Core Viewpoint - The Chinese passenger car market is experiencing a shift with a decrease in average prices, which is expected to stimulate growth in the mid-to-low-end segments and enhance overall market penetration [1][2][5]. Market Performance - In August, the national retail sales of passenger cars reached 2 million units, marking a year-on-year increase of 4.6% and a month-on-month increase of 8.2%. Cumulatively, 14.74 million units have been sold this year, reflecting a 9.5% year-on-year growth [1]. - The average price of passenger cars in August was 169,000 yuan, remaining stable compared to the same period last year, while the average price for the first eight months of 2025 is projected to be 170,000 yuan, down from 171,000 yuan in 2024 [1][3]. Price Trends - The average price of conventional fuel vehicles has risen from 150,000 yuan in 2019 to 183,000 yuan in 2023, but is expected to decline to 170,000 yuan by August 2025 due to a faster shrinkage in high-end fuel vehicle sales [1][3]. - The average price of new energy vehicles has also decreased significantly, from 184,000 yuan in 2023 to 159,000 yuan in August 2025, indicating a vibrant consumer interest in this segment [1][3]. Market Structure - The decline in average prices is attributed to an increase in the sales of entry-level pure electric vehicles, while the share of higher-priced hybrid and range-extended vehicles has decreased [4][10]. - The penetration rate of new energy vehicles is expected to reach 48% in 2024 and 55.2% by August 2025, indicating a strong growth trajectory for this segment [9]. Consumer Behavior - The decrease in average prices is seen as beneficial for market growth, particularly in promoting the adoption of passenger vehicles among lower-income consumers, as China's car ownership per thousand people remains relatively low [2][5]. - The mid-to-low-end market is expected to recover significantly in 2024 due to policies encouraging vehicle scrappage and trade-ins, which will further drive down average prices [2][5]. Brand Performance - The average price of luxury vehicles in the first eight months of 2025 is 361,000 yuan, slightly down from 364,000 yuan in 2024, while the average price for joint venture brands is 175,000 yuan, up by 0.2% from the previous year [12]. - Domestic brands are seeing a significant push in the new energy segment, with pure electric and narrow hybrid models performing well, while traditional fuel vehicles are facing downward pressure [12].
全国乘用车市场价格段分析-8月
Sou Hu Cai Jing·2025-09-10 11:41