Automobile· Markets

China’s auto aftermarket hit RMB 1 trln, resale cars volume reached 14.34 mln

minutes 2021/03/22 04:18:35

Mar 22, 2021 (China Knowledge) - Last year the China’s automotive aftermarket valued at RMD 1 trln, following a steady increase in the transactions and services amid global pandemic. The revenue generated includes car refitting, scrap car recycling and resale of used car.

The market for car refitting and scrap car recycling showed stable growth but industries related to car-sharing and electric vehicle facilities (EVs) saw huge expansion, due to government’s shift in making EVs a priority.

The car-refitting market shows a 7.1% growth from 2019, up RMB 65.2 bln, where the resale of used cars see 14.34 mln units transacted in 2020, a 3.9% drop from 2019.

China also recycled 2.4 mln scrap cars, a 4.5% year-on-year increase.

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