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Parts Market Will See a Steady 20% Speed Up In the Next 5 Years
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2012-12-21
According to China Association of Automobile Manufactureres (CAAM), China's auto production and distribution have both broken 15 million vehicles. However, it seems that China's high-speed growth in the last consecutive years is coming to an end. China is entering the era of "minor growth", but the prospect of auto parts industry is still looking good. Chien-Ping Don, vice secretary of CAAM, states that the total value of China auto parts industry reach 1.44 trillion RMB from January to August this year, a 15.5% growth compared to last year. Although it is lower than last year's 23.9%, it is higher than the 12.6% growth rate of all industries.
"Not only does full-vehicle manufacturing speed up the development of auto parts industry, the ever increasing number of retained vehicles also opens up the huge after-markets. In the near future, the auto fastener industry will remain rapid growth", said Chien-Ping Don. Since 2010, China's after-market sales revenue of serivce and parts broke 200 billion RMB and landed on 224 billion RMB. This number will further increase to 652 billion in 2014. China's domestic parts market will see annual growth of 20% in the next 5 years.
"Not only does full-vehicle manufacturing speed up the development of auto parts industry, the ever increasing number of retained vehicles also opens up the huge after-markets. In the near future, the auto fastener industry will remain rapid growth", said Chien-Ping Don. Since 2010, China's after-market sales revenue of serivce and parts broke 200 billion RMB and landed on 224 billion RMB. This number will further increase to 652 billion in 2014. China's domestic parts market will see annual growth of 20% in the next 5 years.
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