Automobile Parts and Accessories Manufacturing in China: Benefiting from Strong Automobile Market
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The Automobile Parts and Accessories Manufacturing Industry in China experienced rapid development with the booming automobile market in the country in recent years. However, the Automobile Manufacturing Industry was negatively impacted by global financial crisis in late 2008, which in turn resulted in decreases in demand for automobile parts and accessories.
In 2009, the central government issued a series of favorable policies to stimulate the development of Automobile Manufacturing Industry in China, including reductions in the automobile purchase tax, direct subsidies to automobiles purchased by rural households, and subsidies to automobile owners replacing old autos with new autos.
Both production and sales volume of automobiles in China underwent significant increases due to the implementation of these policies. In 2009, automobile output in China totaled 13.79 million units, up 48% from 2008. Sales volume of automobiles in 2009 amounted to 13.64 million units, up 46% from 2008. Rapid growth in automobile output increased demand for automobile parts and accessories. In 2009, over 4,000 enterprises operated in the industry and reported industry revenue of $168 billion, up 19.2% from 2008.
In the first half of 2010, automobile output continued increasing due to lasting effects of favorable policies to amount to 8.47 million units, up 44.4% from same period in 2009. In 2010, the automobile output in China is expected to reach 15.2 million units, showing slower growth than in the previous years. Demand for automobile parts and accessories will also continue growing in 2010. Industry revenue is expected to amount to $195.3 billion, up 16.3% from 2009.
More foreign automobile manufacturers started to purchase parts and accessories in China in recent years due to the rising prices of raw materials in foreign countries and the improving quality of China-made products. In the first half of 2010, exports of automobile parts and accessories amounted to $18.27 billion, up 54.5% from the same period of 2009. Meanwhile, imports in the industry totaled $12.72 billion, up to 90.7% from the same period of 2009 due to the rising domestic demand.
Source: National Bureau of Statistics, ACMR
By courtesy of ©ACMR-IBISWorld Reports, 2010
ACMR ALL CHINA MARKETING RESEARCH CO., LTD
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