Aftermarket for autos hits 1t yuan
Print Edition
China’s automotive aftermarket was valued at more than 1 trillion yuan (US$153.6 billion) in 2020, the Ministry of Commerce said in an initial estimate.
The aftermarket, which includes transactions and services following the sales of cars, registered a steady recovery last year amid the country’s resilient economic performance.
Last year, the revenues from car refitting and scrap car recycling saw stable growth while industries related to car sharing and electric car charging facilities were expanding rapidly, an MOC official said. The transactions of second-hand cars also rebounded after disruptions caused by the COVID-19 outbreak.
The size of the car-refitting market reached 65.2 billion yuan in 2020, up 7.1 percent from a year earlier, according to the All-China Federation of Industry and Commerce. Last year, China recycled nearly 2.4 million scrap cars, up 4.5 percent year on year, the MOC said.
About 14.34 million second-hand cars were traded in 2020, down 3.9 percent, narrowing 15.7 percentage points from the decline in the first half of last year, according to the China Automobile Dealers Association. The value of those transactions was 888.84 billion yuan, down 5 percent year on year.
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