2017 auto parts: China turnover contribution will reach 39%

Release time:

2024-01-08 16:35

The China Business Industry Research Institute's "Analysis Report on China's Auto Parts Market Potential and Investment Prospects from 2015 to 2020" pointed out that the turnover of China's auto parts market from 2011 to 2015 will grow at a compound annual growth rate of 12.4, and will further grow at a compound annual growth rate of 7.6 from 2015 to 2017, which is higher than the global market growth rate during the relevant period. The competitiveness of China's auto parts in the global market is becoming increasingly strong.

China's contribution to global auto parts turnover increased significantly from 24.2 per cent in 2011 to 34.8 per cent in 2015, mainly due to the growing importance of China as one of the world's new automotive manufacturing hubs and the rapid development of local Chinese car brands during the period. In 2015, China ranked first in terms of auto parts turnover, followed by other developed countries (such as Japan, the United States and Germany). It is predicted that China will account for 38.8 percent of the global auto parts turnover in 2017.

In addition, the importance of China as the world's leading exporter of auto parts has become increasingly prominent. Local manufacturers in China continue to improve their manufacturing and innovation capabilities, resulting in more and more important parts being produced locally. In addition, cost and procurement advantages have also attracted parts manufacturers from developed countries to move to China.

As a result, auto parts exports steadily increased from $52.2 billion in 2011 to $62.3 billion in 2015, a compound annual growth rate of 4.5 percent. At the same time, imports maintained steady growth at a compound annual growth rate of 1.1 per cent over the same period, while imported auto parts mainly included highly technology-intensive components such as engine systems and automatic transmissions.

China Auto Parts Market Value Chain

The automotive parts industry value chain includes upstream (supply of raw materials), midstream (automotive parts manufacturing) and downstream (automotive vehicle manufacturers and aftermarket) segments. The midstream segment is relatively long due to the participation of two levels of manufacturers. Tier 1 manufacturers (Tier 1 suppliers) supply directly to vehicle manufacturers, providing parts such as engine components, steering and suspension systems, air conditioning systems, and electronic components. The second-tier manufacturer (second-tier supplier) supplies the first-tier supplier with equipment and specialized products such as forged parts, stamping parts, die-casting, plastic parts and machined parts. A company may be a first-tier supplier to one company and a second-tier supplier to another company.

There are two main procurement models for auto parts, one for vehicle manufacturer-led procurement and the other for first-tier supplier-led procurement. The adoption of each model is mainly based on the importance of the parts.

In terms of the general procurement process for automotive interior parts, the main participants include mold designers/suppliers, injection molding companies and general electroplating suppliers. Vehicle manufacturers and/or first-tier suppliers generally approach suppliers in sequence, first with the mold designer and supplier responsible for tooling procedures, then with the injection molding company responsible for injection molding, and finally with the general electroplating supplier responsible for plating, spraying, tearengraving and assembly.

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2017 auto parts: China turnover contribution will reach 39%

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