from AlixPartners suggests that traditional automakers are in for a very bumpy ride in the next few years as Chinese manufacturers increase their share of the world’s new car market to 33 percent. The financial pain to those companies who are used to being the perennial market leaders will be substantial, the company suggests.
Wakefield urged companies to avoid underestimating the scale of change the automotive industry is set to experience over the second half of this decade. By 2030, new energy vehicles, which in China means battery electric and plug-in hybrid cars and trucks, will represent nearly half of global vehicle sales, according to thereport.
Chinese brands in China are expected to grow from 59% to 72% in market share. Legacy automakers such as General Motors have lost significant ground in China in recent years amid the rapid rise of domestic brands such as BYD, Geely, NIO, and Xpeng. In Europe, where Chinese automakers have quickly grown in recent years, the market share of Chinese automotive brands is expected to double from 6% to 12% by 2030, according to the 2024 report.
“The trends we studied point to a world where are increasingly dominant, Chinese brands are increasingly prevalent, and traditional automakers, suppliers, fleets, dealers, and others are increasingly pressured to reinvent,” Wakefield said. “While we’ve long heralded the virtues of being more nimble, flexible, and adaptable, now is the time to approach those priorities with a greater sense of urgency and openness to new partnerships, operating principles, and expectations.
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