The report on 2014 auto after market released on 29th Jan. shows the size of China auto after market in 2014 had reached 600 billion, increasing by 30% on year-on-year basis. The annual growth is estimated to exceed 30% and the market size will exceed 1 trillion in 2018.
The report points out auto after market includes auto component, auto accessory, auto maintenance, second-hand auto, auto rental, auto insurance, auto finance and auto e-business. The report also shows the concentration of China auto after market is still very low but the growth is rapid and the chain operation will be the main mode in the future. In the report, 60% of enterprises interviewed makes less than 10 million Yuan annually and growth rate concentrates on 5% to 15%.
The report suggests after market enterprises should promote managing and operating efficiency and carry out chain operation to build brands. The report also shows 85% of auto owners maintains their cars once at least in 6 months and average consumption reaches 5279 annually, increasing by 50% on year-on-year basis.
