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China automotive market: witnessing the transformation
From an industry-wide perspective, China's auto market will experience an unprecedented transformation in the next few years. Given the support from Chinese government, the era of New Energy Vehicles has arrived, meanwhile, Connected Car, the more disruptive industry, is developing fast. So, it requires more technology innovation in the entire industry. On the other hand, Internet giants and other emerging players are actively entering the market, and they impose a great pressure and impact to traditional OEMs and dealers. Given this tide of the times, both traditional and new industry players need to grasp the consumer psychology and promote business fast and accurately.
Looking at after-sale market, the digital age is quietly coming and changing the traditional consumption patterns. The emergence of auto finance as well as the growth of the used car and aftermarket sectors are signs that market is moving beyond the flood of first-time buyers into a diversified, maturing market. It, however, brings with challenges. Low market penetration rate, the lack of large data analysis, the impact of Internet finance and other issues mean that after-sales market is in urgent need of breakthroughs and innovation.
PwC China's Automotive Team is an integral part of our global automotive network which consists of 4,800 partners and client service professionals focused on providing services across the entire automotive value chain. We are confident that no other professional services firm can match our qualifications, experience, global reach, thought leadership, and ability to deliver comprehensive services. Thus, be it financial, regulatory, operational, or strategic, we are eager to collaborate with you to develop solutions which will pave the way for your organization's long term success in China and on the world stage.