The ACFA Publication

China's auto industry, the 2nd most important pillar for the country's economic development after the real estate sector, has achieved exceptional growth results over the past two decades. According to the China Association of Automobile Manufacturers (CAAM) statistical yearbook, total automobile production and vehicle sales in China have increased tenfold. The number of vehicles sold in 2001 was 2.37 million units, which more than doubled to 5.76 million by 2005 and reached 18.06 million in 2010. 24.6 million units were sold in 2015, rising to 26.27 million in 2021 as the country recovered from its 2020 COVID-19 slowdown. According to data from the traffic administration department of the Ministry of Public Security, the number of motor vehicles in China in 2021 was 395 million, of which 300 million were cars.