto manufacturing markets in 2002 and currently they are on the fourth spot.

The Chinese government has taken a series of steps to open up its auto industry to meet the requirements of the WTO. The country produced 6.65 million cars till the month of November this year and is likely to touch figures of 7 million by the end of the current month.

China is also likely to see sales touching 6.4 million this year. The country is also set to overtake Japan as the primary manufacturer of domestic brands.