Part 4/8:
The deteriorating situation points to an impending crisis for Japan, characterized by chronic debt levels that dwarf those of other nations and industries. The forecast for the next several years suggests that the decline in Japan’s automotive sector will have far-reaching repercussions for the country’s broader economic landscape.
The Unstoppable Growth of the Chinese Automotive Market
In contrast to Japan’s declining fortunes, China has established itself as the largest automotive market globally, selling 32 million vehicles annually, accounting for nearly 40% of all worldwide automobile sales. Chinese automotive brands have been eradicating competition from legacy automakers, increasing their market share significantly, even amid predictions of an economic downturn.