Research Report on China’s Automobile Maintenance Industry, 2018-2022 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 24, 2018--The “Research Report on China’s Automobile Maintenance Industry, 2018-2022” report has been added to ResearchAndMarkets.com’s offering.
China’s auto industry has been growing rapidly since China joined the WTO. Since 2009, China has ranked first in automobile production and sales volume in the world for nine consecutive years. China’s automobile penetration has also increased at a rate of more than 10% every year.
At the end of 2017, China’s automobile penetration was 217 million, ranking second in the world. Automobile maintenance is a promising industry arising from the increase in automobile penetration in China. Unlike automobile repair, automobile maintenance includes daily automobile maintenance as well as light maintenance services such as additional maintenance, automobile accessories, automobile beauty, quick repair and automobile modification.
According to the report, the profit of automobile aftermarket only accounts for 20% of that of China’s automobile industry chain and is much lower than that in developed countries. In 2017, the market size of China’s automobile maintenance industry reached CNY 889.2 billion, representing a CAGR of 27.3% from 2013 to 2017. The market grew rapidly.
The concentration rate is low in China’s automobile maintenance industry with the standardization of services and product quality. Traditional auto manufacturers, auto distributors, and auto accessories manufacturers are developing automobile maintenance in order to deepen the industry chain by brand awareness and store coverage. In addition, the broad industry space and great policy support have spawned some independent third-party maintenance suppliers which win a large number of users by accurate market positioning, alternative maintenance services and user-friendly prices. Younger consumers and diversified demand have led to a mass of O2O automobile maintenance suppliers such as Tuhu.cn, Qccr.com and Chexiang.com. They have become the new powers that dominate the development of China’s automobile maintenance industry because of easy and fast services and transparent prices.
It is estimated that the market size will exceed 1.7 trillion in 2022, and the CAGR will exceed 14% from 2018 to 2022. In the coming years, China’s automobile maintenance industry will have a good prospect with in-depth industry development, more market players, lower maintenance costs, stronger overall competitiveness based on chain operation, higher automobile penetration and older average age of vehicles.
Key Topics Covered:
1 Relevant Concepts of Automobile Maintenance Industry
2 Analysis on Automobile Maintenance Industry in China
3 Analysis on Competition in China’s Automobile Maintenance Industry
4 Major Automobile Maintenance Industry Suppliers in China
5 Analysis on Raw Material Costs and Retail Prices of Automobile Maintenance in China
6 Forecast on Development of China’s Automobile Maintenance Industry, 2018-2022
Companies Featured3M Chexiang.com Ddyc.com Jiangsu Carzone Auto Parts Co., Ltd. Jiangsu Rui’an Automobile Industry Co., Ltd. Lechebang.com Qccr.com Qingdao Copton Technology Co., Ltd. Tuhu.cn Welion
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Related Topics:Cars,Automotive Repair
KEYWORD: ASIA PACIFIC CHINA
INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 07/24/2018 10:44 AM/DISC: 07/24/2018 10:44 AM