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China's auto fuel demand is expected to grow by 20 percent by 2025

China's auto fuel demand is expected to grow by 20 percent by 2025

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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China's auto fuel demand is expected to grow by 20 percent by 2025

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

Research published yesterday by wood Mackenzie, the international consultancy, predicts Chinese demand for car fuel will grow by about 20 per cent by 2025 as a gradual increase in the share of sales of sport utility vehicles offsets the substitution of electric vehicles for fuel.

 

China's auto sales have shifted to higher-grade and larger family cars due to the impact of higher household incomes and the full implementation of the two-child policy in 2015, and the proportion of sport-utility vehicles in China's auto sales has increased from 6.6% a decade ago to 42% in 2018, the report said.

 

Sales of sport utility vehicles held up well in 2018, despite a 4 per cent decline in China's car sales, the first negative growth in the past 28 years.

 

The report expects China's auto sales to return to growth in 2019, thanks to new tax breaks for the auto industry and higher incomes.

 

While global sales of electric vehicles will reach 2 million units in 2018, they will still represent a small fraction of the nearly 90 million vehicles sold worldwide that year, and the replacement of oil demand for electric vehicles will be more long-term, the report said.

 

Wood Mackenzie also expects gasoline demand in Japan to fall by more than 10 percent by 2025 because of improved vehicle efficiency.India's fuel demand in this sector will grow by 400,000 BPD by 2025, up more than 50 per cent from 2018, thanks to increased demand for two-wheeled vehicles and vehicles.

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