大空間比智能化更能吸引用戶（英）-2024-12-市場解讀

BoomersPreferSpaceOverSmartification

InsightsonPurchase

Decision–Space(2024)

YicheResearchInstitute

Authors

LijunZhou

Director/ChiefAnalyst

zhoulijun1@

YingGao

IndustryAnalyst

gaoying1@

BenyaShi

IndustryAnalyst

shibenya@

QiangZhang

VisualDesigner

zhangqiang9@

Desireforspace:buyerpreferenceonthesize,layoutandfunctionalityofspaceneededfordriving,riding,storage,resting,entertainment&interaction

VehicleInteriorspacehaslongbeenanimportantareaofresearchforcarmakersgloballybecauseit’s

themostperceptiveafterstylingwhencustomerslookatavehicle.Howspaciousavehicleisoften

playsasignificantroleinthepurchasedecisionprocess.InChinainparticular,carbuyersandcarmak-ersareevenmoresensitivetospacebecauseofseveralreasons.First,themassscalepopularizationofthecountry’scarmarkettookaveryshorttime,justover20yearsfrom2020to2024,therefore

thereismoreattentiononperceptivesellingpointslikespace;second,thecarmarketisdominatedbyfamilyuserswhocaremoreaboutspace;third,theelectrificationandsmartificationoftheindustryoverrecentyearshasresultedinnewsellingpointscenteredonspace.Basedonthesefactors,YRIhas

comeupwiththisreportonpurchasedecisionwithrespecttospace,aimingtoprovideadditionalreferenceforourcustomersincludingcarmakersanddealers;

Rightnow,spaceisprimarilydefinedviathreedimensions:size,layoutandfunctionality:asegmenta-tionbasedonvehiclesizesuchasspecificdimensionalspecslikelength,width,heightandwheelbaseresultinginclassessuchasmicro,small,compact,midsize,midtolargeandlargehasbecomeacore

standardamongcarmakersforproductdefinition;asegmentationbasedonspatiallayoutsuchas

specificlocationsofdrivercabin,passengerspaceandtrunkresultinginvehicletypessuchas

sedans,hatchbacks,crossovers,SUVsandMPVshasalsobecomeacoreproductdefinition

standard;andlastbutnotleast,asegmentationbasedonspatialfunctionalitysuchasspecificusecasescenarioslikemobilityenabling,roadtrip,workcommuteandoff-roadingresultinginvehicle

typessuchasmobilityenablers,nannycarsandoff-roadershasbecomeanadditionalcoreproductdefinitionstandard.Unlikehotnewtrendslikeelectrificationandsmartification,spaceseemstobea

boringconcept,butneverthelessremainsacriticalelementwhenitcomestoproductdefinitionatcarmakers;

YRI,basedontheperspectiveoftheuserandmainstreamsegmentations,hasdefinedthedesireforspaceasbuyerpreferenceonspatialneedsforfunctionalitymodulessuchasdriving,riding,storage,resting,entertainmentandinteractionduringthebuyingprocess;

TheresearchdatapresentedinthisreportisprimarilybasedonYRIonlineresearchwithasamplesizeofmorethan50,000inthefirstthreequartersof2024,aswellasYicheBigDataandYRIofflineresearchdataforreference.

ProductDefinitionDimensionBasedonSpace

Size

VehicleClass

LayoutProductType

SpaceDefinition

Function

UseCaseScenario

KeyElementsofUserDesireforSpace

Driving

Riding

Storage

Resting

Entertainment

Interaction

FamilyOff-RoadtOther

TheshareofdesireforspacefrompotentialbuyersinChina’sPV(newcar)marketin2024was50.25%,newelectrificationandsmartificationtechhavehelpedcarmakersintroducenewsellingpointsonspace

DuringtherapidpopularizationofcarsinChinaoverthepasttwodozenyearsorso,Chinesecar

buyershavealwayshadasoftspotforvehiclespace,evenifmorefemaleandsinglesbuyersflockedtothemarketoverrecentyears.Thedesireforspacefrombuyersin2024wasstillratherhighat

