Automotive Spare Parts Market Report: Exports Reach US$ 87.7 Billion

According to YH Research's report on Automotive Spare Parts Market, this report provides Automotive Spare Parts Market scenario, definitions, classifications, applications and industry chain structure, and also discusses the development policies and plans as well as the manufacturing processes and cost structures, analyses the current Automotive Spare Parts Market development status and future market trends. It also analyses the Automotive Spare Parts market from both production and consumption perspectives, analyzes the major production regions, the major consumption regions, and the major manufacturers in the Automotive Spare Parts market.

Automotive spare parts is a kind of product that constitutes the whole unit of automobile and serves the automobile. There are many kinds of auto parts, with the improvement of people's living standard, people's consumption of automobiles is also more and more, the market of auto parts has become bigger and bigger. In recent years, auto parts manufacturers are also developing rapidly.

The direct export of complete vehicles helps Chinese auto brands to quickly cut into overseas markets. 2023, China leaped ahead of Japan to become the world's top auto exporting country. 2023, China's auto exports reached 5.221 million units, an increase of 57.4 per cent year-on-year, of which the export of new energy vehicles reached 1.203 million units, and the trend of the total export growth of the automobile more consistent.

In recent years, the scale of China's auto parts exports has continued to grow, occupying an important position in the global auto parts market. 2023, China's auto parts exports reached $87.7 billion, an increase of $6.6 billion compared with the previous year, an increase of 8.14% year-on-year.

Data from the Organisation Mondiale de l'Automobile (OICA) showed that global automobile production and sales reached a peak in the last 10 years in 2017, at 97.3 million and 95.89 million units, respectively. 2018 saw the end of the global economic expansion period, and an overall decline in the global automobile market ensued. By 2022, global automobiles stood at 81.6 million units. Currently, more than 90% of global automobiles are concentrated in three continents, Asia, Europe and North America, with Asia accounting for 56% of global automobile production, Europe for 20% and North America for 16%. The global automobile main production countries including China, the United States, Japan, South Korea, Germany, India and Mexico and other countries; of which China is the world's largest automobile largest automobile production countries, accounting for about 32%.