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China Emerges A Global Leader in Automotive Sales Due to Steady Economic Growth Finds Frost & Sullivan - Vehicle OEMs' competitive pricing strategy has been crucial to market success - Automotive.Frost.com
China Emerges A Global Leader in Automotive Sales Due to Steady Economic Growth Finds Frost & Sullivan

 

PRZOOM - /newswire/ - Shanghai, China, 2014/05/14 - Vehicle OEMs' competitive pricing strategy has been crucial to market success - Automotive.Frost.com.

   
 
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China has become the largest automotive market in the world, largely due to its stable economic growth, increased investments, and strong purchasing power of consumers in the country. To tap this lucrative market, vehicle original equipment manufacturers (OEMs) are expanding their production capacities and launching new vehicle models in the country.

New analysis from Frost & Sullivan, 2014 Automotive Outlook for China, finds that the sales volumes of passenger and light commercial vehicles stood at 21.98 million units in 2013 and is expected to go up to 35.19 million units in 2020.

"Vehicle OEMs have resorted to competitive pricing to stay afloat in the Chinese passenger vehicle market," said Frost & Sullivan Automotive & Transportation Research Analyst Chan Ming Lih. "They have managed to maintain competitive prices and lower manufacturing costs through joint ventures and collaborations between international and local vehicle OEMs."

However, the difficulties vehicle OEMs are facing in meeting varying consumer demands with respect to design, car engineering, electronic control system, and safety system is hampering market development. The market is also being pegged back by the threat posed by new entrants and the availability of substitute vehicles.

The other issues slowing down growth are the high levels of traffic congestion and shortage of parking spaces across China and the saturation of the passenger vehicle market in tier one and tier two cities.

"To overcome these challenges, Chinese automakers are strengthening their presence in tier three cities, where passenger vehicle sales are growing steadily," noted Lih. "They are also looking to expand their dealership networks beyond central, populous regions and states in order to increase customer reach."

In addition, vehicle OEMs are focusing on innovation to improve the quality of passenger vehicles and meet consumer demand for better ideas and more product features. They are also taking advantage of the increasing urbanization and modernization in China to boost their market share and remain competitive.

2014 Automotive Outlook for China is part of the Automotive & Transportation (automotive.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Strategic Outlook of Global Electric Vehicle Market in 2014, Strategic Outlook of Commercial Vehicles Telematics in 2014, 2014 Global Powertrain Outlook, and 2014 Outlook of Global Commercial Truck Industry. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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2014 Automotive Outlook for China / P7E3-18

 
 
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China Emerges A Global Leader in Automotive Sales Due to Steady Economic Growth Finds Frost & Sullivan

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