50.25%;

Whencheckingoutacarbeforemakingapurchasedecision,malebuyersusuallysitinthedriver’sseatfirst,stretchingtheirlegsandtouchingtheirheadstogetafeelofhowmuchspacethereisinthefrontrow.Theirwivesandkidsusuallysitinthebackseatandfeelforthespacebyholdingtheirkidsorstretchingtheirarmsoutandupward.Chinesemen,women,elderlyandchildrenallcarevery

muchaboutspaceinavehicleandcarmakershavetriedeverywhichwaytoshowtheircarsofferamplespacebylaunchingmodelswithextendedwheelbase.Foreigncarmakersinparticularloveddoingthis.Atthesametime,carmakerslovedtosellandmarketthatspaceadvantage,oftenusingmetricssuchas“howmanyfingerscanfitbetweenapassenger’sheadandtheroof,howmanyfistscanfitbetweenapassenger’skneeandthefrontseats,andhowmanyluggagecanfitinthetrunk”totouthowspacioustheircarsare;

Overrecentyears,asnewtechnologiessuchaselectrificationandsmartificationwentmainstream,carmakersledbyChinesebrandscameupwithnewconceptstotoutspace,suchas“bigTV/big

fridge/bigsofa,usablearearatioandpenthouse.”It’sallbasicallyaimedatenrichingandexpand-ingtheconnotationandextensionofsellingpointsforspace.

DesireforSpaceFromPotentialBuyersinChina’sPVMarketin2024

\

PriceBrand

Space

50.25%

\

/Quality

Safety

Other/Energy

Saving

NewSpaceMarketinginChina’sCarMarket2024

UsableAreaRatio

Versatile

BigTVBigFridgeBigSofa

Space

Multi-Function

Storage

NewSpaceMarketing

First-Class

ThirdSpacePenthouse

ZeroGravity

Theater

LivingRoom

Other

NewSpaceMarketingCaseStudy:LiAutoL9

ComfortableHome

SmartHome

MobileHome

LiL9

Product

Marketing

Source:YRI

CarmakerslikeVW,BuickandNissanstillhavealotof

disconnectbetweenspacesellingpointandsales,theymustreconfiguretheirnewspacecompetitiveadvantage

Overthepast20yearsorso,Volkswagenwasthebiggestbeneficiaryof“spacesells.”Volkswa-

genbeganproductionoftheSagitarcompactcarandMagotanmidsizecarin2006and2008

respectivelyexclusivelyfortheChinesemarket,butbecausetheylackedproperspace,theysoon

lostouttocompetitorsthatofferedmorespacesuchastheCorolla,Excelle,AccordandCamry.In

2008VolkswagendecisivelylocalizedproductionoftheLavidaandNewBoracompactcarsofferingbiggerspace,successfullygainingbackmarketshare.From2008to2013,Volkswagenrapidly

upgradeditsentirelineupofcarstooffermorespacetocatertobuyerdesire,thenewMagotanandNewPassatinparticularhelpedpropeltheGermanbrandtothetop.From2017to2019,VolkswagenlaunchedasimilaroffensiveintheSUVsegment,helpingtoboostannualsalesofthebrandtomorethan3millionunits;

Fastforwardto2024,VWremainssteadfastintoutingthespaceadvantageofallofitsmodelswithfamiliarsales&marketingtactics,whichmatcheswellwiththecurrentstrongdesirefrombuyersforspace.ThatshouldhavehelpedVWinatleastmaintainingtheirsalesstrength,butinreality,the

oppositehashappened.From2019to2023,annualend-usersalesdroppedfrom3.2millionunitsto2.2millionunits,andsalesofcoremodelssuchastheLavida,Sagitar,MagotanandPassatfell

drastically,forcingVWtooffermassivediscounts.Itwillonlygetworsein2024.InadditiontoVW,otherbrandslikeBuick,NissanandHavalthatbenefitedfrom“bigspace”allhadtoconfrontthechallengeofasignificantfallinsales;

