China's Car Imports Remain Sluggish in 2024: 12% Decline, Sharp Drop in New Energy Vehicles

Tech 2025-01-22 11:37:25 Source: Network

China's Car Imports Remain Sluggish in 2024: 12% Decline, Sharp Drop in New Energy VehiclesChina's car import market continued its slump in 2024, with total imports reaching only 700,000 units, a 12% year-on-year decrease. This continues a downward trend observed since 2017

China's car import market continued its slump in 2024, with total imports reaching only 700,000 units, a 12% year-on-year decrease. This continues a downward trend observed since 2017. According to automotive market research expert Cui Dongshu, this figure reflects the profound impact of structural changes within the Chinese automotive market.

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In 2017, China's car imports peaked at 1.24 million units. Since then, imports have declined annually, reaching 800,000 units in 2023 (a 10% year-on-year decrease). This downward trend intensified in 2024, with imports falling to 700,000 units. Monthly data also shows market volatility: December saw 67,000 units imported, a 16% year-on-year decline but a 12% month-on-month increase from November, suggesting a slight year-end rebound, but the overall downward trend remains clear.

Passenger vehicles dominated the market, accounting for 98% of imports. Sedans and four-wheel-drive SUVs were the largest import categories, with 305,000 and 226,000 units respectively (44% and 33% of the total). This indicates that demand for traditional fuel-powered vehicles still prevails.

However, the import figures for new energy vehicles (NEVs) were disappointing. Total NEV imports in 2024 were only 16,800 units (2% of the total), a significant year-on-year decrease. Specifically, pure electric passenger car imports fell by 48% to 16,768 units, while plug-in hybrid passenger car imports dropped by 73% to 10,149 units. This contrasts sharply with the booming global NEV market.

Cui Dongshu attributes the decline in imported NEVs primarily to the rise of domestic NEV manufacturers and shifting market demand. As domestic NEV manufacturers improve their technological capabilities and product competitiveness, they offer significant advantages in price, performance, and after-sales service, squeezing the market share of imported NEVs. The increasing acceptance of domestic NEVs by consumers further exacerbates the challenges faced by imported NEVs.

Furthermore, changes in market demand structure also impact the import market. Consumers' preferences have shifted towards better value for money and practicality, putting relatively expensive imported cars at a disadvantage. This is especially true in the NEV sector, where domestically produced vehicles, aided by price advantages and government support, have rapidly gained market dominance.

In conclusion, the sluggish performance of China's car import market in 2024, particularly the significant decline in NEV imports, reflects profound changes within the automotive sector. The rise of domestic automakers, especially the rapid development of domestic NEVs, has significantly impacted the import market. Going forward, imported car manufacturers need to reassess the Chinese market, adjust their strategies, and adapt to market changes to find new opportunities. The increasingly fierce competition demands that they adapt to market demands and enhance product competitiveness to survive. Relying solely on brand premium is no longer viable; comprehensive adjustments in technological innovation, product positioning, and market strategies are necessary. This is a challenging yet potentially rewarding market. Imported car manufacturers need to carefully analyze market trends and actively address challenges to secure their place. Focusing on niche markets and specific consumer groups, offering more targeted products and services, might be a key to success. This requires a deep understanding of Chinese consumer needs and a proactive adaptation to market changes. The future of the Chinese automotive market is full of uncertainty and opportunity, awaiting exploration by all participants.

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