China’s auto aftermarket tops CNY1 trillion in 2020

BEIJING (Xinhua) – China’s automotive aftermarket was valued at more than CNY1 trillion (about USD153.61 billion) in 2020, the Ministry of Commerce (MoC) said in an initial estimate.

The country’s auto aftermarket, which includes transactions and services following the sales of cars, registered a steady recovery last year amid the country’s resilient economic performance, the MoC added.

Last year, the revenues from car refitting and scrap car recycling saw stable growth while industries related to car sharing and electric car charging facilities were expanding rapidly, a MoC official said. The transactions of second-hand cars also rebounded after disruptions caused by the COVID-19 outbreak.

The size of the car-refitting market reached CNY65.2 billion in 2020, up 7.1 per cent from a year ago, according to the All-China Federation of Industry and Commerce.