Abstract
Demand in China to grow 18.3% yearly through 2011
The aftermarket for light vehicle components and parts in China is projected
to increase at an annual rate of 18.3 percent to ¥83 billion in 2011. Growth
in the aftermarket will be driven by the large numbers of new and increasingly
sophisticated light vehicles entering the park. These vehicles will provide
greater aftermarket parts sales opportunities not only due to their sheer
numbers but also to the ongoing introduction of new elec-tronic products and
emission control technologies into the typical light vehicle.
As China' s light vehicle market matures into a true consumer market, the
industry is seeing the development of strong retail brands, efficient
distribution and service channels, and sophisticated marketing approaches.
Moreover, the rising number of vehicles on the road in urban areas is
straining the existing network of auto service providers, creating
opportunities for new participants to enter the market. As is the case in most
non-US automotive aftermarkets, light vehicle makers are playing major roles
in structuring China' s nascent parts and service aftermarket, providing
increased dealer coverage and introducing the latest customer service
concepts. After price, the availability of quality service is the greatest
concern of potential car buyers in China.
Electronics to lead gains
While mechanical products will remain the largest light vehicle aftermarket
segment, electronic products -- which include autosound, electronic controls
and modules, security systems and navigation products -- will see the fastest
growth through 2011. Electronic controls and modules and autosound systems
will be the primary drivers of demand. The ongoing rise in electronics content
of the typical light vehicle in combination with the expanding automotive
fleet will support a strong aftermarket going forward, as will consumer demand
for an increasing variety of functional and entertainment options, which
typically feature high electronics content. Replacement rates for mechanical,
electrical, exterior and structural parts will also experience strong growth
going forward.
Study coverage
It presents historical demand data (1996, 2001, 2006) plus forecasts for 2011
and 2016 by product type (mechanical, electrical, electronic, exterior and
structural) and performer (professional dealers, consumers). The study also
considers market environment factors, evaluates market share, analyzes
industry structure and profiles leading participants.
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