China might be the largest vehicle market in the world, but it sure isn’t growing. The China Passenger Car Association (CPCA) reported that 19.29 million passenger automobiles were sold in the massive Asian country in 2020, down roughly 7% from the 2019 figure. That represented the third straight yearly decline from 2017’s peak of 23.8 million.
While the industry was affected — as many have been — by the economic fallout of the coronavirus pandemic, the outbreak had mostly subsided in China in the later months of the year. Reflecting this, the country’s GDP rose at decent rates in Q2 and Q3, after tumbling nearly 7% in the initial quarter.