China has now become world’s largest auto market overtaking the US market. The Chinese market took lead in early 2009 over the US market and there was no looking back after that. China intends to hold its position in 2010 as well as the country foresees strong auto sales and tremendous growth in next 12 months as well.
The US market has seen a sharp decline in its sales in 2009 which was nearly 21 percent selling total 10.4 million units. On the other hand, as per the figures available for 2009 from the China Passenger Car Association, the Chinese car market account for 13.6 million vehicle sales in 2009. These sales figures were also supported by the government incentives to rally the sales figures when they fell short of expectations in early 2009. Although the US market showed a healthy recovery in second half of 2009, nevertheless, the overall sales figures were marred by the slow sales volumes in early 2009.
The bullish overview of the Chinese market predicts an increase of 20 percent sales in 2010 but a more conservative look predicts only 6 to 7 percent growth in the country in the auto segment.
