对新动力的渴望强烈：是时候降低消费税了

Investment Rating - The report indicates a strong demand for power in the automotive market, suggesting a potential shift towards larger displacement vehicles and a focus on power as a key selling point for manufacturers [8][18][87]. Core Insights - The demand for power in the Chinese automotive market is projected to reach 39.52% in 2024, indicating that many consumers still prioritize power over other attributes like quietness and off-road capability [8][11]. - The market is witnessing a significant shift from small displacement engines (1.5L and 1.6L) to larger engines (2.0L and above), driven by consumer upgrades and changing preferences [8][9]. - The report emphasizes the need for automotive manufacturers to adapt to evolving consumer demands for power, particularly among the Baby Boomer generation, who are expected to lead a new wave of consumption focused on larger, more powerful vehicles [17][34][58]. Summary by Sections Power Demand - The report defines power demand as the preference for vehicles that provide immediate and sustained strong power during various driving scenarios [7][8]. - The shift in consumer preferences is evident, with a growing share of buyers opting for vehicles with larger engines, reflecting a broader trend towards power-oriented vehicles [8][9]. Consumer Segmentation - Middle-aged men (Baby Boomers) exhibit the highest demand for power at 42.47%, followed by older male buyers, indicating a demographic shift in power preferences [17][19]. - Female buyers generally show lower power demand across all segments, which influences the types of vehicles being marketed [17][54]. Market Trends - The report highlights a robust growth in the SUV market, which has become the dominant segment in China, with a market share exceeding 30% in 2023 [18]. - The demand for electric vehicles (EVs) is growing, but their power demand remains lower compared to traditional internal combustion engine (ICE) vehicles, primarily due to the demographics of EV buyers [52][80]. Product Development - Manufacturers are encouraged to focus on larger, more powerful vehicles to meet the evolving demands of consumers, particularly in the context of the Baby Boomer generation's preferences [58][59]. - The report suggests that the automotive industry must adapt its product offerings to include larger displacement engines and more versatile vehicle types to capture the growing market for power-oriented vehicles [58][87].