Great Profit Lies in Chinese Auto Aftermarket
In recent years, number of private cars increased at an amazing speed in China and it is expected to reach 24million from the current 11million. To all kind of autos, maintenance is necessary after several years running. However, the auto aftermarket in China is operating in such a poor state. In 2004, the income of the whole Chinese auto aftermarket was $320 million, accounting for only 10 percent of the output value of auto parts in China. In other developed countries, like Germany and USA, the aftermarket income/parts output value ratio could reach 40 and 60 percent respectively.
Predictively, total aftermarket income in China will hit $520 million and its ratio against parts output value will exceed 60 percent. Customers' increasing interest in secondhand cars also greatly drive the arising demand for auto parts.
According to experts' forecast, deals of secondhand cars in China will increase by 20 percent annually by 2010. China is becoming the main force in international auto parts transactions. Nowaday, Chinese auto parts export has become 5 times more than it was 5 years ago and the figure had reached $560 million in 2004. China has developed into the fifth largest auto parts supplier of USA.
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