Shanghai (ZXZC)- The 2017 Market Price Index of China’s Passenger Vehicle, jointly issued by China Association of Automobile Manufacturers, showed that compared with the price of 2016, the 2017 price of China passenger vehicles grew slightly by 1.7 percent. What’s more, it is also predicted that the 2018 price will increase 2 percent.

The most obvious increase took place in luxury sedan segment, whose average price jumped to RMB 353,000 in 2017 from RMB 332,000 in 2016. The mid-size sedans had the biggest growth in transaction price, 5.91 percent from a year earlier while the compact SUV segment underwent the most obvious decrease.

By brand origin, joint ventures and foreign brands saw price rebounding in 2017, but the transaction price of both segments fluctuated wildly during the past year. Meanwhile, the Chinese auto brands had relatively stable price in the past two years. Compared with 2015, the transaction price of passenger vehicles under local auto brands grew by 5.6 percent and 7.8 percent respectively in 2016 and 2017. The price increase has shown the improvement in product quality and image of the local brands.

In 2018, China passenger vehicle market is expected to see slower sales growth, but the price will keep slight increase, which is predicted to be 2 percent. The price increase in SUV segment will be 2.1 percent this year while that of sedan segment will keep flat. The luxury sedan segment and the luxury SUV segment are expected to see a respective increase of 1.9 percent and 1.3 percent.