Automobile modification industry development status

Overview of car modification

1. Development history

The development process of China's auto modification industry can be divided into three stages, the first stage is 1997-2007, China's initial auto modification is introduced from Hong Kong in 1997, the market is mainly concentrated in Guangzhou, Shenzhen, Zhuhai and other places; The second stage is 2007-2018, when China's auto modification industry has entered a stage of accelerated development; The third stage is from 2018 to the present, when China's automobile modification industry policies and regulations are gradually improving to encourage car modification and racing.

2. Classification

Car modification refers to the modification of external shape, internal shape and mechanical performance of the car originally produced by the car manufacturer, mainly including body modification, power modification, car safety performance modification and car intelligence modification, in order to achieve the effect of improving car performance and beautifying the appearance of the car. Car modification classification can be divided into racing car modification and street car modification.

Ii. Policy

Compared with most foreign automobile modification industry policies, the current domestic automobile modification policy is more restrictive, and the automobile off-road modification parts afterloading market is still in its infancy. In recent years, China has issued a series of regulations and policies for automobile modification, which provides a policy basis for the legal compliance of the development of the automobile off-road modification industry, indicating that the domestic automobile modification policy is gradually relaxed, and is expected to promote the development of the domestic automobile modification industry.

Iii. Industrial Chain

1. Industrial chain structure

The industrial chain structure of the automotive modification industry is relatively clear, and the upstream of the industry is the supply of parts, including auto parts, modified products and development, and automotive modification materials; The middle of the industry is the automobile modification industry; The downstream of the industry is private car owners, dealers, second-hand cars and so on.

2. Downstream situation

With the development of the automobile modification industry, the number of modification projects is increasing, and the consumption level of automobile modification is also rising. According to the data of China Auto Finance Laboratory, in 2021, the proportion of consumers who spend less than 10,000 yuan for car modification is the largest, reaching 52%, the proportion of consumers who spend 10,000 yuan to 20,000 yuan is close to 28%, and the proportion of consumers who spend 20,000 yuan to 50,000 yuan is 15%.

Fourth, the development status of China's automobile modification industry

1. Market size

With the rise of China's car modification users, the development of the industry, the increase in penetration rate, China's car modification market size has risen year by year, according to the data, China's car modification market size from 45.84 billion yuan in 2016 to 70.2 billion yuan in 2021, up 7.67% year-on-year in 2020.

2. Demand structure

In general, car modification can be summarized as three needs: one is to look better, more personality, two is to make driving safer, three is to make speed faster. According to the survey data of the China Association of Automobile Manufacturers, modification projects such as film, car body color change, and upgrading car audio equipment account for 85% of the entire auto reform market.

V. Competition pattern of China's automobile modification market

1. Market competition pattern

At present, Guogui Technology, Carmiosi, Mandica for China's car modification of the first echelon of enterprises: China Automotive Research, Lu Chang technology, Ya Fandi belong to the second echelon: while Huili Bao, Zechuang Automobile, Fengtu Automobile, car ant and other enterprises ranked in the third echelon. The listed companies are Luchang Technology and China Automotive Research.

2. Analysis of key enterprises

China Automotive Research for China's automotive modification industry listed key enterprises, according to the data show that China automotive research automotive modification business income tends to steady development, 2021 China automotive research automotive modification business income of 1.172 billion yuan, down 15.5% year-on-year in 2020.

Sixth, the future development trend of China's automobile modification industry

With the development of China's automobile industry and the improvement of technology, the concept of consumer groups in the automotive field has gradually changed, more consumers need personalized goods and services, the penetration rate of automobile modification has gradually increased, and the industry has developed towards personalized customization of automobile products, multi-functional application of automobile products, intelligent application of automobile products, etc. In the future, with the increase in the number of users in China's automobile modification industry, the demand will rise, and the development prospects of the industry will be broad.