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The automotive aftermarket in China is experiencing a promising growth trajectory, driven by the country's massive car ownership and rapid vehicle growth. With over 120 million vehicles on the road and an annual increase of more than 10 million units, the market is set for sustained expansion. According to the latest "Blue Book" on China’s automotive aftermarket, the industry is expected to grow at double-digit rates annually for the next 10 to 15 years. By 2015, the sector's output value is projected to reach 700 billion yuan, positioning it as one of the largest auto aftermarkets globally.
Since 2009, China has consistently ranked first in global vehicle sales, with over 10 million units sold each year for three consecutive years. This surge in vehicle numbers has led to a booming demand for services such as repairs, spare parts, car maintenance, beauty treatments, used car trading, and vehicle dismantling. The current car ownership of 120 million units, growing at a 14% annual rate, signals a significant opportunity for the automotive aftermarket.
The term "automotive aftermarket" refers to all services and activities that occur after a vehicle is sold, including maintenance, insurance, repair, accessories, finance, modifications, used car sales, and car rentals. Over time, the sector has expanded to include e-commerce platforms and other digital innovations.
According to the Blue Book, the growth of the Chinese auto aftermarket has already begun to accelerate. In 2005, the market turnover was only 88 billion yuan, but it surged to 240 billion in 2009 and reached 500 billion in 2012. This represents an average annual growth rate of 26.9%, outpacing the growth of new vehicle sales. Such momentum indicates a strong future for the industry.
Several economically developed provinces have recognized the importance of developing large-scale, branded automotive maintenance chains. Policies are being introduced to support the growth of these chains, encouraging businesses to adopt specialized and standardized operations.
However, the Blue Book also warns that while the market is expanding rapidly, challenges remain. There is a growing mismatch between the fast development of the after-sales market and the availability of skilled professionals. The need for well-trained personnel and improved service infrastructure is becoming increasingly urgent. Addressing these issues will be crucial to sustaining the industry's growth and ensuring long-term success.