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General overview of the development of China's auto parts industry


Release Time:

Nov 01,2024

Part of China's parts manufacturing enterprises have entered the vehicle manufacturers global procurement system, with strong market competitiveness.

Domestic automobile production and sales in 2023 were 30.161 million units and 30.094 million units respectively, representing year-on-year growth of 11.6% and 12%, with both production and sales hitting record highs and achieving double-digit growth.

In recent years, China's automobile industry has been developing rapidly and has a large market space. According to the Ministry of Public Security, from the end of 2008 to the end of 2023, China's civilian car ownership grew from 64.67 million to 36,000 million, with a compound annual growth rate of 12.57 per cent.

The growth in car ownership has driven the demand for parts and components in China's automotive after-sales service market, and there is a large market space. According to statistics, the market size of China's auto parts industry was 3,631.1 billion yuan in 2020, and the market size of China's auto parts industry grew to 4,313.9 billion yuan in 2023, a year-on-year growth of 7.19%.

After years of accumulation and development, China's auto parts enterprises continue to improve the production process, reduce production costs, improve product quality, in the technical level and production management level has been improved to a large extent, the formation of a number of considerable strength of the parts and components manufacturing enterprises. Part of China's parts manufacturing enterprises have entered the vehicle manufacturers global procurement system, with strong market competitiveness.

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