1、Insights on Elderly Car Market(2024)Yiche Research InstituteGrandpa Car Buyers：New“Kids”On the BlockAuthorsDirector/Chief AIndustry AIndustry ALijun ZhouYing GaoBenya ShiElderly car market:sales to buyers 55 years old&aboveAs of the end of 2023,vehicle ownership per 1,000 people in China for the pos

2、t-80s and 90s reached 500,popularizing car consumption in the country.But the same metric for the post-60s is less than 50,which means great potential remains for this cohort of buyers.China is fast becoming an aging society as the number of people that are 60 years old or above reached 298 million

3、in 2023,or 21.1%of the countrys total population.That represents significant market potential;The strategy at many carmakers in China remains focused on addressing younger buyers,while a small number these carmakers turned their attention toward the middle-aged car market over the last 2-3 years wit

4、h brands like Li Auto and AITO emerging as front runners.Yet few are properly addressing the elderly car market;The research data presented in this report is primarily based on YRI online research with a sample size of more than 60,000,as well as on Yiche Big Data and YRI offline research with a sam

5、ple size of more than 10,000.Elderly Car Market SchematicElderlyMiddle AgedYouth03555AgeChina PV Market Elderly Car End-UserSales&Growth 2014-2023(10,000 units)Chinas elderly car market had been gaining momentum over the last 10 years(2014-2023):end-user sales were only 550,000 units in 2014 but rea

6、ched nearly 1 million units in 2017.Over the last 2-3 years,growth accelerated as sales topped 1.5 million units in 2022 and 2 million units in 2023,reaching 2.27 million units,surpassing entire markets of Korea,France and UK;Though there has been explosive growth in Chinas elderly car market,most c