The automobile aftermarket refers to the various services surrounding the use of the car after the car is sold, covering all services that consumers need after buying a car. At present, China's automobile aftermarket mainly includes several links such as repairs and accessories, car maintenance, car insurance, car rental, and second-hand car transactions. Compared with mature automobile markets such as Europe and the United States, it is still in its infancy.
The stable production and sales of new cars, the huge car ownership, and the increase in the average age of cars will bring trillion-dollar market opportunities to products and services in my country's automotive aftermarket. In 2022, 47 investment and financing events have occurred in my country's automotive aftermarket industry, with an amount of 7.087 billion yuan. As of December 2022, the largest single financing amount in my country's automotive aftermarket industry is 1 billion yuan/start. From 2016 to 2022, there were a total of 127 angel round financing events and 148 Series A financing events in my country's automotive aftermarket industry, while there were 65 Series B financing events.
In terms of policy, on January 7, 2022, the Ministry of Transport and other four departments jointly issued the "Notice on Deepening Work on the Comprehensive Application of Automobile Maintenance Data", requiring all local departments to strengthen organizational leadership, close departmental cooperation, strengthen business coordination, and work together Join forces to effectively deepen the comprehensive application of automobile maintenance data, improve the level of automobile maintenance services, better protect the legitimate rights and interests of consumers, and promote the high-quality development of the automobile aftermarket. On February 28, 2023, the General Office of the Ministry of Transport issued the "Measures for the Construction and Management of Automobile Emission Performance Maintenance (Repair) Technology Demonstration Stations" and the "Guidelines for the Construction of Automobile Emission Performance Maintenance (Repair) Technology Demonstration Stations (Trial)" to help In order to further promote the demonstration and leading role of vehicle emission pollution maintenance and repair technology, we will accelerate the implementation of vehicle emission inspection and maintenance systems on a point-by-point basis, effectively prevent and control vehicle emission pollution in use, and help fight the tough battle against pollution. On October 13, 2023, nine departments including the Ministry of Commerce jointly issued the "Guiding Opinions on Promoting the High-Quality Development of the Automotive Aftermarket", which clarified the overall goals and main tasks of the development of the automotive aftermarket and systematically deployed to promote the high-quality development of the automotive aftermarket. , promote the steady growth of the scale of the automotive aftermarket, continuously optimize the market structure, significantly improve the level of standardization, continue to optimize the automotive use environment, and better meet the diverse automotive consumption needs of consumers.
The current average age of passenger cars in my country is about 4-5 years. In mature markets such as the United States, Germany, and Japan, the age of cars is about 8 years old. The average age of passenger cars is more than 4 years. The scale of the automotive aftermarket is expected to gradually expand. Our country has now entered the expansion stage of the automobile aftermarket. If the vehicle is more than 6 years old, it will enter the peak period of single vehicle maintenance costs. It is expected that with the increase in ownership and vehicle age, my country's automotive aftermarket will enter a growth stage.
