RESEARCH TRIANGLE PARK, N.C. (Aug. 21, 2006) — China's automotive aftermarket will triple in value to $12 billion by 2015, according to Market Analysis, the quarterly newsletter of the Motor & Equipment Manufacturers Association (MEMA).
Though information about the Chinese aftermarket is somewhat unreliable, MEMA said, Chinese government surveys and Internet sources suggest that the aftermarket there is currently underdeveloped and ripe for market contenders.
The Chinese government estimates that the country will have nearly 100 million vehicles by 2015 and by 2030 will have nearly as many vehicles as the U.S., the association said. Some 86 percent of the vehicles in China are government-owned, but government agencies will often use independent repair facilities when government service centers are unavailable, MEMA said.
Market Analysis is available to MEMA members free of charge and to non-members for $150 annually.