Recently, the International Energy Agency forecast that by 2035, the number of vehicles on the road world wide will be double to 1.7 billion, and not surprisingly most of the growth behind that number are come from China.
After the economic boom in China, as the standard of living increasing, more and more people are willing to get a car, and China’s auto market is just getting to started. India is but India will also see explosive growth, going from 14 million cars today to an estimated 160 million cars 23 years from now.
From the IEA, look at the growth in vehicles per capita (worldwide):
* 2000: 4 vehicles per 1000 people.
* 2010: 40 per 1000 people.
* 2035: 310 per 1000 people
For comparison, the U.S. Currently has 660 vehicles per 1000 people.
With so many vehicles running on the road, how will countries control the emissions? How much the oil price will increase based on this demand? Will the electric and hybrid car dominate? The IEA believes internal combustion cars will still dominate the global auto market. Sure, they are likely to be more fuel efficient.
From this numbers we can clear that why every automakers has made growing in China a top priority. The China auto market has already passed USA to become the number one auto market.