China Surpasses Japan as World’s Leading Vehicle Exporter
China has officially taken the title of the world’s leading vehicle exporter, surpassing its neighboring country Japan. This achievement adds to China’s already dominant position as the largest vehicle manufacturing country and the largest car market globally.
Data from trade groups in both China and Japan indicate a significant lead for China in the number of vehicle units shipped to overseas markets. While Japan has long been a major player in the automotive export industry, China’s rapid growth in vehicle exports has outpaced its competitor. In the first six months of this year, China saw a staggering 77% increase in exports, reaching 2.43 million units. In comparison, Japan’s exports grew by 17% to 2.02 million units during the same period in 2022, according to the China Association of Automobile Manufacturers.
China’s dominance in vehicle exports can be attributed to the growing demand for electric vehicles (EVs) and plug-in electrical systems worldwide. Data shows that China’s exports of electric and plug-in electric vehicles are expected to increase by 160% to nearly 530,000 units in the first half of 2023. The country’s strong presence in vehicle manufacturing, vehicle purchases, and electric vehicle demand has solidified its position as the leader in the global automotive industry. The United States ranks second in terms of vehicle market size, while India recently surpassed Japan to claim the third spot. China’s rise in vehicle exports also led to overtaking Germany for the second spot last year, with a remarkable 54% increase in exports in 2022.
China’s success in challenging and surpassing Japan as the world’s leading vehicle exporter underscores its significant growth and influence in the automotive industry. The country’s focus on electric and plug-in electric vehicles aligns with the global shift towards sustainable transportation, further propelling China’s dominance in the market.
Summary at glance
China has surpassed Japan as the world’s leading vehicle exporter, adding to its position as the largest vehicle manufacturing country and car market. Data from trade groups reveals that China now has a significant lead in the number of vehicle units shipped to overseas markets. This growth in exports can be attributed to the increasing demand for electric vehicles and plug-in electrical systems in international markets. China’s electric and plug-in electric vehicle exports are expected to grow by 160% in the first six months of 2023. China’s dominance in vehicle exports has also seen it surpass Germany to become the second-largest exporter in the world.
Superfast News Coverage by DelhiBreakings.com team.
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