Due to the positive results for China's domestic auto sales in 2013 (21.98 million units, up 13.9 percent year on year), automotive sales in China are expected to reach 23.74-24.18 million units for 2014, up 8-10 percent year on year, as announced by China Association of Automobile Manufacturers (CAAM). Accordingly, the sales volumes of passenger vehicles are estimated to be 23.74-24.18 million units, with a 9-11 percent year-on-year increase. Meanwhile, the sales volumes of SUV are estimated to increase 28.8-31.1 percent year on year to 3.85-3.92 million units.
According to CAAM, their optimistic prediction of domestic automotive sector for 2014 is based on the stable macro economy and stronger consumer confidence in China.