Thisstrongdisconnectbetweensellingspaceandsalesvolumecouldmeantwothings:oneisthatsellingspaceisnolongerimportant,andotherkeysellingpointswerenothighlytouted,resultinginthehugesalesdrop.Forthesakeofthisreport,wewillnottouchonothersellingpoints.Butwe

pointedoutearlierthatspaceremainsasoneofthecoresellingpointsoftheChinesecarmarket

today.Solet’sjustsaythisfirstscenariodoesn’tapply;theotheristhat“spacesells”has

changed,inotherwords,thesimpleextensionofthewheelbasethathadworkedwondersfor

carmakerslikeVW,NissanandBuicknolongersatisfynewspacedesiresfromtoday’sbuyers.

SincecompanieslikeLiAutoandAITOalsotoutsspaceoftheirvehiclesandtheirsaleshavetakenoff,thissecondscenarioismorelikelyandwithinthescopeofdiscussionofthisreport.Furthermore,newdiscoveriesunderthisassumptionwouldoffercarmakersgreatreferencevalue;

Inordertoexplorewhetherthereareanynewsellingpointswhenitcomestospace,wehavetounderstandtwobasicquestions:whathaschangedforusersthatcareaboutspace,andhowdothosechangesaffectchangestoproducts?

“SpaceSelling”ofCoreVWModels

VWVilorano?ersclass-leadinginteriorspaceanditsentirelineupo?ersa2+2+3seatinglayout,including

multi-adjustmentindependentsecondrowseatingandthird-rowseatingwithoptimalspace.TheViloranhasastandardtrunkcapacityof436Lthatcanbeexpandedto2,100Lwhenthird-rowseatsarefoldeddown.Beita

weekendroadtriporhaulinggoods,theViloranalwayso?ersclass-leadingexperiencewhenitcomestospace.

Viloran

long,nearly2-meterwideand1.8-meterhighSUVprovidespassengerswithampleLarge

headroomandlegroomforacomfortablerideevenonlong-distancetrips.Atthesametime,theTeramonto?ersthechoiceofa6-seaterora7-seatertosatisfy

di?erentfamilyneeds.Withthethird-rowseatsfoldeddown,theexpandedtrunk

o?ersplentyofspaceforlargeluggageoroutdoorequipment.MidtoLarge

TheTiguanLo?ersaspaciousfrontrowwithplentyofheadroomandlegroom.Thebackrowisalso

spaciousandcomfortableevenwiththreeadultssitting.Inaddition,withtherearseatsfolded,thetrunkcapacityexpandstomeetfamilyoutingandlargeitemtransportneeds.

Lavida

Compact

there’splentyofstorageslotsandcupholdersforitemssuchasphones,cupsandsmallitems,keepingtheinteriorcleanandorderly.

TheLavida’ssizeensuresbothanampleinteriorspaceandagilitytomoveaboutinurbanareas,o?eringeveryfamilymemberacomfortableride

experience.Italsoo?ersoptimalstoragelayoutanddesignwithsuperiortrunkcapacityforfamilyoutingrelateditemssuchasbabystrollersandluggagetoensureconvenientandworry-freeouting.Insidethevehicle

Asalarge7-seaterSUV,theTeramonto?erssuperbspaciousness.The5-meter

TACQUA

TiguanL

Teramont

Midsize

Small

ThebackrowoftheTACQUAo?ersplentyoflegroomandcomfortableheadroom.Italsoprovidessuperbstoragespaceforwaterbottlesofdi?erentsizesaswellasphoneslotsinthecenterconsole,re?ectingpracticality.The?exibilityofthetrunkspacewith40:60foldingrearseatsisveryconvenientforlargeitems.

