Automobile Ownership Tops 154-M In China

Posted by: : Paul EbelingPosted on: January 27, 2015 Automobile Ownership Tops 154-M In China

Automobile Ownership Tops 154-M In China

China added a record 17-M new cars on the road in Y 2014 as automobile ownership reaches 154-M, said the Ministry of Public Security Tuesday.

Strong demand for cars has helped the automobile replace the motorcycle as the main method of transportation. Cars made up 58.6 percent of total motor vehicles, a sharp rise from 43.9 percent five years ago.

The number of people obtaining driving licenses also ballooned from 219-M in Y 2013 to 247-M as of the end of Y 2014, said the ministry, adding 29.7-M drivers have fewer than 1 year’s driving experience.

Of the 35 cities which have more than 1-M cars each, 10 have more than 2-M cars, including Beijing, Chengdu, Shenzhen, Tianjin, Shanghai, Guangzhou and Chongqing.

The ministry said the number of passenger cars has reached 117-M, 90% of which are private cars. Beijing has the highest private car penetration, with 63 private cars for every 100 households, while the average is 25 private cars for every 100 households.

Automakers have enjoyed strong sales over the years, with more middle-class customers placing orders for their 1st cars. But with frequent traffic jams, it is yet to be seen whether automobiles can still ride the booming tide in the years to come. More local governments have begun to limit car use, among them 8 cities have quotas for new car license plates.

Stay tuned…


Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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