(Yicai Global) Jan. 9 -- The market for mid-range and high-end cars in China is poised to grow with the rise of the middle class, Sun Muzi, automotive industry director at market research and consulting firm Turboinsight, told Yicai Global yesterday.
Japanese companies Honda Motor Co., Nissan Motor Co. and Toyota Motor Corp. performed well last year after introducing new models and technologies, per the carmakers' annual reports.
Honda Accord sales rose 15.2 percent to 155,000 in China last year, while Nissan sold 115,000 Teanas. Toyota Camry sales had dropped, and then rebounded with orders for about 30,000 vehicles following the rollout of the mid-size model's eighth generation in November.
The mid-range and high-end segments showed signs of recovery last year, while luxury cars took 10 percent of the market, Sun said. Mid-level and upmarket offerings are driving rising consumption in China, said Sun.
The mid-grade and high-end car market will not shrink, but competition between the major brands will be further intensified, and some domestic brands will have bigger shares in the mid-range sedan market, Sun said.