SHANGHAI - The number of privately owned vehicles in China’s revved-up auto market jumped 23.7 percent to 29.25 million at the end of 2006, state press reported Thursday.
The number of sedans alone soared 33.5 percent to 11.49 million at the end of 2006, Xinhua news agency said, citing the National Bureau of Statistics.
China sold 7.22 million new cars and trucks last year, up more than 25 percent from 2005 to overtake Japan as the world’s second largest auto market in terms of sales, according to previously released data.
As the world’s fastest-growing major vehicle market, sales so far have largely been confined to the large cities like Beijing and Shanghai but sales are expected to get a further boost this year from a new source.
As incomes in smaller cities now are rising amid China’s economic boom, carmakers now face the prospect of new markets opening up the country’s smaller cities.