In 2021, auto vehicle retail sales in China are likely to reach RMB 4.4 trillion ($690 billion), up 7.6 percent year on year, according to the statistics issued by the China Association of Automobile Manufacturers (CAAM).
As a pillar industry, China’s auto industry has a long industrial chain and can impact consumption significantly. In 2020, China’s auto retail sales indicated a year-on-year decline, while the retail sales in 2021 ended the consecutive declines seen over the previous three years amid the easing of the shortage of semiconductor chip supplies. CAAM forecasts that retail sales in China’s auto industry will likely continue to increase year on year in 2022.