For the first time in history, China has overtaken the U.S. as the largest automotive market in the world in 2009, a year of global recession it must be added. Thanks to a series of government incentives announced to encourage vehicle sales, 13.6 million vehicles were sold in 2009, representing a 45 percent year-on-year growth, according to the China Passenger Car Association.
The U.S., on the other hand, saw auto sales slumping by 21 percent to 10.4 million vehicles. A market recovery in the last few months of 2009 was still not enough for the U.S. to hold on to its crown.
Then again, China becoming the world’s largest market was just a matter of time given its massive population and tremendous economic growth. And when you see such impressive monthly sales figures being reported and hear of companies like General Motors achieving record growth in China, there is little surprise that 2009 is China’s year. And that leadership is likely to remain for 2010 as the economy recovers further, putting more money in the pockets of the burgeoning middle-class population in China.
Tags: Business • China • General Motors • US
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