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Review of China's automobile market operation in the first half of 2022 and forecast of the development trend in the second half of 2022

Views: 0     Author: Wondee Autoparts     Publish Time: 2022-08-11      Origin: Wondee Autoparts

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In the first half of 2022, China's automobile industry is facing three pressures: supply shock, demand contraction and expectation weakening, and enterprises have encountered great difficulties in normal production and operation. Since the end of May, the Chinese government has stimulated the vitality of the automobile market through the promotion fee policy. With the efforts of various parties, the automobile industry has come out of the low ebb. In the first half of the year, the automobile output was 12.117 million and 12.057 million respectively, and the automobile export maintained a rapid growth. Looking forward to the second half of 2022, driven by macroeconomic recovery and industrial promotion policies, the automobile market will maintain stable growth.


1. Review of China's automobile market in the first half of 2022


1) Automobile production and sales increased rapidly year-on-year

Since June, the supply chain of China's automobile industry affected by the epidemic has been fully restored, and enterprises have accelerated production pace to make up for losses; Under the superposition of the China government’s purchase tax reduction policy and the local government's automobile consumption promotion policy, the automobile market performed well in June 2022. In June 2022, the production and sales of automobiles were 2.499 million and 2.502 million respectively, up 29.7% and 34.4% month-on-month and 28.2% and 23.8% year-on-year respectively. In the first half of the year, the production and sales of automobiles were 12.117 million and 12.057 million, respectively, decreased 3.7% and 6.6% year-on-year.


2) Increased in automobiles ownership

By the end of June 2022, the number of motor vehicles in China had reached 406 million, including 310 million automobiles. There are 81 cities in China with more than 1 million automobiles, an increase of 7 cities over the same period last year, 37 cities with more than 2 million cars and 20 cities with more than 3 million automobiles. Among them, Beijing has more than 6 million automobiles, Chengdu and Chongqing have more than 5 million automobiles, and Suzhou, Shanghai, Zhengzhou, Xi'an and Wuhan have more than 4 million automobiles.


3) The export volume of complete vehicles increased by 47% year-on-year

In June 2022, China exported 249,000 complete vehicles, with a year-on-year increase of 57.4%. In the first half of 2022, China exported 1.218 million complete vehicles, with a year-on-year increase of 47.1%.


4) The performance of the automobile manufacturing industry declined

In the first half of 2022, the operating revenue of China's automobile manufacturing industry was 4,089.28 billion yuan, with a year-on-year decrease of 4.2%, 4.8% lower than that from January to may, accounting for 6.3% of the total operating revenue of Industrial Enterprises above China Government Designated Scale. The total profit was 212.9 billion yuan, with a year-on-year decrease of 25.5%.


2. Prediction of the development trend of China's automobile industry


1) The automobile market maintained steady growth

Looking forward to the second half of 2022, under the encouragement of the detailed rules for promoting consumption, China's macro-economy will maintain stable growth, market consumption confidence will be significantly restored, the effect of the policy of halving the purchase tax will continue to appear, and the recovery momentum of the passenger vehicle market will further increase; under the influence of favorable factors such as infrastructure construction and delayed repayment of principal and interest of truck loans, the truck market is also expected to bottom out and recover; new energy vehicles will continue to maintain a high-speed growth momentum. According to comprehensive analysis, China's automobile market is expected to maintain stable growth throughout the year.

2) The supply shortage of automobile chips will gradually ease

China is the world's largest automobile producer and leader of electric vehicles. To a certain extent, chips are imported from Europe, the United States and Taiwan of China. The continuous fermentation of the chip crisis has caused an unprecedented impact on China's auto market, which is unable to produce, has no cars to sell, and has delayed delivery. At present, the world's major chip enterprises have gradually increased the production and supply of automobile chips, and the new capacity will be released in the second half of this year. In addition, automobile manufacturers have developed their own chips, or have cooperated with semiconductor manufacturers to develop automobile chips, so as to more flexibly cope with the tension in the chip supply chain. It is expected that the supply shortage of automotive chips will gradually ease in the second half of 2022.


3) China's automobile exports will usher in rapid growth

Benefiting from the recovery of the world economy, automobile consumption is also recovering. China's automobile supply chain is relatively complete, and the comprehensive level of products has been greatly improved, which can provide competitive products for overseas consumers in a timely manner; in order to fulfill the carbon reduction goal, countries represented by Europe and America have increased their support for new energy vehicles. New energy vehicles have become a new driving force for China's export growth. It is estimated that the growth rate of China's automobile exports will be around 20% in 2022.


(Note: the above data were from China Association of Automobile Manufacturers)


Translated by; WONDEE Autoparts

2022/8/11

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