Although affected by the shortage of parts, the epidemic and other factors, the huge ownership and the increase of vehicle age still bring trillions of market opportunities to China's automobile aftermarket.
Data show that in 2020, the scale of China's automotive aftermarket industry reached 5.2 trillion yuan, a year-on-year increase of 6.1%. Tianfeng Securities believes that according to the law of mature automobile markets such as Europe, America and Japan, the use cost of each vehicle in the life cycle is about two to three times of the vehicle price. In the automotive industry chain, the profit source of the automotive aftermarket is stable, accounting for about 60% to 70% of the total profit of the automotive industry chain.
In recent years, policy empowerment has helped to expand and strengthen the automotive aftermarket. The Ministry of Commerce said that it would focus on promoting the expansion of consumption of key commodities, including actively developing automobile post market such as automobile maintenance, repair, insurance and leasing, and unblocking the circulation cycle of new cars, second-hand cars and scrapped cars.
In particular, the implementation of the detailed rules for the implementation of the measures for the administration of the recycling of end-of-life motor vehicles has ushered in a "spring" for the automotive recycling industry, which is a segment of the automotive market. There are about 750 scrapped motor vehicle recycling and dismantling enterprises in China, most of which are small in scale and limited in production capacity. However, the new regulations divide the auto parts that have been uniformly scrapped into "five assemblies" and other parts for disassembly, recycling and recycling. In this way, the increase of auto recycling price not only improves the enthusiasm of owners of scrapped motor vehicles, but also changes the situation of "insufficient food" and "difficult collection" of scrapped vehicle recycling and dismantling enterprises.
Zhang Ying, Secretary General of the scrapped vehicle branch of China Renewable Resources Recycling Association, said that under the dual benefits of policy guidance and market subsidies, the number of scrapped vehicles in China is expected to grow steadily.
After being keenly aware of the opportunities brought by policy empowerment, many enterprises have seized the "tuyere". Guansheng Co., Ltd., an auto parts manufacturer, said that due to the increasing demand for parts in the after-sales market, the company is focusing on developing relevant markets; Foton Motor also announced that it is actively involved in post market areas such as fast repair and insurance services, Internet of vehicles and so on.
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