Export-bound vehicles await shipments in Taicang Port, Jiangsu province. JI HAIXIN/FOR CHINA DAILY
With the world's largest vehicle fleet, China's automotive sector is undergoing a fundamental transition, which analysts say could open up vast opportunities in the aftermarket, turning incremental demand into exponential consumption scenarios as reinforced by a robust new policy framework.
Their comments came as policymakers rolled out a new batch of measures designed to expand automobile consumption across the entire industry chain, with a particular emphasis on reforming vehicle circulation and bolstering the automotive aftermarket.
Data from the Ministry of Commerce showed that China's vehicle fleet has reached 370 million units, with passenger cars aged seven years or older now accounting for more than half, a threshold that signals a massive aftermarket opportunity.
"Consumers are shifting their focus from simply having a car to asking whether it is good to use and whether it meets diverse needs," said Zhu Keli, founding director of the China Institute of New Economy.
