China to account for one-third of new auto sales worldwide by 2020

January 14, 2014 - 11:31:16 am

BEIJING: Chinese automakers will account for one-third of new auto sales worldwide by 2020 with continuing investment in the sector, according to a report released by KPMG, one of the "Big Four" international accounting networks.

KPMG's fifteenth annual Global Automotive Executive Survey showed that sales are expected to surge in BRIC countries, particularly in China, according to China's Xinhua News Agency.

Of the top 20 Original Equipment Manufacturers (OEMs) expected to gain larger market shares in the next five years, ten are from China, according to the survey.

Two hundred automotive executives participated in the survey, over half of whom are business unit heads or higher.

All of the participants represent companies with annual revenues greater than 100 million US dollars, and 39 percent work for firms with revenues of over 10 billion US dollars. (QNA)

 

 

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