KeyVWModelEnd-UserSales2014-2023(10,000units)

POLO Lavida Sagitar

Bora

SantanaPassat

MagotanTACQUAT-ROC

TiguanLTeramontVilloran

60

50

40

30

20

10

0

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Source:officialmodelpromotionaltext

Boomershavethegreatestdesireforspacein2024at55.17%,muchhigherthanthatofyoungmen,carmakersmusttarget

boomersiftheywanttocapitalizeonthisdesireforspace

Overthepast20yearsorso,youngmenhadstrongdesireforspacebecausetheyboughtcars

primarilyduetomarriage,andtheyrepresentedtheprimarybuyingforce.Carmakerstherefore

directedtheirsales&marketingeffortsonspaceattheseyoungmalebuyersandtoutedcore

conceptssuchas“smallfamily,onechild”primarilyoncompactproductssuchastheLavida,

SylphyandHavalH6.Butinrecentyears,notonlyhaveChineseyoungmenmarriedless,buttheyhavealsomarriedmuchlaterinlife,anddelayedhavingkids.Thisseriesofsocialchangeshave

greatlyreducedthedesireforspacefromthesenewyoungerconsumers;

In2024,fromagenderperspective,malecarbuyershadhigherdesireforspacethanfemalecar

buyers,at51.48%.Thisisbecausemenusecarsmoreforfamilypurposeswhereaswomenusecarsmoreformobilityenablingpurposesandthereforehavelessdesireforspace.Fromanageperspec-tive,middle-agedbuyershavehighdesireforspacethaneitheryouthorelderlybuyers,at53.24%.

Becausemiddle-agedbuyersneedtotakecareofboththeirparentsandkids,theynaturallyhave

relativelyhigherdesireforspace.Combiningthesetwofactors,middle-agedmen(boomers)havethehighestdesireforspaceat55.17%,whileyoungmenandothertypesofbuyershavedesireforspaceatbelow50.25%.Thismeansthatifcarmakerswanttocapitalizeondesireforspace,theyhaveto

targetboomers;

Rightnow,notmanycarmakersaremeticulouslystudyingspaceneedsfromboomers,andthereare

evenlesscarmakersthatwanttobeteverythingonboomers.Forexample,brandslikeAudi,MercedesandBMWusedtoprimarilytargetboomers,butnowhaveturnedtheirattentionand

researchtowardyoungfemalebuyers.SofarfemalebuyershaveaccountedformorethanhalfofBBA

salesinChina.Anycarmakerthathaveinvestedabitofresourcesinresearchingandcatertothe

needsofdesiresofboomersonspacehasdonewellsofar,andsometimeshavedoneextremelywell.

Pre-PurchaseDecisionDesireonSpace

byGender2024

Pre-PurchaseDecisionDesireonSpace

byAgeGroup2024

52%

50%

48%

46%

44%

MaleFemale

54%

52%

50%

48%

46%

44%

youthmiddle-agedElderly

Pre-PurchaseDecisionDesirebyGender&AgeGroup2024

55%

50%

45%

40%

60%

YoungManMiddle-agedManElderlyManYoung-WomanMiddle-AgedWomanElderlyWoman

Source:YRI

Carmakersshouldprioritizeeffortstocatertoboomers’needsforspace,becausethemorewellofftheyare,themorelikely

theirdesireforspace,theseeffortswillbeconducivetotheupgradingofcustomers

Inordertohelpcarmakersbetteraddressthedesireforspacefromboomers,wetakeadeeperlookattheboomers:fromasocialstatusperspective,wealthyboomershavehigherdesireforspace,

hitting60.89%in2024.Thiscanbeattributedtothefactthatwealthybuyersusuallyhavemorefamilymembersandpaymoreattentiontodrivingandridingcomfort.Inaddition,middle-classboomers,

whichaccountforamoresignificantshareofthecustomerbase,haverelativelyhighdesirefor

space,higherthanindustryaverage;fromacitytierperspective,boomersfromthefourmajortier-1citiesofBeijing,Shanghai,GuangzhouandShenzhenhavehigherdesireforspace,reaching58.97%in2024.Thiscanbeattributedtothefactthattherearemorewealthybuyerslivingintier-1citiesandtherearemorepurchaseanduserestrictionsinthosecities.Meanwhile,desireforspacefrombuyerslivinginsmallertier-4/5citiesarealsorelativelyhigh,thisisbecauseyouthsfromsmallercitiesare

flockingtobiggernewtier-1andtier-2cities,leavingmoremiddle-agedbuyersinthosesmaller

cities;fromaperspectiveoffamilystatus,boomerswithkids(akanannydads)havemoredesireforspace,reaching57.48%in2024;

