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Chinese to fuel growth in world auto industry
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China will continue to power the growth of the world’s automotive industry for the next six years, accounting for 43.1 percent of the volume increase in global light vehicle assembly between 2012 and 2019, according to an industry report.
The country is on track to achieve a 10.7 percent increase in light vehicle production to 18.5 million units this year, with the pace picking up 11.9 percent to 20.7 million units next year, PricewaterhouseCoopers predicted in its Autofacts report yesterday.
“China’s automotive sector continues to grow as consumer demand remains strong, particularly second car purchases from middle-class consumers in the eastern region and first-time purchasing in western China,” Wilson Liu, PwC China automotive leader, said in the report. “Other fundamental factors such as urbanization, improved economic conditions and downward price trends are also contributing to growth.”
As global carmakers invest heavily to boost their output capacity in China, parts such as engines and transmissions will be further localized, PwC said.
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