Market Research and Investment Forecast Analysis Report on China’s Automotive Modification Industry from 2024 to 2029
Overview
The Chinese automotive modification industry has developed rapidly in recent years, benefiting from the growth of car ownership, the improvement of personalized consumer demand, and the gradual relaxation of policy environment. It is expected that the industry will continue to maintain growth momentum between 2024 and 2029, and the market size is expected to achieve significant expansion.
Market size
According to data from Forward Industry Research Institute, the market size of China’s automotive modification industry has exceeded 65 billion yuan in 2022, and it is expected to maintain stable growth in the coming years. By 2027, the market size is expected to exceed 200 billion yuan, accounting for about 7% of the automotive aftermarket.
Development History and Trends
The development of China’s automotive modification industry can be divided into three stages: the initial stage from 1997 to 2007, the accelerated development stage from 2007 to 2017, and the mature stage from 2018 to the present. At present, the industry is in a period of gradually improving policies and regulations, encouraging car modification and racing, which indicates that the standardization and specialization level of the industry will be further improved.
Requirement characteristics
The demand of consumers for car modification mainly focuses on three aspects: appearance beautification and personalization, driving safety improvement, and performance enhancement. Projects such as film application, body color modification, and upgrading of car audio equipment dominate the market.
Regional markets
The Pearl River Delta region is the birthplace of China’s automotive modification market, and currently the most mature market development. The Yangtze River Delta and Bohai Rim regions are also important market regions. With the popularization of car modification culture, it is expected that the market potential in inland areas and second – and third tier cities will be further unleashed in the future.
Competitive landscape
The competitive landscape of China’s automotive modification market presents a clear hierarchical feature. The first tier includes companies such as Guogui Technology, Camosi, and Mandica; The second tier includes China Automotive Research, Luchang Technology, Yafandi, etc; The third tier is composed of companies such as Huilibao, Zero Innovation Automobile, Fengtu Automobile, and Che Ant.
Key enterprise analysis
As a key listed company, China Automotive Research and Development Corporation’s automotive modification business revenue reached 1.172 billion yuan in 2021. Although it has decreased compared to 2020, the overall trend is stable. Listed companies such as Luchang Technology and China Automotive Research will continue to play important roles in the industry.
Industry chain analysis
The industrial chain structure of the automotive modification industry is clear, with upstream mainly including parts supply, modification products and development, automotive modification materials, etc; The midstream refers to the automotive modification industry itself; Downstream, it involves private car owners, dealers, and the second-hand car market.
Future trends
With the pursuit of personalization and performance by consumers, as well as the development of automotive intelligence and electrification, the automotive modification industry will move towards personalized customization, multifunctional applications, intelligent applications, and other directions. The attention of vehicle manufacturers to passenger car modification has increased, and it is expected to launch more official modification products and kits.
Investment forecast
Investors should pay attention to industry leaders, technological innovation companies, and companies with strong research and development capabilities and market expansion capabilities. At the same time, pay attention to policy trends and changes in market demand, grasp industry development trends, and achieve maximum investment returns.
Conclusion
The Chinese automotive modification industry will usher in a new round of development opportunities in the coming years. With the continuous expansion of market size and the gradual improvement of industry standards, this industry will become an important growth point in the automotive aftermarket field. Investors and enterprises should closely monitor industry trends, seize market opportunities, and achieve sustainable development.
