China just set a world record for car buying

Photo by China Photos/Getty Images

When it comes to car sales globally, no nation, not even the US, can compete with China.

According to research from Frederic Neumann, economist at HSBC in Hong Kong, over 21 million cars were sold in China over the past 12 months, easily exceeding the United States in second-place with just over 17 million vehicles sold.

As the chart below, supplied by HSBC, reveals, car sales in China easily exceeded those in Asia excluding Japan over the same period.

And sales are still growing at a solid clip, although there are faster growing markets across the region.

The next chart looks at year-on-year change in car sales in selected nations across Asia, comparing growth in 2015 as well as the first three months of 2016.

If there is to be a challenger to China in terms of total car sales, it’s likely to come from India, as shown in the final chart below. Sales levels are just below those of China, and growing more quickly at present.

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