Chinese car manufacturers are expected to continue their rapid expansion outside of China and take 33% of the global car market by 2030, reports CNBC.
Much of the growth from a projected 21 percent market share this year will come from markets outside China, according to consulting firm AlixPartners. Sales will grow from 3 million this year to 9 million by the 2030s.
The rapid growth of Chinese automakers is causing growing concern among traditional automakers and policymakers around the world.
Many fear that cheaper Chinese cars will flood the market, displacing existing models, especially when it comes to electric vehicles.
Experts expect the popularity of Chinese brands to grow in all markets around the world. However, much less expansion is expected in Japan and North America, including the US.
This is due to both the duties imposed and the vehicle safety standards, which are stricter. However, the announced 100% tariff on imports of Chinese electric vehicles is the biggest obstacle.
As for Europe, here, despite the upcoming tariffs, the invasion is expected to be large. Europe is directly dependent on Chinese components for electric cars, and last but not least, manufacturers from the Old Continent profit a lot from the Chinese market and therefore fear retaliation if the import of Chinese cars into Europe is artificially limited.