Automotive Aftermarket In China To Grow 18.3% Annually Through 2014
Bharatbook added a new report on "Automotive Aftermarket in China" which gives provide
opportunities for sales of components and parts in the aftermarket.Automotive Aftermarket in China to 2014
Growth will be stimulated in part by Chinas rapidly expanding stock of light vehicles in use, and by rising numbers of older cars, which require more frequent and expensive repairs. ( http://www.bharatbook.com/detail.asp?id=134290&rt=Automotive-Aftermarket-in-China.html )
The aftermarket for light vehicle components and parts in China is forecast to advance 18.3 percent per annum to 164.7 billion in 2014. Growth will be stimulated by the countrys rapidly expanding stock of light vehicles in use. Rising numbers of older cars, which require more frequent and expensive repairs, will also contribute to aftermarket sales gains. In addition, value gains will be supported by increasing demand for higher-end aftermarket parts. The greater penetration of nonessential products, such as back-up sensors and GPS, will provide additional impetus for aftermarket sales growth.
Mechanical products to remain largest segment
Mechanical products will remain the largest light vehicle aftermarket segment through 2014, due in large part to the regular replacement requirements of products such as brake parts and filters, and the high cost of items such as engines and associated parts. Demand for electronic products will see the fastest growth, supported by the ongoing rise in the electronic content of the typical light vehicle, as well as increasing consumer demand for nonessential features and entertainment options, which typically have a high electronic content. Replacement rates for exterior and structural parts and for electrical products will also rise, aided by growth in the number of older cars and the relatively poor road conditions in many areas, which leads to greater wear-andtear of certain components such as tires.
Small DIY market to outpace pro service providers
Professional service providers will remain dominant throughout the forecast period, an outcome of comparatively low labor costs and, therefore, service fees. The increasing technological complexity of light vehicles in general will continue to support growth in professionally installed aftermarket product demand. However, the small consumer or DIY segment will expand more rapidly as light vehicle owners become more knowledgeable about vehicle maintenance and repair.
Low-speed vehicles to remain key segment
Although facing fierce competition from light vehicles, low-speed vehicles will remain a major form of transportation equipment in many rural areas in China, benefiting from their low costs and superior performance in terms of carrying passengers and cargo on poor roads. The expanding number of lowspeed vehicles in use will provide opportunities for sales of components and parts in the aftermarket.
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