Chinese carmakers to possess 33% market share by 2030: report

Chinese branded carmakers are expected to take up 33 percent of the overall global market share by 2030 according to a report by global consulting firm AlixPartners, financial news outlet Cailian Press reported on Friday.

Sales volume of Chinese-branded cars are predicted to achieve a growing trend, particularly among the overseas markets, said AlixPartners.

Sales volume of Chinese-branded vehicles in the overseas markets is expected to grow from 3 million units this year to 9 million units by 2030. This means its market share abroad will grow from 3 percent to 13 percent by the end of 2030.

Chinese-branded vehicles perform outstandingly in the Russian market, with market share aiming to boom from 33 percent presently, to 69 percent by 2030.

Meanwhile, Chinese brands are predicted to also be strong in the European market and market share is expected to grow from 6 percent presently, to 12 percent by 2030, said the report.

The institute pointed out that Chinese-branded vehicles have not only cost advantage and localized production, but also possess advanced technology that can fulfill various demand from markets.