Fitch Ratings said in a newly released research report that sport utility vehicles (SUVs) will continue to be the main driver of growth in the Chinese passenger vehicle market, especially in the low-end consumer demand for SUVs, 2015 10 In the context of the country's downward adjustment of vehicle purchase tax, the market share of small low-emission SUVs may increase further. However, the profit margin of SUV may be under pressure due to the increasingly fierce competition, which may weaken the original profit margin of some automakers with a large proportion of SUV business.
Fitch expects that the SUV market will further flourish in double-digit growth in 2016, and the performance of SUV will continue to be higher than the overall performance of the Chinese passenger car market. Chinese consumers are increasingly interested in SUV models, and automakers at home and abroad have also launched various SUV products. But after the supply-driven 'SUV fever' in 2013-2015, the market began to face a slowdown.
According to the China Association of Automobile Manufacturers (CAAM) data, China's SUV sales in the first ten months of 2015 increased by 48.0% year-on-year, while the overall growth of the passenger car market dropped from 9.9% in 2014 to 3.8% this year. Compared with the United States, Canada, Russia and other countries with the same territorial and complex geographical conditions, the penetration rate of SUVs in China is still low, so Fitch believes that China's SUV market has great potential for development. In 2014, SUVs accounted for approximately 21% of China's passenger car sales. As of the first 10 months of 2015, sales accounted for 29%, while US SUVs accounted for more than 30%.
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