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China's auto aftermarket set to take-off

Demand for light vehicle components and parts in China will grow at an annual rate of 17.9%, to reach US$10.6 billion (Yuan 76.9 billion) in 2011, forecasts a new report from The Freedonia Group, an Ohio-based market research firm. Demand for electronic products, which include electronic controls, navigation products and security systems, will see the fastest growth through 2011.

The prime driver for the growth will be the dramatic increase in the light vehicle parts, which have increased more than 16% annually since 2001. Freedonia says that as personal income continues to rise across the country, the automotive aftermarket will see increasing demand for non-essential upgrades to vehicles and a preference among consumers for value added electronics products, such as navigation systems.

January 18, 2008

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