工薪车市洞察报告—（2024版）：二手车加速“卷死”入门品牌2024

Investment Rating - The report indicates a declining trend in the salary car market, with a significant drop in market share and sales volume, suggesting a cautious investment outlook for companies focused on this segment [5][25]. Core Insights - The salary car market in China is shrinking, with sales falling below 12 million units in 2023, and market share dropping below 55%, indicating a potential loss of its dominant position [5][25]. - The average disposable income of Chinese households has increased from 20,200 RMB in 2014 to 39,200 RMB in 2023, leading to a shift in market dynamics as more families transition to middle-class status [5][7]. - The report highlights that the focus of consumers in the salary car market is on price, with 74.04% prioritizing affordability, followed by quality and safety [9][10]. - The rise of the second-hand car market is significantly impacting the salary car market, with 50% of salary car buyers opting for second-hand vehicles, reflecting a shift in consumer preferences [7][19]. Summary by Sections Market Overview - The salary car market is defined as the segment catering to consumers with a disposable income of less than 150,000 RMB per year, which remains a critical focus for many automotive companies [3]. - The report notes that the salary car market is still the largest segment globally, despite its decline, with a market size comparable to that of the EU [5]. Sales Trends - From 2014 to 2023, the sales volume of salary cars peaked at 16.51 million units in 2017 but has since declined sharply, reaching 11.86 million units in 2023 [5][6]. - The market share of salary car users has decreased from 70% to 54.87% over the past decade, indicating a significant structural change in consumer demographics [5][7]. Consumer Behavior - The report emphasizes that the primary reasons for purchasing salary cars are for commuting and daily use, with 45.66% of consumers citing commuting as their main motivation [15]. - The focus on cost-effectiveness is evident, as both salary car and second-hand car buyers prioritize value for money, with second-hand car buyers showing even greater sensitivity to price [9][13]. Competitive Landscape - The report identifies BYD as the new leader in the salary car market, surpassing traditional players like Volkswagen and Toyota, with a market share of 12.37% in 2023 [22]. - The competitive dynamics are shifting, with second-hand cars increasingly seen as viable alternatives to new salary cars, posing challenges for traditional manufacturers [19][25]. Future Outlook - The report predicts that the salary car market will continue to shrink, potentially dropping to a market share of 30% by 2030, driven by economic pressures and the growing appeal of second-hand vehicles [25].