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Market analysis of auto parts

As the foundation of the development of the automobile industry, the parts industry has become solid support to help China’s independent automobile industry become bigger, stronger, and better. Over the past 60 years, the domestic auto parts industry has been growing. With the joint venture and cooperation promoted by the reform and opening up and the market dividends brought by the explosive growth of domestic production and sales, it has achieved exciting leapfrog development. Data show that from 2015 to 2019, the sales revenue of China’s auto parts manufacturing industry continued to grow. The growth rate has slowed down year by year. In 2018, the sales revenue of China’s auto parts exceeded 4trillion for the first time. With the rapid development of China’s auto industry, the increase in car ownership, and the expansion of the auto parts market, China’s auto parts industry has developed rapidly, and the growth rate is higher than that of China’s complete vehicle industry as a whole. According to the data, the sales revenue of auto parts in China increased from 3.46 trillion yuan in 2016 to 4.57 trillion yuan in 2020, with an average annual compound growth rate of 7.2%. It is expected that the sales revenue of auto parts in China is expected to exceed 5.2 trillion yuan in 2022. In China, through independent research and development, joint venture cooperation, and the introduction of technical talents, the auto parts industry has continued to strengthen the construction of technology research and innovation system, and gradually achieved breakthroughs in core technologies in some fields.

As the downstream application industry of the auto parts industry, the auto parts industry has a direct impact on the scale and development trend of the auto parts industry. Since 2009, China’s automobile industry has developed rapidly, and the growth rate of automobile production and sales has been significantly higher than the global average. From 2019 to 2020, affected by Sino-US economic and trade frictions, the switch of vehicle emission standards, the decline of new energy subsidies, the COVID-19, and other factors, China’s automobile industry entered a period of adjustment, and the production and sales of automobiles fell year-on-year. In 2020, China’s automobile production and sales reached 25.225 million and 25.311 million respectively, a year-on-year decrease of 2.0% and 1.9% respectively, a decrease of 5.5 and 6.3 percentage points respectively compared with 2019, and the annual production and sales volume ranked first in the world for 12 consecutive years. In 2021, the production and sales of automobiles reached 26.082 million and 26.275 million respectively, with a year-on-year increase of 3.4% and 3.8% respectively, ending the decline for three consecutive years since 2018; From January to October 2021, the import amount of auto parts was 31.74 billion US dollars, an increase of 20.8% year-on-year; The export value of auto parts was the US $61.71 billion, an increase of 38.3% year-on-year.

Post time: Jul-23-2022