China Dominates Global Auto Market: EVs and Market Share Gains

China has transformed itself from a minor player in the auto industry two decades ago to the world leader in car production and exports, particularly in electric vehicles (EVs), the New York Times reported late last month. But the trend of China's impact on the global auto market has been best characterized by this chart, published over the weekend, showing how Chinese car production has gone from 1% to 39% of global production in 20 years.

The rapid ascent was fueled by significant government investment, advancements in automation, and the growth of its domestic market, which is now the largest globally. The NYT piece said that as domestic sales have slowed due to economic headwinds, China has increasingly turned to international markets to sell its cars, especially EVs. Chinese brands like BYD have gained global recognition for offering advanced electric cars at highly competitive prices, exporting more EVs than any other country. Major markets include Europe, where compact models are popular, and Southeast Asia, where affordability drives demand. We wrote back in November that China was even dethroning many of its long-rivaled Japanese competitors. Between 2019 and 2024, Japanese automakers experienced the steepest market share declines in China, Singapore, Thailand, Malaysia, and Indonesia, according to Bloomberg's analysis of sales and registration data. Japanese automakers aren't just losing ground across Asian countries, with all six tracked by Bloomberg experiencing declines in China - but also globally as shown in the above chart. Even Toyota, the global leader in car volume, has seen its sales stagnate. In Southeast Asia, a traditional stronghold for Japanese brands, market share has dropped sharply. In Thailand and Singapore, Japanese carmakers now control just 35% of the market, down from over 50% in 2019, while streets once dominated by Nissan and Mazda are increasingly filled with Chinese brand

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