that's another problem - inequality in the global value chain,
China is the most important growth market for passenger vehicles for last 20+ years, this is because of China's continuous industrial upgrading, which has gradually shifted from manufacturing low value-added products (such as jeans) to producing high value-added products (such as passenger vehicles).
this brings '10s of millions of newly middle class consumers', same thing happened in Japan/Korea/Taiwan too
but now, china produced 30 million cars (12m evs) in 2024, which means China's passenger vehicle market will quickly approach saturation, even if all Chinese families purchase or replace new vehicles
btw, '10s of millions newly consumers' is a relatively small number
and there will be no other markets with '10s of millions of newly middle class consumers' unless other countries can accompolish industrial upgrading like China's did
and if these countries(India/indonesia/Vietnam) manage to do so, their industrial upgrading will intensify this competition just like what happened in China now
China is the most important growth market for passenger vehicles for last 20+ years, this is because of China's continuous industrial upgrading, which has gradually shifted from manufacturing low value-added products (such as jeans) to producing high value-added products (such as passenger vehicles).
this brings '10s of millions of newly middle class consumers', same thing happened in Japan/Korea/Taiwan too
but now, china produced 30 million cars (12m evs) in 2024, which means China's passenger vehicle market will quickly approach saturation, even if all Chinese families purchase or replace new vehicles
btw, '10s of millions newly consumers' is a relatively small number
and there will be no other markets with '10s of millions of newly middle class consumers' unless other countries can accompolish industrial upgrading like China's did
and if these countries(India/indonesia/Vietnam) manage to do so, their industrial upgrading will intensify this competition just like what happened in China now