China’s automotive aftermarket remained in robust health in 2020 despite the initial headwinds created by the COVID-19 pandemic.
Preliminary data from the Ministry of Commerce (MOFCOM) indicates that full year consumption on China’s automotive aftermarket exceeded one trillion yuan (approx. USD$153.59 billion) threshold in 2020.
The automotive aftermarket is the secondary market for automobiles, and encompasses the production and sale of parts and accessories following the sale of vehicles themselves.
MOFCOM data further indicates that 2020 saw a total of 14.341 million used vehicle transactions with a transaction value of 888.84 billion yuan.