Grasp a Trillion of Market Value under Automotive Aftermarket Transformation
Compared with the profit structure of the automobile industry chain in mature markets, the automotive aftermarket normally accounts for about 65 percent while China’s only makes up less than 30 percent. This can mostly be contributed to there being large room for improvement in China’s aftermarket. Car ownership in China amounted to 172 million in 2015 and the average age for vehicles was around 4 years. Along with the increase in the age of car and China’s position as the largest market for new cars in the world, its aftermarket potential will be massive in the future. It is indicated in statistics that in 2014 the market value in China was 638 billion RMB and in 2015 it nearly reached 800 billion RMB and is estimated to surpass a trillion RMB in 2017.
In recent years, with the influence of the internet increasing and the latest policies and regulations issued for the automotive aftermarket such as “the draft on Administrative Measures for Automobile Sales” and “the draft on the Automobile Industry Anti-Monopoly Guidance”, China’s aftermarket is undergoing drastic transformation.
As a result, this summit will gather relevant government heads, industry association leaders, business professionals and so on to deeply discuss the supply channel of auto components, the emergence and development of compatible parts, competition and cooperation between e-commerce and the traditional automotive aftermarket, “zero integer ratio”, market strategies of the OES and IAM, and other hot topics, establishing an effective platform for attendees to share experience and opinions and explore the market together.