Published on : Apr 27, 2015
The Shanghai Auto Show pulled large crowds all under the vigilant eyes of Benedict Cumberbatch. The show pulled a large number of celebrities including French legendary actress Sophie Marceau, Asian iconic singers Jay Chou and Gao Yuanyuan, and industry honchos like CEO for Renault-Nissan Carlos Ghosn.
The celebrities and other leading industry persons were all seen at a new facility purpose built for the show. The facility is one of its kind in the world that includes two level each of which has eight massive size halls.
The auto market in China may have slowed down, which has come down to 6.9% from 13.9% in 2013, but it is still the largest auto market in the world. The sales of automobiles last year were a whopping more than 23 million compared to 16.5 million in the U.S. As per analyst estimates, sales are expected to grow further.
As per an industry expert, the incremental growth of cars is expected to be 1 million each year. Also, he added it is phenomenal for the largest car market in the world to grow at the rate and the slowdown in this sense is only relative.
The slowdown may seem relative, but the Chinese auto market is experiencing change. This is due to environmental reasons and road saturation that has caused drop in exponential sales in big cities, although as per some analysts’ predictions there has been surge in car pooling and car fleets for rental purposes.
Another study by PricewaterhouseCoopers further suggests, there lies huge potential for auto sales in small towns and cities in the country.