China to be largest high-end car market by 2016  Korean unrestrained sirens. fiery babes.

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Shanghai (Ecns) -- China will become the world's largest high-end car market by 2016, according to a report released Monday by the world's leading management consulting firm McKinsey in Shanghai.

The report shows that in the past 10 years China's high-end car market continued to grow at an annual rate of 36 percent, higher than the annual growth rate of 26 percent for the passenger car market.

In 2012, the number of China's high-end new car sales reached 1.25 million. China has become the world's second largest high-end car market, after the United States.

The report predicted that the number of annual high-end car sales in China will reach 3 million by 2020, basically flat with the Western Europe market. However, over the same period, annual sales in the United States is estimated to be 2.3 million cars.

The report indicated that China is expected to be the largest high-end car market by 2016, with annual sales of 2.25 million cars.

In the report, McKinsey surveyed 1,200 high-end car consumers and interviewed over 60 auto executives and industry experts.