China is now the largest auto market in the world and yet car ownership is still at a very low level at just 150 people per 1,000 capita compared to say around 550 per 1,000 in the UK. Also underlining the fact that car ownership is a relatively recent trend is reflected by the average age of cars in China; standing at just over 5 years old which compares to the UK at over 8 years old.
As car ownership continues to increase, so too does the size of the Auto Aftermarket sector, that provides customers with services and accessory products. Estimates for growth in the market range from 5 – 8% for this coming year.
The sector is developing all the time and this session held on 3rd March presented an overview of the Auto Aftermarket in China, including the views from two UK companies operating within this sector and then wrapped up with a question and answer session with the panellists.