Video: Car Ownership No Longer Luxury In China

China’s car market is going to be booming for quite a while, with a predicted growth rate of at least 8 percent a year until 2020, when the number of sales is expected to reach 22 million a year.

According to a new CCTV segment, this growth is being accompanied by a rising car culture in China aided by increasing incomes, easier access to loans, and intense branding efforts by car companies.

Some auto company strategies to market car culture featured in the video above include sponsoring exhibits and auto races. “Our intention is to develop a sports car culture; a car culture, having in mind, as well, the history of cars, the heritage of cars,” said Volkswagen President and CEO Jochem Heizmann at a recent vintage car exhibit at the Great Wall of China.

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Industry Sectors, Transportation