According to a new report from Research and Markets, China witnessed a record high in both production and consumption of automobiles and auto parts in 2007, with auto production and consumption reaching 8.88 million units and 8.79 million units respectively. This was influenced by an increase in income as well as reduced prices for passenger vehicles, stimulating consumer demand.
Rapid development of China’s auto industry has provided a broad space for auto parts industry, according to the report. In recent years, China’s auto parts industry has made a great progress and some innovative auto parts producers have grown up rapidly, fully demonstrating the vitality of self-brand producers of auto parts, such as, Wanxiang Group, Shaanxi Fast, Fuyao Glass, Xinyi Glass and Nanjing Aotecar.
With the fast development of auto parts production base in several regions in China, auto parts industry clusters and regional economic development have undoubtedly become the new hot spots in the recent years. According to incomplete statistics, China has around 1,000 auto parts-based industrial parks across the country and among them 100 parks are key regional clusters or development zones.
China’s export of auto parts reached roughly $2 billion in 2007. International auto giants have become more and more confident of the quality of China’s auto parts. Sales revenue of China’s auto parts producers reached $58 billion in 2006. It is estimated that the output value of China’s auto parts is expected to reach $115 billion in 2010.
For more information visit: http://www.researchandmarkets.com/reports/c93674.
