Since 2010, the macroeconomic policy of stimulating domestic demand has provided the foundation and guarantee for the steady development of China' s auto industry.
Analyzing China' s auto market in 2010, we can feel the impact of this macroeconomic policy upon the auto market throughout the whole year. Statistics show that China' s annual auto output in 2010 reached 18,264,700 units, and 18,061,900 cars were sold, both numbers hitting a new high, keeping China the world' s largest automobile producer and consumer. The country's economy continues to maintain a steady growth in 2012, so automobile production and sales is expected a larger increase; the auto output is estimated to reach 25 million units in 2015. In the long run, China's rapid GDP growth is providing extensive demand for the automotive industry, along with the wheel hub industry. In the next few years, China's auto sales are expected to maintain steady growth, providing good opportunities for the development of the wheel hub industry.
The low car ownership and growing purchasing power of China make its automotive industry still in the stage of fast popularization. Experts predict that about 50 million automobiles will be manufactured and sold in China in the future, and the corresponding domestic OEM and AM market scale in the wheel industry will respectively be 39 billion yuan and 90 billion yuan. With the growing international competitiveness of China' s wheel enterprises, the export value of wheels is expected to exceed 13 billion yuan. Benefited from the constant and fast growing of domestic new vehicles sales, the increasing car ownership, as well as the enhancing international competitiveness of China' s wheel enterprises, the wheel hub industry is expected to maintain rapid growth in the next three to five years, with the market scale reaching nearly 60 billion yuan.