The world’s biggest car market
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You guessed it. The rise of the emerging markets continues apace, with the US car market now in 2nd place behind China.
Beijing used to be famous for the millions of bicycles thronging its streets. But it is the success of the motor car there and in other Chinese mega-cities that has now tipped the number of cars in the world over the 1bn mark, according to The Guardian.
Despite the surge in sales, car ownership in China is still only half the global average, so there’s plenty of room for more growth. This might be a cause of alarm to some, since apparently the hope that the country would become a pioneer in the shift towards “clean car” technology have suffered a setback as the Chinese show little sign of interest in electric and hybrid vehicles despite ambitious government plans. Last year, Toyota managed to sell only one Prius – the world’s most commercially successful hybrid car – in the fastest-growing market. Sports utility vehicle sales, by contrast, are surging.
There’s time yet for technologies to improve, with conventional cars offering a better deal than alternatives – for now. And China has a vast distance to go before household incomes are anything like those in America (and on that note, Hans Rosling provides a handy reminder that the rich world is still very rich, it’s just that other countries are catching up).
Thanks largely to its business in China, Mercedes announced earlier this year the highest monthly worldwide car sales in the company’s 110-year history. BMW, Audi and Rolls-Royce are also recording strong sales which have pushed China to the forefront of their global strategies. But explosive rates of growth are slowing, “Green growth” now looks a less likely prospect than a simple market slowdown.
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