One in three Chinese would consider giving up their car due to traffic and petrol prices, survey suggests
Congestion and costs are making ownership less appealing
Up to 30 per cent of mainland car owners would consider giving up their cars if traffic continues to worsen or petrol prices rise sharply, a survey suggests, presenting a challenge for automotive businesses.
Global consultancy Bain & Co has found that car ownership, once a symbol of wealth and social status in China, appears to be becoming increasingly less attractive.
A Bain survey of 2,100 consumers in five major cities including Shanghai, Beijing, Shenzhen, Chengdu and Wuhan found that people were reassessing the value of car ownership because of congestion, with road journeys in China taking twice as long as comparable trips in Germany, according to Pierre-Henri Boutot, a Bain partner.
"Increasing income levels in China mean that consumers can afford the comfort of a personal vehicle, yet many are interested in alternatives to car ownership," he said. "The status and flexibility that comes with having a car is, for many, no longer worth the hassle and increasing cost."
China has been the world's largest auto market since it surpassed the United States in 2009, buoyed by its rising middle class. But sales growth has slowed.
Last year, sales hit 23.5 million units, up 6.9 per cent from 2013, according to the China Association of Automobile Manufacturers. The year-on-year growth last year dropped by seven percentage points from 13.9 per cent recorded in 2013.