Beitwealthyboomers,bigcityboomersornannydads,theyareallqualitybuyersinChina’scar

market,andtheyhaveveryhighoverlap.Intoday’sChina,ifyouwanttohavekids,youneedtohavethecourage,thefinancialpowerandthecapabilitytogrowwealth.Thatwouldlikelyputyouintobig

cities.Aslongascarmakerscanaddressdesiresofsomeoftheseboomerswiththerightsellingpointsonspace,theycancapitalizeontheopportunityofqualityboomerbuyers,andintheprocessupgradetheircustomerbaseandcompletelytransformthemselves;

From2021to2023,LiAutoquicklygainedqualityboomerusersbytargetingnannydads.In2023,the

shareofLiAutouserswithkidsexceeded90%,thataremiddle-agedexceeded60%andthatare

middle-agedorwealthyexceeded96%.ThequalityofLiAuto’suserbasewasbetterthanthoseof

BBA,whichhasaveryhighnumberofyounguserswithrelativelylowerincome.Overthepastyearorso,theuserbaseofAITOthatalsosellspacewasalsocompletelytransformed.TheM9thatwaslaunchedin2024inparticularattractedasignificantnumberofpreviousBBAowners.Offeringsuperiorspaceseemstrivial,butfornewandemerginghigh-endbrandslikeLiAutoandAITO,it’snolessimportantthanthe

much-hypedsmartificationwhenitcomestodrivingsales.FormodelsliketheLUXEEDR7thatdonot

havespaceasacoresellingpoint,salesmightremainmediocreevenwiththemostadvancedsmartifica-tiontechnologiesand“bigmouth”salesmarketingfromHuawei’sRichardYu.

65%

60%

55%

50%

45%

40%

55%

50%

45%

40%

byGender2023

Pre-PurchaseDecisionDesireonSpaceFromMiddle-AgedMenby

60%

SocialStatus2024

Pre-PurchaseDecisionDesireonSpaceFromMiddle-AgedMenby

FamilyStatus2024

Pre-PurchaseDecisionDesireonSpaceFromMiddle-AgedMenby

CityTier2024

BlueCollar

Middle-Class

Wealthy

Middle-Aged

Menw/okids

Middle-Aged

menw/kids

60%

55%

50%

45%

40%

Tier1

NewTier1

Tier2

Tier3

Tier4

Tier5

KeyCharacteristicsofLiAutoUsers2023

NoKids9.35%

LiAutoUsersbyFamily

Status2023

HaveKids90.65%

LiAutoUsers

Female19.14%

male80.86%

Elderly8.63%

LiAutoUsersbyAge

Group2023

Youth

30.96%

Middle-aged60.41%

BlueCollar3.70%

LiAutoUsersbySocial

Status2023

Wealthy25.97%

Middle-Class70.33%

Source:YRI

Overthepastdecadeorso,withsaleshittingnearly7millionunits,theboomersegmenthasbecomethelargestcarsegmentinChina,carmakersthatproactivelycatertoboomers’desireforspacenotonlyhelpsdrivesalesbutalsoimproveuserstructure

Adeeperlookattheboomerusersshowsthatthebetterqualitytheyare,themoredesiretheyhaveforspace,andthemorebeneficialitisforcarmakerstoimprovetheiruserstructure.Proactively

cateringtothedesireforspacefromboomersalsohelpdrivesales.Overthepastdecadeorso,

end-usersalesoftheboomermarketgrewsteadily,fromalittleover3millionunitsin2014tonearly7millionunitsin2023,surpassingthatofyoungmalebuyersin2022andbecomingthenewNo.1

segmentinChinawithsalesfrombothsmallcityandbigcityboomerstakingoffsimultaneously.

