What is the market share of domestic automotive brands in China?
2 Answers
In the domestic automotive market, the share of domestic brands is twenty percent. Domestic automotive brands of automakers: One definition considers models with trademarks (manufacturer logos) that are China's own domestic trademarks (including products introduced through technology transfer) as domestic brands and regards them as independent brands; another definition holds that brands for which Chinese domestic enterprises have full product modification rights and complete brand operation rights can be called independent brands. The significance of developing independent brands: Brands are one of the most powerful weapons for enterprises to explore and occupy the market; brand competition largely overcomes the drawbacks of information asymmetry for consumers that exist in quality and price competition; brands are also one of the important indicators for measuring a country's international competitiveness.
As an ordinary person who drives frequently, I've observed that Chinese domestic car brands have really taken off in recent years. In the past, the streets were dominated by joint venture cars like Toyota and Volkswagen, but now domestic brands such as BYD and Haval are everywhere. I recall last year's data showing that domestic brands accounted for over 50% of new car sales in China, and the figure could be even higher in 2023, especially in the electric vehicle sector. I personally drive a Geely new energy vehicle, which is both economical and environmentally friendly. There are many reasons behind this trend, such as government policies encouraging domestic manufacturing and brands investing heavily in smart technology, making more people willing to buy them. The market share has doubled in a decade, jumping from 30% to over half, which is a tremendous change. This shows that domestic products are improving, and consumers have more confidence in them.
