Under the promotion of policies, the overall development trend of China's automotive parts industry is thriving. However, in 2020, under the impact of the COVID-19, the global auto production will decline sharply, and the sales revenue of auto parts suppliers will decline; Thanks to China's effective control of the epidemic, strong domestic market demand, effective promotion of policies such as international and domestic double circulation and promotion of automobile consumption, the COVID-19 has relatively little impact on China's automobile sales and has recovered rapidly, and China's automobile parts industry has suffered relatively little impact. Changes and opportunities are nurtured in the crisis. In 2020, industry elimination, industry integration, and integration intensified, leading enterprises gradually emerged, and digitalization accelerated the penetration of the entire industry chain. The development of China's auto Automotive aftermarket shows four significant characteristics.
High penetration rate. Traditional automotive component products have reached a relatively high popularity rate, mainly referring to products related to core performance such as automotive safety and stability, such as EMSABS, automotive audio, and automotive instruments and meters. In addition to the large usage, the upgrading of these products has also played a positive role in expanding the market size.
The comfort and entertainment of cars will become a hot consumption topic. The emerging automotive spare parts products have also begun to popularize. After the power performance, stability, and safety of cars reach a certain level, the comfort and entertainment of cars will inevitably become a hot topic in automotive consumption.
The upgrading of automotive products is constantly accelerating. The pace of upgrading automotive products is constantly accelerating. With the continuous improvement of automotive emission standards, the upgrading of EMS products is also ongoing.
The proportion of automotive spare parts products in cost is constantly increasing. The rapid development of automotive components in the automotive industry has been recognized as another revolution in the development of automotive technology, with component product systems accounting for around 40% -60% of automotive costs.