China DOC Reports

China Automotive Market 2006

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China has become the second largest auto consumption market in the world in 2006, with China automobile sales volume reaching seven million1 units. China’s auto industry experienced steady growth in the past year and the import volume accounted for 3% of the total China market.2 According to 2006 customs statistics, from January to October, China imported 181,000 autos, an increase of 41% over the same period in 2005.

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China Increased Demand for Sport Utility Vehicles

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China’s vehicle exports are expected to outpace imports again in 2006 despite the higher excise tax that fueled explosive growth in car imports during the first quarter. In terms of volume, exports will continue to surpass imports in 2006 as
more Chinese automakers eye selling low-priced cars to the huge overseas market.

 

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China Automotive Industry

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China is set to become the world’s second largest new automobile growth market by the end of 2006 and this growth is spurring demand for U.S. automotive parts, services, and aftercare products. The East China region in particular has tremendous opportunities as new car drivers become more sophisticated and demand better vehicle quality and better repair and maintenance service. U.S. exporters should be aware that while industry revenue is increasing, profit margins are slowly falling to international averages. Infringement of intellectual property remains a very serious issue.

 

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Hong Kong Automotive Parts and Components

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The Hong Kong automotive parts and components market is small, US$ 410 million, which is about 2% of the Mainland China market. Hong Kong has no automotive manufacturing and thus all vehicles are imported. Automotive parts and components
demand is limited to aftermarket supply for maintenance and repair. There are limited export opportunities for U.S. exporters because European and Japanese suppliers dominate the vehicles and the corresponding parts and components market. That being said, there are export opportunities for auto-related technology to Hong Kong as Hong Kong’s automotive parts manufacturers, who focus on high value-added products for local and export markets, are hungry for new technology and manufacturing processes. In addition, there are also opportunities for U.S. exporters to sell high technology auto accessories and gadgets, which are in demand by Hong Kong consumers.

 

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East China Automotive Aftermarket

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China is the world’s third largest car market after the United States and Japan. Last year Chinese vehicle sales totaled five million. If the Chinese economy continues to grow at its current highsingle- digit rate, Chinese passenger vehicle sales are expected to grow annually 15-18% and reach 6 to 7.4 million by 2010. At this rate, China is expected to become the second largest market in the world for vehicle sales by 2010 and may be the world’s largest by 2015. This growth makes China
the fastest growing automotive market in the world and provides great opportunity for both foreign and domestic vehicle companies and component suppliers.

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