Sales of both Chinese and foreign brands fell significantly from 2018 to 2020. A huge reason behind that is a sharp drop in young first-time buyers. Chinese brands were hit hard, as sales fell to below 7 million units. But they rebounded in a big way in 2021, topping 8 million units with market share rising to more than 40%. Sales of foreign brands, meanwhile, continued to fall.
Will Chinese brands continue to increase their market share in 2022 to over 50%? Can sales sustain momentum and hit more than 10 million units? How will foreign brands adjust their tactics in 2023–2025, and how should Chinese brands effectively respond?
This report tries to provide some answers to these questions. We welcome your comments and feedback.