End-usersalesofyoungmalebuyersfellfromnearly14millionunitsin2016tolessthan5millionunitsin2023,severelyimpactingcarmakersthatfocusedonmeetingdesireforspacefromyoungmalebuyers;

From2022to2024,brandsthatproactivelycateredtothedesireforspacefromboomerssuchasLiAuto,AITOandDenzaallsawsalestookoff,provingthatproactivelycateringtotheneedsof

boomersontheirdesireforspacenotonlyhelpsdrivesalesbutalsoimproveuserstructure.

End-UserSalesofYoungMaleand

Middle-AgedMaleMarket2014-2023(10,000units）

YoungMen

Middle-AgedMen

1600

1200

800

400

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

0

MarketShareofBigCityMiddle-Aged

MaleBuyersvs.BigCityYoungMale

Buyers2014-2023

BigCityYoungMen

BigCityMiddle-AgedMen

50%

40%

30%

20%10%

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

0%

MarketShareofSmallCityMiddle-Aged

Buyersvs.SmallCityYoungMaleBuyers2014-2023

SmallTownYoungMen

SmallTownMiddle-AgedMen

50%

40%

30%

20%

10%

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

0%

End-UserSalesofLiAuto,

AITOandDenza2019-2024(10,000units)

LiAtuoAITODenza

50

40

30

20

10

0

60

2019

2020

2021

2022

2023

2024E

Source:YRI

Withincreasingsurveysamples,YRIinearly2024adjusteddataformaleandfemalebuyerspriorto2018;marketsharedenotessaidvariableasapercentageoftotalindustryvolume

Thefundamentalreasonwhythisconceptof“newdesireforspace”hasemergedthatisconducivetocarmakersimprovingsalesanduserstructureisbecauseofsignificantchangesinwhyboomersbuycars

Ifsatisfyingthe“newdesireforspace”fromboomerswhonowrepresentthemajorityofthecar

buyingpopulationnotonlyhelpsdrivesalesbutalsoimproveuserstructure,thenwhatexactlyisthis“newdesireforspace”thatseemstoprovidethebestofbothworlds?

Overthepastdecadeorso,asthedominantbuyingforceinChina’scarmarketshiftedfromyoungmentoboomers,purchasefactorschangedsignificantly:theprimarypurchasefactorforyoungmalebuyersin2014wasworkcommutebyfar,followedbymarriage,roadtripandhavingkids,preferencesthatare

typicalofbuyersthatareformingfamilies;thatsameyear,theprimarypurchasefactorformiddle-agedmalebuyerswasalsoworkcommute,followedbybusinessreception,roadtripandmobilityenabling,typicalofbuyingtocatertobothpersonalandbusinessneeds;in2023,theprimarypurchasefactorforboomerschangedtoroadtrip,followedbyworkcommute,mobilityenabling,normalupgradeandpickup/dropoffkids,verymuchfocusedonfamilydrivingneeds.Meanwhile,personalizedpurchasefactorssuchasfishingandoff-roadingappearedinthetop10asusecaseswereenriched;

Therevolutionoverthepastdecadehasledtoasignificantchangeincorepurchasefactors,from

primarilyyoungbuyerstoboomerbuyers,fromfamily/businessneedstoprimarilyfamilyneeds,fromsmallfamiliestobigfamilies,fromworkcommutetoroadtrip,andfromurbantosuburban.Thereisaclearly“newdesireforspace.”

Top10PurchaseFactorforYoungMaleCarBuyers2014

Top10PurchaseFactorforMiddle-AgedMaleCarBuyers2014

WorkCommuteMarriageRoadTrip

HavingChildren MobilityEnablingPickUp/DropOffKidsBusinessReception

NormalUpgrade

VehicleNeedstobeScrapped

Racing,Off-Road

WorkCommute

BusinessReceptionRoadTrip

MobilityEnabling

PickUp/DropOffKidsNormalUpgradeHavingChildren

Cargo/PeopleTransportMarriage

VehicleNeedstobeScrapped

0%50%100%

0%50%100%

Top10PurchaseReasonsfor

Middle-AgedMaleCarBuyers2023

RoadTripWorkCommuteMoblityEnablingNormalUpgrade

PickUp/DropOffKids

VehicleNeedstobeScrapped

BusinessReceptionFishing

RideHailingRacing,Off-Road

0%10%20%30%40%50%60%

Source:YRI

From2020to2024,theaccelerationofthepopularizationof

electrificationandsmartificationfurtherenrichedandexpandedtheimplicationandextensionof“newdesireforspace”centeredonboomers

