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According to the China Association of Automobile Manufacturers, the cumulative sales volume of the Chinese auto market from January to July 2023 was 15.335 million units, a year-on-year increase of 8.4%. Among them, own-brand sales were 7.696 million units, accounting for 50.0% of total sales, up 10.8% y/y.
[Analysis]
The increase in the proportion of independent brands in the domestic automobile market is mainly due to the following reasons:
- Product strength improvement: independent brands have made great progress in product strength, and the gap between product quality and technical level and joint venture brands is narrowing.
- Marketing model innovation: Independent brands have innovated in marketing models, paid more attention to user experience and service, and enhanced brand influence.
- Policy support: The support of national policies for independent brands has been increasing, providing a good environment for the development of independent brands.
[Outlook]
With the continuous improvement of the product strength and marketing level of independent brands, it is expected that the proportion of independent brands in the domestic automobile market will continue to increase in the future.
[Conclusion]
The rise of independent brands is an important trend in the development of the mainland automobile industry. The continuous growth of independent brands will make greater contributions to the healthy development of the mainland automobile industry.
According to the China Passenger Association, the cumulative sales volume of China's new energy vehicle market from January to July 2023 was 3.521 million units, a year-on-year increase of 120.5%. Among them, the sales volume of own-brand new energy vehicles was 2.849 million units, accounting for 80.9% of the total sales.
[Analysis]
Independent brands occupy an absolute advantage in the new energy vehicle market, mainly due to the first-mover advantage and technology accumulation of independent brands in the field of new energy vehicles.
[Outlook]
With the rapid development of the new energy vehicle market, it is expected that the proportion of independent brands in the new energy vehicle market will further increase in the future.
According to the Passenger Association, the cumulative sales volume of the Chinese auto market from January to July 2023 reached 12.026 million units, a year-on-year increase of 3.7%. Among them, sales of own brands reached 6.104 million units, a y/y increase of 11.9%, accounting for 51.0% of the total market share.
[Analysis]
The pattern of China's automobile market has undergone new changes, and the proportion of independent brands has continued to increase, mainly for the following reasons:
- Improvement of product strength of independent brands: In recent years, independent brands have continuously increased investment in R&D, product strength has been continuously improved, and the gap with joint venture brands in terms of power, control and configuration has been narrowing.
- Increased policy support: The state has introduced a series of policies to support the development of independent brands, including subsidies for new energy vehicles and purchase tax exemptions.
- Increased consumer recognition: With the improvement of consumer consumption level, the recognition of independent brands continues to increase.
[Outlook]
With the continuous improvement of the product power and brand power of independent brands, it is expected that the proportion of independent brands in the domestic automobile market will further increase in the future.
[Conclusion]
The pattern of China's automobile market has undergone new changes, and the proportion of independent brands has continued to increase, which is of great significance to the development of China's automobile industry. The rise of independent brands will promote China's automobile industry from a "manufacturing power" to a "manufacturing power"
Enter.
[Data analysis]
According to the data of the Passenger Association, from January to July 2023, the sales volume of each segment of the Chinese automobile market is as follows:
- Passenger car sales reached 11.227 million units, up 3.6% y/y and accounting for 93.2% of the total market share.
- Commercial vehicle sales reached 799,000 units, down 11.8% y/y and accounting for 6.8% of the total market share.
Among them, in the passenger car segment, sales of new energy vehicles continued to grow, reaching 2.947 million units from January to July, a year-on-year increase of 141.9%, accounting for 26.2% of total passenger car sales.
[Expert Commentary]
Gao Tian, deputy secretary-general of the China Automobile Dealers Association, said that the pattern of China's automobile market has undergone new changes, and the proportion of independent brands has continued to increase, which is a positive trend. The rise of independent brands will promote China's automobile industry from a "manufacturing power" to a "manufacturing power".
Chen Shiqiang, deputy secretary-general of the China Association of Automobile Manufacturers, suggested that independent brands should continue to increase investment in research and development, improve product strength, and strengthen brand building to improve consumer recognition.
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