Much growth potential in car ownership: Ministry of Commerce

SHANGHAI, Feb 13 (SMM) – Vehicle ownership in China continues to see significant potential for growth, said deputy director of market operations at the Commerce Ministry, Wang Bin on Tuesday February 12, at a press conference reflecting on 2018.

In 2018, there were just 170 car owners for every 1,000 people. Car ownership rates in developed nations stood around 800 in the US and 500-600 in Europe and Japan. 

The China Passenger Car Association (CPCA) reported in early January that retail sales of passenger vehicles in China for 2018 shrank 6% from a year earlier, marking the first decline in 20 years.