China's automotive market would boom in the third to fourth-tier cities over the next ten years, with those born after 1995 being the dominant force of car buyers, according to the JD Big Data Research Institute's report on Gen-Z, released in August 2021.
Apart from the vast incremental market opportunities, the report also stated that consumption upgrade will continue to be the main trend of the addressable market, driven primarily by users from China's younger generation with higher education who prefer better quality, roomier, and more popular driving gears.
By the end of 2020, China saw 281 million cars, on par with the United States.
At the same time, new energy vehicles accelerated their development from 2014 to 2020, making China the world's largest single market for both n...
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