Themiddle-agedfamilyusersdominatedbyboomershavestrengthenedandextendeddesiresforuse

casessuchasroadtrip,outingofthreegenerationstogether,fishingandoff-roading.Thisisthe

fundamentalreasonbehindtheemergenceof“newdesireforspace.”From2020to2024,the

accelerationofthepopularizationofnewtechnologieslikeelectrificationandsmartificationwasadirectreasonthatledtotheemergenceoftheso-called“newdesireforspace:”withoutBEVsor

long-rangePHEVs,lyingdownandrestingincarsbecauseofampleinteriorspaceisdangerous

becauseoftheriskofcarbonmonoxidepoisoning,BEVproductsoffergreaterfrontandrearseating

spacewithoutbulkyenginesandtransmissions,resultinginmarketingsloganssuchasusablearea

ratioandpenthouse;withouttheriseinsmartificationandimprovementinelectric/electronicarchitecture,therewouldbenosellingpointssuchasfirst-classandtheater…

The“newdesireforspace”thathasrapidlyemergedinChina’scarmarketgreatlydetachedsellingpointssimplybasedonsizeduringthetraditionalICEvehicleeraandfurtherupgradedthecarmakingconceptbasedontheorganicintegrationofhumancarlife.

EnrichmentandExpansionofNewSpaceMarketinginChina’sCarMarketin2024

UsableAreaRatio

BigTV

BigFridge

BigSofa

VersatileSpace

Multi-Function

Storage

《

Middle-

Aged

Family

Electrification》

Middle-

NewSpace

Marketing

Aged

Smartification

Family

First-Class

ThirdSpacePenthouse

ZeroGravity

Theater

LivingRoom

Other

Source:YRI

From2020to2024,productssuchasMPVs,SUVsand6/7-seatersthatbettercateredto“newdesireforspace”capitalizedonnewmarketopportunitiessuchastheboomermarket

Certainproductsbenefitedfirstfromnewtrendsdrivenbymiddle-agification,electrificationand

smartification:fromaproductperspective,thedesireforspacefrombuyerslookingtobuyMPVsand

SUVswas64.43%and53.48%respectivelyin2024,muchfurtheraheadofthatforcarsandsports

cars;fromaseatinglayoutperspective,thedesireforspacefrombuyerslookingtobuymulti-seat

vehicleslike222/223and233/232was64.91%and59.46%respectivelyin2024,muchfurtheraheadofthatforfiverseaterswith23seatlayout;

ProductslikeMPVs,SUVsandthosewith222/223or233/232seatinglayouthavenaturaladvantageswhenitcomestoofferingamplespace,andthereforehaveattractedboomerbuyersthatlovethese

typeofproductsandhavethebuyingpower,drivingtheshiftofChina’scarmarketfromonethatiscenteredoncompactandmicro/smallvehiclestoonethatiscenteredonmidsizeandabovevehicles.In2023,theshareofend-usersalesofmidsizeandabovevehiclesexceeded40%.Priorto2022,

leadingproductsinthemidtolargeandlargevehiclesegmentssoldonaverageatmost3,000-4,000unitsmonth,overthepastcoupleofyears,however,thisaveragehasincreasedtoover5,000unitsandeven10,000unitsforcertainmodels.

DesireforSpacebyProductType2024

70%

60%

50%

40%

30%

20%

10%

0%

MPVSUVCarSportCar

DesireforSpacebySeatLayout2024

222/223

233/232

23

22

2

70%

60%

50%

40%

30%

20%

10%

0%

ShareofEnd-User