Chinese carmakers set to drive global sales
Print Edition
Chinese automakers will account for one-third of new auto sales worldwide by 2020 with continuing investment in the sector, according to a report released yesterday by KPMG.
The company’s 15th annual Global Automotive Executive Survey showed that sales are expected to surge in BRIC countries, particularly in China. Of the top 20 Original Equipment Manufacturers expected to gain larger market share in the next five years, 10 are from China, according to the survey.
Two hundred automotive executives participated in the survey, over half of whom are business unit heads or higher. All the participants represent companies with annual revenues above US$100 million, and 39 percent work for firms with revenues of over US$10 billion.
Chinese survey respondents ranked urban vehicle design as their top priority.
“The phenomenal expansion of cities in China is putting pressure on infrastructure and our prediction is that there will be greater demand for solutions such as improved connectivity, lightweight materials, alternative powertrains and even, eventually, self-driving cars to avoid congestion and pollution,” said Andrew Thomson, Asia Pacific and China head of automotive and a partner at KPMG China.
China is rated as the number one investment destination, attracting positive sentiment from 73 percent of respondents in the BRIC (Brazil, Russia, India and China) countries.
While Chinese and other BRIC automakers are still struggling to conquer the more mature markets of Western Europe and North America, their own domestic markets provide enormous potential, which is reflected in the high proportion of companies planning to either begin or increase their investment in these regions.
“Chinese auto consumers have high expectations and are increasingly keen to have more options available to them in their vehicles, a wide variety of products to choose from and good service from enhanced dealer networks,” said Thomson.
The report notes that a rising proportion of automobiles produced by BRIC companies are aimed at export markets.
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